Here in the Philippines, young adults are paving their way into the business world. Aside from the financial benefits, you would have the opportunity to build your empire, provide job opportunities, and even compete with larger scale enterprises. Having your own business can be your greatest asset as well.
So what does it take to be a successful young entrepreneur here in the Philippines?
Plan your finances wisely: Being a young entrepreneur in the large world of commerce with limited sources can be draining. You need to buy equipment, supplies, and materials. Coming up with a solid financial plan is a must. Start listing down the expenses that are required to start your business, such as the one-time startup costs and the ongoing costs.
One-time startup costs involve marketing research, licensing, branding, permits, grand openings etc. While the Ongoing costs are equipment maintenance, employee salaries, taxes, commercial rent and marketing expenses.
Conquering credibility issues: Overcoming challenges, most especially credibility issues with your age as a young entrepreneur can be burdensome. It’s important that you establish strong connections with contacts, particularly people who already have experience in the world of business. Build relationships with those who have an important role to the industry, such as quality dealers, reliable sourcing agencies, and devoted employees.
Benchmark successful businesses: It’s important to be guided all throughout building your business. It doesn’t take much time to do a little research and learn from other businesses. Be attentive to what the consumers these days demand and observe what successful businesses are doing right, and look for things that need improvement and come up with something better.
Entrepreneurs aren’t made overnight: Successful entrepreneurs are products of coaching that are incorporated with hard work and innovation. It’s important to draw advice from those who have experienced what it’s like to fail and succeed in their business venture. That is why it is recommended to seek advice from business advisors or mentors to help you come up with a long-term plan.
Also, you have to identify your strengths and weaknesses. For instance, if one of your strengths is being technologically literate, maximize your advantage and market your brand digitally.
In light of the hurdles that need to be faced with entrepreneurship at a young age, having someone to rely on with your business is crucial. Here with Dektos, you can grow your brand with trust. We promise you honesty, quality, and efficiency as we find the right and quality products for you and provide you with all the necessary steps during your transactions. Start your entrepreneurial journey with us today
