8 Secrets of a successful business

By Aiza Lumbuan, ANC

Posted at Aug 09 2014 07:28 PM | Updated as of Aug 11 2014 05:22 PM

MANILA, Philippines -- Many of us have asked: How have entrepreneurs sparked the biggest changes in their businesses over the years to find success?

In an interview on ANC's Shop Talk, ACE Center for Entrepreneurship and Management Education, Prof. Jay Bernardo said there are a few steps you need to follow should you decide to run your own business.

S - Service-oriented

Being able to provide good service to your customers is the strongest foundation of a business. If you can do that then you will be able to attract more customers.

H - Holistic

Exercise a balance of logic and creativity. One cannot work without the other.

O - Opportunity Seeking

Be able to find and screen opportunities that will work best for you and your business. Know when to grab it and continuously seize it.

P - Professionalism

Like those who are employed, entrepreneurs also need to be punctual and professional in meetings, in dealing with customers and the way you run your business. This is a must in order to sustain a business.

T - Transparency

If the customers know that you are not true, they will not buy from you. Bernardo said if you do not do things correctly then you will feel that you are not successful in your business.

A - Added Value

As an entrepreneur, you have to give more than what others are giving. Strive to be different from competition.

L - Listen

Always get feedback from your customers and employees. You can talk to them in person or via social media.

K - Knowledge

Be the expert of your business's industry.

Bernardo stressed entrepreneurs can undergo academic training on personality, entrepreneurship and leadership skills that will help improve themselves. This will help you understand yourself and your business.

His personal tips:

Have fun - you have to love what you do whatever business it may be.

Understand your market.

Have the skills to deliver the products and skills.

For more business tips, catch ANC’s “Shop Talk” every Thursday at 7 p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m.), Saturday (9 p.m.) and Sunday (4 a.m.). ANC's Shop Talk can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).