Business Mentor: Critical business concepts every entrepreneur should know

Armando Bartolome

Posted at Nov 21 2020 09:24 AM | Updated as of Nov 21 2020 11:20 AM

A stall in Quezon City utilizes various online platforms to sell various Christmas decor. The stall has turned to online selling to cope with the low physical store sales due to the pandemic. Mark Demayo, ABS-CBN News

The year 2020 will surely make a huge imprint on our lives. It has been challenging for the past months. I have always encouraged people to start their own businesses, but becoming an entrepreneur is not as simple as it sounds. Mistakes might just lead to disaster in the end.

As a new business owner, your main goal is to become successful with the business. However, you may not know which task to prioritize. It can be so overwhelming at times, that some business owners panic. When you focus on the wrong areas, it wastes time and energy and this could be detrimental to your budding business.

I am just pleased to have this spot on a weekly basis so that I could help all those who are looking into building their own business by sharing some of my insights to help them avoid pitfalls.

It took me quite a while before I started my own consulting business. I was once an Overseas Filipino Worker. Being away from my family was difficult. Thus, I feel for all those OFWs who are unable to come home, and those who were laid off because of the pandemic.

It is for this reason that I created a business that is close to who I really am --- and that is to inspire people. But, of course, that is not enough. There should be something else that should standout – something that can take the place of my then job which can support my family.

Let me share with you tips on how you can build your business.

1. Name of the business

Some choose the name of the product they offer. And there’s nothing wrong with that. Although, what you should be considering is a name that can easily be recalled or something significant which others can easily relate to. GMB stands for Golden Morning Blessings. I chose this name is because Gold is found everywhere. Morning symbolizes a ray of hope and energy, and Blessings is the fulfillment of God's direction. Our logo, on the other hand, was designed by Zeus Paredes who designed Burger Machine vans.

In choosing the design for the logo, I wanted it to be simple, with a touch of class and integrity. Building your brand should be from a solid foundation because you don’t want to be changing it every time because it doesn’t look competitive.

2. Satisfying all your customers

While every business owner’s intention is to provide customer satisfaction, some will still think that your products and/or services do not live up to their expectation. Therefore, before you start your business, you should have a clear idea of who your target market is. Always remember that there will be customers who aren’t the right fit for what you are offering.

3. Adding new products/services

It is natural that over time, a business may want to offer additional products or services. However, be wary of which to add because you should still base all your products and services with the brand you want to market. Bear in mind that while adding new products and services may initially sound exciting, you should think it over a hundred times if you can be able to carry all of these products or services without your brand suffering the quality which it is known for. You should be able to keep your brand’s integrity. Thus, some entrepreneurs advise focusing on a specific product or service and excelling on it, rather than adding more.

4. Multi-tasking

Many say they have mastered the art of multi-tasking. But, do you really accomplish everything as expected? Being a business owner entails so many responsibilities. But, it doesn’t mean that it has to be all you. You can hire people who can work for you and believe in your vision.

5. Reducing the cost of your products or services

Some entrepreneurs think that offering their products or services at a much lower price will encourage more people to patronize their business. Think again. Underpricing your product may create a perception that it is low quality. Again, research on what is the best price you can offer. Create products and services that can encourage more customers to purchase not only because it is cheap, but because it is good quality, as well.

6. Insisting on your business plan

You can’t anticipate everything no matter how much you try to be on the right track. You may have created what seems to be a great business plan, but there are certain unavoidable circumstances that may lead you off track. Be ready for these times. And when it happens, just get back on your feet and start anew. Think of better concepts to make your plans materialize.

7. Wanting perfection

The only perfect thing in this world is the word perfect itself. Never assume that you can achieve perfection because there is no such thing. You might be wasting so much time trying to create a perfect design for a particular product that you may have overlooked the time and money you have wasted.

I hope these tips have helped aspiring entrepreneurs to realize what they are getting themselves into. There are certain things that a budding entrepreneur should realize as he starts his entrepreneurial journey. Feel free to read my older articles as your guide.

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For more information, you may contact Armando "Butz" Bartolome
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com