7 Signs To Become An Entrepreneur

   

🖌image credit to jobcreatorsnetwork.com

     Entrepreneurship is the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit. So, the individual who creates this business and willing to take the risks is an entrepreneur. An entrepreneur is usually seen as the innovator and source of new ideas for goods and services as well as for business operations. 

     Being an entrepreneur is stressful and the success rate is not all that encouraging. But why do people want to become entrepreneurs or wanted to have their own businesses? It could either be that working a job is not enough in terms of financial, time constraints and challenges, or personal fulfillment. Some sorted to home-based business to be with family and to avoid traffic problems in their area.

     What could be the signs that it is time to make a transition from being an employee to becoming an entrepreneur?

1) You have a passion for work but not a job.

A specific business that can give you enjoyment and personal rewards or satisfaction. Have your own ideas on how this specific business should work without setting a particular schedule and workload.

2) You have thought a lot about that specific business.

You are sick and tired of thinking about it. Dreaming enough of it about how you would take charge, lead people and follow your own set of rules. 

3) You have that virtue of helping others.

A desire to create jobs and to give someone an opportunity or job. There is an indescribable feeling of helping others.

4) You have backup support.

There are people around you supporting your ideas and willing to have your back while you are risking out to accomplish your goals. You have these people that will ensure your food and shelter and a shoulder to cry on while you are trying a different route.

5) You have that One Great Big Idea for ventures.

You have that great idea to sell something that has an improvement on what is already available in the market. You have that obsession for a new idea to build a better product or service.

6) You have got a Marketing Plan or Feasibility Study.

To achieve that dream venture you should have a plan based on market research, budgeting, financing, and projected income. This plan serves as a guide to making your vision a reality.

7) You have a strong backup plan.

There should be a strong backup plan to pursue if your first venture failed. This plan should keep you afloat until you could try again. Never put all your eggs in one basket. If you have this backup plan you will not be afraid of failures with your business venture.

Make a list of all these signs and determine if you are ready to become an entrepreneur.

Setting Up A Business in the Philippines

📷 image credit to indiamart.com

Thinking of starting a business in the Philippines? 

First, you have to register your business name with the Department of Trade and Industry (DTI) for a single proprietorship business, or the Securities and Exchange Commission (SEC) for a Partnership or Corporation. After that, you have to secure the permits below from your local government or the city/region where your business is located.

1. Barangay clearance

Where to get it: Barangay hall

Requirements:

Registration certificate from the DTI or SEC and valid/government-issued identification cards. You should also have fire safety and electrical inspection certificates and present the Lease of the Contract of Site. 

Fee: P1,500 (may vary for each municipality or city)

2. Mayor’s permit (also known as business permit)

Where to get it: Municipal or city hall in the place where you will set up your business

Requirements:

Barangay clearance, registration certificate from DTI or SEC, valid IDs, and location map/sketch of your place of business. You will also need to secure a community tax certificate

3. Tax Registration Number (or TIN) 

Where to get it: Bureau of Internal Revenue (BIR)

Requirements:

Accomplished BIR forms 1901 or 1903, valid IDs, location sketch of your place of business, a copy of your mayor’s permit or municipal license, and registration certificate from the DTI or SEC

Fee: P500 plus 1% of subscribed capital for the documentary stamp

4. Special Permits

Depending on the nature of your business, you may also need to obtain special permits. If your business, for example, will be dealing with food, chemicals,  i.e., cosmetics, medicines; or any health-related product or service, a permit from the Department of Health’s Food and Drug Administration (FDA) would be needed. 

5. Social Security

If you are hiring employees, you are required to register them for Social Security protection. Of course, you should get one for yourself as well. 

Where to get it: Social Security System (SSS) office

Requirements:

Accomplished SSS Form R-1 for employer registration, accomplished SSS Form R-1A that lists the names of your employees, and Articles of Partnership or Incorporation for partnerships or corporations.

6. You should also provide your employees with memberships in PhilHealth (Philippine Health Insurance Corporation) and PAG-IBIG (home development mutual fund), as mandated by the labor law. 

For more info click here.: Department of Trade & Industry

Entrepreneurship: Different Types of Individual

🖌by April Brews

     Entrepreneurship comes from the French word "entreprende", which means "to undertake". It simply means starting a business that places an emphasis on the innovation of new products, markets, production/operation methods, and forms of organization. Entrepreneurship is the capacity and willingness of a person to develop, organize, and manage a business venture along with any of its risks to make a profit. It is characterized by innovation and risk-taking. Most of the time, it is scary since people who will venture into a business have no certainty about the success of the business. It is in this uncertainty that people tend to shy away or be afraid to go into business. But sometimes, the question lies in the attitude of a person towards the opportunity at hand.

  According to Joey Concepcion of GoNegosyo, there are three different types of individuals:the HARD PRESSED, the ORDINARY, and the SUCCESSFUL. Though they were all created with unique talents and abilities, there is still a big disparity among them. So let us describe these disparities as mentioned.

1) THE HARD PRESSED ATTITUDE: "I was born poor, I will die poor as a rat"

     Man's Action: "I cannot do something about it, it was the government's fault."
                  
     Think about these things:  Why is it most of the people who complain about unemployment are busy drinking or chatting around sari-sari stores day-in and day-out?


2) THE ORDINARY ATTITUDE: "I am what I am today, it's alright for me until tomorrow, my luck will eventually come."

     Man's Action:  "Let the day unfolds on me, I will try my luck betting on a lotto, I might win the jackpot prize."

     Think about these things: Why is it that people line up very early in the morning outside the betting stations to take their chances at games instead of enrolling in free vocational courses from TESDA or some private institutions? 


3) THE SUCCESSFUL ATTITUDE: "Life is getting difficult each day. I need to find ways so we can be promoted from these difficulties."
                              
     Man's Action:" I am going to talk to my contacts in the office, I will serve packed lunch. Anyway, my Mom's recipe is  superb."

     Think about these things: Notice the so many "manangs and ates" delivering corporate lunches to buildings or offices that do not have canteens or inexpensive lunches. And take notice of those housewives selling commodity goods online, even some organization that prepares food for people on dietary programs.

  The Successful attitude is a Dreamer, dreaming to get out of their present situation of difficulties. He is a Believer, knowing that taking action about their present situation will lead them to something better. He is an Achiever, for a person with the right attitude, open-mindedness, positivity, a doer of what he dreams of will surely achieve what he aims for.

    There are opportunities everywhere, some people even took the disaster or uneventful happenings into opportunities. Remember some people who took the initiative to do business out of lahar in Pampanga and Zambales. Creating something beautiful from nothing is also one trademark of an entrepreneur. Entrepreneur creates and innovates. To start a business means you have to start within your level of skill and interest, then find out the best skills and interests there are. It takes time and effort to really find the best and bigger ideas to match what is not yet being offered in the market.