How do you start a business in the Philippines? Do you even have what it takes to go into business? Have you considered its rewards and risks? Let us look into the 10 entrepreneurial skills that you must have in order to be successful in your business venture. This list is based on an extensive research by the Management Systems International in their Personal Entrepreneurial Competencies that leads to success.
According to the research these 10 entrepreneurial skills consists of three clusters: Achievement Cluster, Planning Cluster and the Power Cluster. So do you have what it takes to start your business in the Philippines?
Achievement Cluster Entrepreneurial Skills
- Opportunity-seeking. Perceives and acts on new business opportunities and seizes unusual opportunities to obtain financing, equipment, land, workspace, and assistance.
- Persistence. You should be prepared to find different ways into solving obstacles and problems. Sacrificing certain things and giving out extraordinary efforts to complete a task should also be a prerogative. When you do make decisions and you are sure that it is the right decision, be prepared to stand firm despite opposition and disappointments.
- Commitment to work contract. You should be genuinely committed to what you do and to deliver what you promise to customers. This means that you should also help your employees to get the job done and take full responsibility for any mishaps along the way.
- Risk-taking. Are you prepared to get out of your comfort zone. Business involves making uncertain decisions and you should be prepared to act fast while making sure that risks are minimal.
- Demand for quality and efficiency. You should strive to do things better, faster and cheaper without sacrificing quality and excellence.
Planning Cluster Entrepreneurial Skills
- Goal-setting. Create both clear short-term and long-term objectives as this will guide you in creating a clear path for your business.
- Information-seeking. Information is key if you want to be successful in business. You should be ready to seek information on clients, supplies, and competitors. You should also be open to seek expert information and advice as well as to use contacts or networks to get valuable information.
- Systematic planning and monitoring. Do you have the ability to create step-by-step plan to reach your goals or can you seek alternatives to your plans? Besides those you should be ready to actively monitor business progress and be ready to implement new strategies as the need arises.
Power Cluster Entrepreneurial Skills
- Persuasion and networking. As a business owner you should be able to persuade and influence people to make your business their choice. Are you up to this and can you do it?
- Self-confidence. If you do not believe in yourself and has low self-confidence then business may not be for you. If there is a trait that big business leaders like Bill Gates and Steve Jobs has it would be their immense self confidence coupled with open mindedness to listen to others.
Have you checked if you have the skills above? How did it go?
So do you need to possess all the characters above in order for you to go into business? Certainly not and you can even go into business without possessing the traits above, however you need to learn them because they are your most powerful tools to be successful.
- What do you love to do?
- What skills do you have?
- What courses or things have you learned?
These questions will help you determine what business you want to get involve in. Remember that if you want to be less pressured and at least have a good start it should be something that you have a skill on and related to what you love to do otherwise you might get over pressured and eventually quit.
Lastly, are you genuinely interested in getting into a potentially risky business rather than a stable 8-5 job? If you are then you are ready to proceed to the next step.
Thanks for reading and do post your comments and don’t forget to share this article to your friends as well.
Reference: “Do You Want Toovi Go Into Business?” by SME Roving Academy published by the Department of Trade and Industry (DTI) in the Philippines.