Entrepreneurship 101: Beyond Making Money

Entrepreneurship is not only about starting a business. It is beyond the stereotypical mindset of making financial gains. To be a successful entrepreneur requires a lot of determination, courage, and motivation other than the will to become rich. For you to be considered a real entrepreneur, you must possess certain values like passion, leadership, ingenuity, patience, and a drive to serve the community. This genuine type of entrepreneur is what every country needs to grow socially and economically.

There are many Filipino entrepreneurs that have already helped the nation develop and provided the public with inspiring stories of their career journeys. However, there is still a need for these kinds of entrepreneurs to further boost our country’s economic engine. In this guide, we will discuss tips that every aspiring Filipino entrepreneur must apply in order to be successful.

Develop Innovative Solutions

An entrepreneur aims to deliver efficient solutions to real problems in the community. Hence, you must be observant and ingenious, so you can determine pressing issues and design products or services that will resolve or alleviate them. As stated previously, an entrepreneur shouldn’t focus solely on making profits but pour considerable effort in developing a revolutionary item or service that will benefit other Filipinos.

Make Necessary Sacrifices

Starting as an entrepreneur is indeed difficult, especially if you are not financially viable, to begin with. You will face a lot of challenges that can be emotionally, mentally, and physically draining. Additionally, to produce quality solutions, you as an entrepreneur should be able to sacrifice substantial time, effort, and of course, money.

Unlike business owners who place themselves in an already established market and follow an existing model, entrepreneurs explore the unknown and create markets for themselves. While entrepreneurial ventures have potentials of high returns, the level of uncertainty in their success is just as high. As an entrepreneur, you must be willing to risk your own career and financial security by spending capital on an undertaking that’s not guaranteed. Moreover, you must practice diligence, persistence, and inventiveness to overcome hindrances. Remember that entrepreneurship isn’t just about venturing into the world of business, but it’s also about venturing oneself to achieve personal development and progress.

businessman portrait on his desk

Create Sustainable Jobs for the Workforce

After securing your personal development, you should also help other people develop themselves by providing job opportunities. As an entrepreneur, you should offer ways for your personnel to hone their abilities and learn new skills. Improved skills set plus a good employment opportunity can help individuals live better lives and, in turn, they can contribute to the betterment of society.

Guide and Influence People

Lastly, a genuine entrepreneur should be able to persuade and influence others through his or her words and actions. Therefore, if you want to be an influential entrepreneur, you must make sure that you’re showcasing actual results along with your vision. A walk without the talk is irrelevant and unlikely to promote positive change in others.

Entrepreneurs differ from business owners in the sense that their ventures are not meant solely for raking in hefty sums or gaining recognition and fame. The primary motivation of an entrepreneur is transformation — transforming existing elements into innovative solutions. Therefore, you must first transform yourself before moving forward to transform your community.

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