FACTOR PAPER
As per article published by Ryan Griffee of Demand Media in the link http://smallbusiness.chron.com/5-key-factors-influence-entrepreneurship-18541.html , there are 5 key factors that influence entrepreneurship.
These are creativity, risk tolerance, responsiveness, leadership, and rights. I believe that I possessed those five factors which may make me a successful business entrepreneur in the future.
Creativity
In terms of above factor, I always have this creative mind wherever I go.
In terms of above factor, I always have this creative mind wherever I go.
Wherever I go, I always make a habit to look for my surroundings and try to think something creative. For example, when I go to our province in San Pablo Laguna, I always think of business that will click/successful in that area.
Also, it's my habit to create financial models/budgets (future balance sheets, income statements, cash flows, etc.) whenever a business idea comes out of my mind like embutido processing, printing service, computer rental , rice dealership, mani dealership, establishing a school, apartment rental, laundry shop, pet shop, grocery, meat shop, and even KTV bar and massage parlor.
My hobby of creating financial models/budgets is a product of my creativeness.
My creativeness also transcends to my present profession. Aside from having a normal fixed income job, being an Assistant General Manager in Miascor, I also worked for other entities in order to increase my take home pay.
By having a part time job or commonly known in Filipino language as "raket", make me a creative person. Creativity in the sense of I think of additional income for me and my family aside from my normal work.
Some of my part time jobs are the following:
- CPA Reviewer in University of Makati
- Head of Accountancy Course Program in Saint Vincent De Ferrer College
- Financial/Tax Consultant to Carousel Group of Companies which includes a known travel agency and Ms. Earth Foundation which conducts the annual Ms. Earth Beauty Pageant
- Internal Audit Head of Makati Multi-Purpose Coorperative
- Practicing my being Certified Public Accountant by rendering external audits to various companies
My being a seasoned chess player also help me developed the said creativeness. In chess battle, it's not enough that you know how to move any pieces; you must also be creative in order to lure your opponent to trap or to win games.
Risk Tolerance
I'm a risk taker. I'm not afraid of any risk. I can tolerate high risk with ease but I also respect risk very much.
During my college days, after our class, I always frequent a "peryahan" to play this game called color game. It's a gambling game where the probability of winning is 50%. So, the risk of winning is 50% and the risk of losing is 50% also.
My aim for every night is to win Php50 which will serve as my extra-baon for the next day. I always have my Php500 to serve as my budget in joining the said game. With that Php500, it will take 10 games for me to lose but just 1 game for me to win. Probability of winning Php50 against P500 "puhunan" is as high as 90%. Risk of losing Php500 in order to win Php50 is less than 10%.
This is where I see the problem in every Filipino who frequents gambling places like peryahan or casino. They don't have a target winning and without respect to risk resulting to their losses.
Said gambling can also be compare to business, you should set targets. Also be not afraid of risk but respect them.
Presently, majority of my assets are invested in the stock market. As everyone knows, stock investments pose the highest risk among all of the investments in the market. Unlike investment in bonds and time deposit, stock investments can wallop your investment right away if not properly planned and studied.
I directly trade in the Philippine Stock Exchange using the internet. Sometimes I lose big time and sometimes I gain. Risk of gaining in stock trade makes my adrenalin and excitement to flow.
During my early trades in PSE, I suffered so many losses due to bad trades. But these losses did not stop me from trading more. I believe that I will learn from these losses and not to commit the same mistake again. I also believe that these trade losses are intangible investment – serving as a teacher, experience and learning.
Responsiveness
Responsiveness according the author is to have the flexibility of mind and resources necessary to see and take advantage of new and upcoming possibilities.
I have this ability to act quickly in a given situation. My current normal job as Assistant General Manager in MIASCOR helps me to develop this factor. I always encounter day to day problems which if not acted swiftly will result into disruption of operations.
My being a seasoned chess player also helps me to respond quickly in any opponent moves.
Leadership
I'm always made to a habit even during my secondary/tertiary days to be an officer of an organization. I always want to take a lead. I think with my present status of profession and after taking Leadership subject in Ateneo, my leadership skills improve as compared to prior years.
Aside from the above factors by the authors, I will also list some important factors that I currently possess which qualifies me as a Business Entrepreneur.
AUDIT/SKEPTIC/INVETIGATIVE MIND
Business is not just making it, but also monitoring its progress. One way to monitor progress is to self-audit of your own business.
In a small business where segregation of duties can't be avoided, the owner will often make audit of his own business.
For example, I established my own "ihawan" with a "tindera". At the end of the day, it's not enough that you count the "benta", you should also try to look at other "what could go wrongs" such as
- how many are not sold?
- why there are not sold?
- is the tindera selling inihaw aside from my inihaw?
- is the tindera doing the SOP that you both agreed?
- Etc…
Being skeptic will also help by always having a questioning mind.
PATIENCE
I think, is one of the most important factors a business entrepreneur should have. Business success can't be achieved overnight, you need to have all the patience with regards to problems that may arise.
I'm very patient and believe that there are some things that if planned carefully and by not jumping right away will make you successful. I handle this one company in Miascor that the owner wants to close right away sue to its losing position.
I asked them not to close it and be patient since I believe that the company is now having a future. So, the owner gave me one year to reverse the said losing company. And after one year, we transformed the company from an ICU-near company into a profitable company. As of present time, there are two foreign entities that wanted to buy the said company, but the owned now don't want to sell it.
The lesson here, if the owner decided to just close the business and do not have enough patience, they will not earn what they are earning now.
HARDWORKER
It's not enough that you have the above all factors. Being a hard worker means, getting into details, how hand on are you, how early you go to work, how late you leave, etc. etc. especially in a small start up business.
My father died when I was just 7 years old and we make our living by selling cooked meals in our mini carenderia.
During my elementary days, my nanay will always wake me up every day in order to accompany him to Pasig Market. The goods that we purchased were used by my mother to cook the menu that we sold in our mini carenderia. I always act as a support to my mother in our carenderia since it will incur us additional cost if we will hire a helper doing the dirty works such as dish washing, cutting of raw foods, etc etc.
The said daily routine of mine helps me to be a hard worker person. We were "Isang kahig isang tuka" as they said. But thru hardwork of me and my mother, we are able to reverse our fortune.
My training in SGV wherein we went to office at 9am and leave the office by 4am every busy season or if there are rush engagements also developed more my hard working habits.
Until now, I can work straight for two days without sleep.
OPTIMISTIC
I'm optimistic, I always treat problems as a puzzle and opportunity.
In business, being optimistic will give you inspiration and attitude to succeed.
During my college days, whenever I joined quiz bee competition, I'm always happy even though I placed last among the participants. My reason is very simple, it serve as motivation for me to study more in order to defeat them the next time around. If not successful again, I will study more and more just defeat them.
Same with my present job, they will be time that my handled company will suffer losses or don't meet the budget. But it's ok, that should serve as an inspiration to strive more and look for more clients.
Submitted by Hector Santos Jr. 4
September 9, 2013
MBA – MM
ENTREPRENEURSHIP
