Proudly Pinoy - Planters Development Bank

MONEY MATTERS
OOSE A BUSINESS
Do you want a business that
produces a product or one that
provides a service? The type of
business your choose will dictate
what kind and how much
resources will be needed.
Look around your community, your
neighborhood, your barangay, your
city, etc. Are there products or services
that are really needed but not
serviced; things or services that may
even irritate you because they are
not available. You may be surprised
that just around the corner are opportunities
you can grab. How about
household services like electrical or
plumbing services? Are there enough
households and what is the average
age of the houses? Does the community
need more maintenance
services? If so, how is it best offered?
Through service subscription
or through the old traditional way of
pay per service call?
Look at the car wash business
in parking buildings. That young
entrepreneur saw a need and went
for it. Opportunities are all around.
You just need to focus on a particular
goal.
What things do you own that you
can use to make money?
For example, if you have a computer,
you can do work through the internet.
Perhaps, you have an underutilized
van that you could instead operate
as a school shuttle service.
Knowing what you can do/make
and the things you can use, who
can you sell your product or service
to? What do your possible
customers need?
To start, make a list of your relatives,
friends, contacts, officemates etc.
If you can fill their need, you may
have a business that can start off.
Knowing the need is not enough,
you must also determine what is the
acceptable or preferred way that the
proposed services or products best
be delivered. In choosing the business,
you must also be sure that the
value for money proposition you will
offer is something you will be able to
sustain. Otherwise, competition will
just eat you up.
Who can you talk to/consult
about creating this business for
yourself? This will help you be
more objective on your ideas
and thoughts. Talk to more influential
people like your parents,
teachers, boss, etc.
If you need to learn more about it
by studying or being apprentice to
someone, be open to the idea and
identify what you have to do.
Remember that whatever business
you finally choose, be prepared
for “Hands-on” learning.
In this way, you readily make
adjustments to be successful.
Moreover, you will gain a lot of
confidence and good contacts
for the future. You get all these
while earning additional income.
Remember that you need
to be organized, responsible and
determined to succeed.
If you decide not to go into a business,
looking into these ideas can
help you get to know yourself, your
interests and your abilities. The information
you gather may even give
you ideas for future employment opportunities.
FRANCISCO J. COLAYCO is
an entrepreneur, a venture
developer and financial
advisor. He is the Chairman
of the Colayco Foundation
for Education (CFE) and
the Author of Bestsellers:
Wealth Within Your Reach
(2004 Book of the Year for
Business and Economics,
National Book Awards), Making Your Money
Work (Nominated for 2005 Book of the Year for
Business and Economics, National Book Awards),
Pera Palaguin Workbook and Money for Kids.
The books are available at National Bookstore,
Power Books and other bookstores. CFE conducts
talks, seminars, and workshops. Learn more about
our advocacy at www.colaycofoundation.com,
email info colaycofoundation.com, via SMS 0917-
8537333 or through 637-3741.
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VOL. NO. 03 / ISSUE NO. 04