Four Mistakes When Starting a Business

A friend of mine invited me to attend Bo Sanchez's The Feast at the Philippine International Convention Center today. It was my second time to attend such gathering and I was excited to hear what Bo will share. So it was my plan that whatever the message would be, I'm gonna write it here in my blog.

Well, Bo shared a lot of things but I'd like to share the most important topic to me: four mistakes when starting a business.  What are these four mistakes? Let me enumerate and explain.

Mistake #1: When we think we won't make mistakes.

Truly,  many of us are afraid to start a business because we are afraid of committing mistakes. We always think that we won't be able to make it. We are afraid of losses. The business has not been started and yet we think we are already a failure. The reality is this: we will commit mistakes at one point or another. But that doesn't mean giving up. Remember, lessons can be learned out of these mistakes.

Mistake #2:When we think we can be good in any business.

Follow your passion. Passion will tell us directions. It would be hard to establish a restaurant business if you are not a 'lover' of food. Go to restaurants, carinderia, fastfood chains, and the like. Observe the business processes in each food industry and learn from them. Bo suggests that it would be a very nice idea if you experience working in a food business industry, probably, as a service crew or a supervisor. The cliche says that experience is the best teacher. So if it is not your passion, stop what your doing and learn to discover what you really like.  

Mistake #3: When we think we can avoid selling.

Many companies devote 80% of time and resources in administrative functions in running businesses and 20% to selling their products and services. Bo's suggestion: the exact opposite is better. We cannot avoid selling. Remember, sales talk is tantamount to sales increase. Be aggressive and assertive. Know your products so that you would be able to sell them to customers.  

Mistake #4: When we think that business is a physical store.

The fourth mistake relates to the idea of e-commerce which  nowadays is common. What most people have in their minds is that businesses are all physical stores. Not necessarily. In the age of internet technology where many people shop online, it is a good opportunity to sell products on the world wide web. All you have to do is build a website. Also, it is not only physical products that can be sold. If you have skill in writing, it can be good source of income. There are lots of companies on the web that are looking for freelancers who would write articles about anything under the sun, and sky, too. You can also try affiliate programs, build websites and sell them later on, paid-to-click sites, online advertising, and a lot more.  

Right now, I have something in my mind that makes me so excited. I am gonna start a business very soon. may the good Lord help me. Thanks, Bo Sanchez, for such a wonderful talk!

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