So you want to be an entrepreneur? Entrepreneurship is indeed challenging. It’s difficult yet it’s rewarding. However, it’s not all about getting more freedom, having more time with your family, generating unlimited income, and becoming your own boss. Before you jump into the entrepreneurial world, you have to understand more than just the tip of the iceberg. So without further ado, here are 7 things you should know as an aspiring entrepreneur in the Philippines.
1. Entrepreneurship is not about becoming your own boss. It’s about having multiple bosses, who can be your clients or customers. It’s harder than becoming an employee, as you will be obliged to make more people happy. You will have more control of your time though by managing the number and quality of your clients or customers.
2. You have to learn how to deal with your tax obligations. Employees are taxed, but unlike business owners and self-employed professionals, their employers do the tedious tasks of computing, preparing and filing their income tax. If you enter into business and entrepreneurship, you or the accountant that you’ll hire will do all those taxation tasks plus more compliance requirements unique to self-employed taxpayers.
3. You have to be financially independent. Don’t expect financial support from the government on your startup. Most government financing institutions and their partner private banks are only lending money to businesses that are already generating operating income. Thus, you have to learn how to generate your own starting capital in another ways. You have to rely on yourself, on your family, friends, and some angel investors that will believe in your idea.
4. Starting a successful enterprise isn’t about starting with a big capital. It’s about starting with a big idea and a big heart to achieve your goals and dreams. You don’t need to start with a huge amount of money to give birth to your enterprise. You can try to start it small like a baby, then give all the care and nurturing it needs to grow and stand out from the crowd.
5. It’s not about how big you are but how fearless you are. In the entrepreneurial realm, it’s not really your size that will create your lasting reputation. It’s not how intimidating your look or size is that will make you win the competition. It’s actually your fearlessness that will bring you to victory. No matter how small you are, if your competitors know that you fear no one, you can be a formidable rival to them.
6. True entrepreneurship is not only about getting out of your comfort zone. It’s about constantly getting out of your comfort zones. Entrepreneurship is a constant adventure. You don’t just go out of your comfort zone once, but you keep on escaping on the comfortable zones to find continuous growth. In other words, you stop becoming an entrepreneur once you stop going out of your comfort zones. Your hard zones in the past may now become easy, thus, if you stick to them, you might not be challenged anymore and grow constantly.
7. Entrepreneurship is not all about passion. Entrepreneurship needs passion, intelligence, hard work, patience, persistent, timing, self-control, fearlessness, leadership, love, and compassion for your employees and customers. And it’s not even all about them. Entrepreneurship is about having the ability to harness all of them to work as one.
Filipino entrepreneurs are the brave modern heroes of our country. Be a fearless entrepreneur and be part of the backbone of the Philippine economy.