Friday, February 20, 2009

Getting It Right for New Entrepreneurs

My family has been into the furniture business for more than 20 years. We indeed have our ups and downs from this business. My parents are all hands-on but it is usually my mother that takes the bold steps to take the business further. It also means getting some losses in between the triumphs. And amidst the recession that the Philippine economy is facing, our business is thriving well.

We started too our little boutique store. It is a joint venture with my sisters. We will turn 5 months old this March 2009 and we are still doing our best to make it known and sell more.

But as a young and amateur entrepreneur, I know I still have so many things to prove and accomplish. But it is indeed wiser to benchmark with the success stories of other businesses, small or otherwise.

Rieva Lesonsky, the editor-in-chief of Entrepreneur Magazine who gives some practical guidelines that can help you when beginning your own enterprise:

1. Don’t Quit Your Day Job.

It usually takes 6 months to a year to get the business really on its peak. Having a steady income will help you through as the business get starting.

2. Find Your Niche.

Advises Lesonsky, “You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.” This only means that concentrate on where your potentials are. Research and social networks can indeed help you find what can be a potential niche to start your business on.

3. Have an Online Presence.

Having a physical store increases your exposure in the locality but having your business online and do all the media to expose it will increase the likelihood for potential customers. Your satisfied clients can also help you spread the news of your services and your business in general and with that,you get wider customer base. This proves true in our little boutique.

4. Refuse to Quit.

Says Lesonsky, “Arm yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing wrong in failure—just don’t repeat the same mistake!”

Credits to for the compilation