Saw this video from TED and would like to post it for posterity. It has been my dream for ages to be an entrepreneur. Though I am never good in selling, convincing. My first try was with Sling and Stone Web Design, which is currently being closed officially. I never got to discuss the procedures of securing a business permit in Quezon City, and now I'm into closing shop already.
Reason for closing
Most of my favored clients have been pulling out because of low business success, until my nephew employee partner decided he would like to leave too. I took it all as a sign from heaven to move on, which I interpreted as closing shop and doing other things.
My husband and I thought of setting up another business which caters pro-Filipino IT products. We are still in the process of planning. Nothing's concrete so far.
I have filed two months of NO OPERATION with BIR. From the recommendation of my sister, also got the services of a CPA to help close the book and legally file cease operation. Business accounting is something I dabbled on, never again to return to. I complain of the whole system. Why can't we just make it simple, like tithes kind of thing? For one small business, I file several tax forms? Totally waste of time!
Lessons from Sling and Stone Web
We started with the mantra that a business exists for the benefit of the community and the country - excellence, innovation and righteousness are implied values to live by. Three valuable things I learned from my short entrepreneurial stint:
- It's ok to charge high. If a product/service is excellent, you must charge appropriately to maintain and afford offering it. This lesson broke free the shackles of kakuriputan in my life. I lived choosing the most cost effective option there is, thinking it can serve the same purpose as the costlier brands. Now I know why people support high end brands, because they really deliver. I stuck with my low pricing principle, but this didn't help me sustain the business. Taxes kill!
- Growing constantly is not an option. The business plans I made, as well as the ideal business processes I conceived only worked on the first day. So my initial dream of having a business as a cash cow is a hoax. I have to be 100% absorbed, involved and motivated in doing, running the business.
- Once you spot a good client, patronize! Good clients don't come by easily. Once they land in front of your yard, make them stay forever. They are rare gems.
Nugget of wisdom
"Strive for excellence not perfection."
No comments:
Post a Comment