Business Coach: Entrepreneurship as a Career Option

(Originally published on May 22,  2011; reprints previous original material published in this section)

If you’ve been job hunting for several months with no success and your savings and patience are already running out, do not lose hope.

Why don’t you try shifting gears? Instead of job hunting, why don’t you start your own business instead? Look at entrepreneurship as your career option. Your ingenuity as an entrepreneur may bring you a better opportunity to earn money than being a part of the traditional workforce.

If you believe you have the talent which the HR officers do not see, then you may use that in creating a job for yourself. If you are ambitious, self-driven, and determined, starting a business may be for you.

You may be jobless now. But, the one cool thing for not being employed is that you have all the time to learn new things, and work on new projects.

Here are the initial steps to take to start your own business:

• Ask support from your friends and relatives. Since you are currently not doing anything, you may ask for their help in starting your business. Discuss your plans with them, and get inputs. If you want to sell home-made cakes then do sampling. Based on their inputs, you could make the adjustments as may be necessary. Introduce your products or services first to your family and friends and get valuable suggestions.

• Make a business plan. Detail all objectives and strategies you are willing to undertake. Include your budget plans sales forecast.

• Secure a loan for your capital. As it may seem impossible for you to borrow from banks at this time that you are jobless, it is better to ask for monetary assistance from your family. However, make a commitment and honor agreements on how you will repay them (with corresponding interest, if possible).

• Work from home, or rent an affordable space. As a newbie entrepreneur, avoid incurring unnecessary expenses. You may start working in your garage or from your basement so you may not use up your capital in rent expenses.

• Hire staff BUT ONLY WHEN NECESSARY. For a start-up you may work on your own, or with a little help from your parents, brothers or sisters. But if you really need assistance, you may hire employees. Be careful though, as this would require shelling-out additional money which will definitely affect your cash flow.

• Test the market. Start selling to people close to you. You may sell to your neighbors, family or friends. Study how they respond to your products or services, as well as to your packaging and pricing. Make improvements if needed.

• Register your business. After the trial and error and your business appear to be viable, then consider legitimizing your business. You may opt to register with DTI for sole proprietorship, or register at the SEC if you opt to start a partnership or corporation.

Do not be afraid to start a business. If it fails, you still have the option to start job hunting again. Your entrepreneurship experience would fill the gap in your resume which would look ugly if you have been unemployed for too long. Plus you can talk about the experience and knowledge you have acquired while being self-employed.

Instead of sulking due to unemployment, run your own business. It may bring you back your confidence, and self-worth. Who knows? Your business may become successful, and end up big and profitable! Good luck.

Business and management consultant Ruben Anlacan, Jr. is the president of  BusinessCoach, Inc. and a resource speaker for various business topics. He discusses overviews and tips for business from the point of view of a small- or medium-scale entrepreneur who has started several successful enterprises. Those who wish to ask questions or to make comments may visit http://entrepcoach.blogspot.com or e-mail entrepcoach@gmail.com.

 (All rights reserved. Copyright Manila Bulletin. May not be reproduced or copied without express written permission of the copyright holders.)

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Posted on August 20, 2011, in Business Agenda Classifieds Columns, BusinessCoach and tagged , . Bookmark the permalink. Leave a comment.

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