The Impact of Life’s Lessons on Entrepreneurs

After almost three decades in this business, I always feel in awe seeing the great names of today, which I have become part of. It is a tremendous feeling to see these entrepreneurs rise above their competitors. And continue to grow their businesses, letting them produce a sole corporation and branching out to other companies. Most of us see the sparks and trumpets of success. These entrepreneurs had to go through so many obstacles. But have proved to themselves and others that it was just how life goes – a mixture of success and failure. Everything needs to be ensured to sustain the business.

According to the Global Entrepreneurship Monitor report in 2013, Filipinos consider entrepreneurship “as a reliable means to improve one’s economic and social standing.”  This is due to the country’s population. Increasing Filipinos with high educational attainment and the growing consumption in expenses in the domestic market motivate a large population to involve themselves in the entrepreneurial industry. You may be among the children who sell candies, comics, stickers, and other things in school. Those children who have started to have this kind of mindset grow more inclined to create their own businesses when they get older. And as I have previously shared with you, I was among these children. So, I guess the entrepreneurial mindset begins at a very early age. Being exposed to the realities of life, children who willingly create means of how to help their families in their own small ways.

Individuals who believe that they can start a business lead them to have a common fear of failing in their business start-ups. Why? It is because they find ways to make things happen and would never accept mediocrity. We know that sometimes things do not turn out the way we have planned, but it is not a reason for these individuals to stop and just give up. There should always be room for improvement wherein they would definitely push themselves to be the best. 

Entrepreneur’s Life Lessons

Having their own business may just be the greatest thing that has ever happened to our successful entrepreneurs. They once had only dreamed of becoming one, but as life went on, everything changed- their dreams becoming a reality.

Entrepreneurship requires a set of skills, including the willingness to take risks just to fulfill their dream. Statistics show that only 55% remain operational among the start-ups after 5 years, and about 80% have closed by 10 years. This only indicates that a different breed of people must be born with these unique skills to make a great life out of their business- blood, sweat, and tears have all become worth it.

Being risk-takers, they do not commit silly mistakes but rather calculated and educational chances. That differs them from gamblers. Gamblers just decide recklessly and just give in to their weaknesses, just like the Filipino saying, “kapit sa patalim” or “pikit-mata.”

1. Never say die attitude. Henry Sy came from an impoverished family in Jianjing, a small town in Xiamen, China. Starting with the shoe business, he has expanded his business into an empire where now he almost has 40 branches nationwide and was one of the richest men in the world.
2. Play hard, work harder. An entrepreneur has time on his hands. But, a severe entrepreneur would never waste precious time doing anything else. When he puts his heart and mind into something, he makes sure that he does it right, regardless of how many hours he spends. But also recognizing the quality time that he needs to spend with his family. After all, his sacrifices are meant for their future.
3. Mastering your craft by focusing on the details. An entrepreneur cannot make himself feel high and mighty once he achieves success. Learning is a continuous process. Therefore, one has to cope with the times all the time. It is not like competition with others, but more to himself. Every decision that he makes reflects the whole business that he has built.
4. Soar high, but keep your feet grounded. One of the downfalls of a successful entrepreneur is believing that he has become his own god. Being blinded by his success left him alone up the pedestal where he once dreamed. Not recognizing people who have helped him or extend help or share his blessings may just mean a sudden drop to the harsh reality that there is a need to start all over again.
5. Overcoming insurmountable odds. Lamoiyan Corporation owner Cecilio Kwok Pedro then owned the Aluminum Container Inc. His company produced aluminum toothpaste tubes for Procter and Gamble Philippines and Unilever. However, it closed down in 1986 when P&G and Unilever started using plastic toothpaste tubes. But, despite what has happened, Cecilio Kwok Pedro was able to put up another business, the Lamoiyan Corporation. He was able to manufacture toothpaste 50% less than its competitors. Now, the company focuses on manufacturing toothpaste that targets children that features the characters of Sesame Street.

Being an entrepreneur teaches you so many things that can truly become the foundation of your success. Suppose you can only read the life stories of our successful Filipino entrepreneurs. In that case, I am sure that you would certainly be inspired to start a business immediately. But of course, being in a business is not a call for everyone. It will take a strong calling before you realize if you are genuinely up for it.

The one who succeeds is the one who perseveres…. And that holds true for those entrepreneurs who embraced failure, took up the challenge, and realized its necessity to achieve a successful and sustainable business.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: business.mentore@butzbartolome.com

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Website: https://www.butzbartolome.com