The Impact of Life’s Lessons on Entrepreneurs

After almost three decades in this business, I just always feel in awe seeing the great names of today which I have become part of. It is such a tremendous feeling seeing these entrepreneurs rise above their competitors and continue to grow their businesses, not only in terms of letting to grow a sole business, but as well as branching out to other businesses. While most of us see the sparks and trumpets of success, all of these entrepreneurs had to go through so many obstacles, but have proved to themselves and to others that it was just how life goes – a mixture of success and failure, everything needs to be endured 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, which motivates 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 up to be more inclined towards creating their very 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, there are children who willingly create means of how to help their families in their own small ways.

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

Entrepreneur’s Life Lessons

Having their own business may just be the greatest thing that has ever happened to our successful entrepreneurs. They once have only dreamed of becoming one, but as life went on, everything has 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 among the start-ups, only 55% remain operational after 5 years and about 80% have closed by the end of 10 years. This only shows that there must be a different kind of breed of people who have been born with these special skills that they are able 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 education 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 a 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 serious 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 the high and mighty once he achieved success. Learning is a continuous process, therefore, one has to cope up with the times, all the time. It is not like being in 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 just left him all alone up the pedestal where he once dreamed. And not being able to recognize 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 in which he was able to manufacture toothpaste that was 50% less than its competitors. Now, the company focuses on manufacturing toothpaste that targeted for 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. If you can only read the life stories of our successful Filipino entrepreneurs, 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 would take a strong calling before you realize if you are truly up for it.

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

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For questions and more information, you may contact Armando “Butz” Bartolome

By email: [email protected]

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Website: https://www.butzbartolome.com