It has been said that the Chinese people have a unique way of bringing up their children. Unlike Filipinos and other Asians who teach their children to study hard and get good grades in order to get a good job after graduation, Chinese parents teach their kids to become entrepreneurs even at a young age. This is probably the reason why most successful business tycoons in Asia are of Chinese descent.
Most of us want to engage in business as well, but several hindrances have to be hurdled. One, we need stability. For the average employee who goes to work 5-7 days a week, he/she is guaranteed to receive his/her salary come 15th and 30th of the month. In business, there is no such guarantee. We need a stable source of income to make both ends meet that's why we have to hold on to our job. This deprives us of precious time to endeavor into a business plan. This cycle continues, year in and year out, until we realize that we need to consider other means or ways to generate income.
Two is the lack of resources. A business plan will only materialize if we have enough capital. Banks and lending institutions have stiff requirements and qualifications for borrowers.
Three is a concrete business concept. What type of of business do you really want to engage in? A food cart, a retail shop, buy and sell? There are several options available and we need to tap which concept can we best deal with.
Time, capital and concept- these three are essential for any business to materialize. After considering the three, everything else follows.
