Am I Smarter Than a Fifth Grader?

One of the people I admire is Warren Buffet, and I love the animated television series that stars himself, which is the Secret Millionaires Club http://www.smckids.com/. Go ahead, watch the videos. It's really intended for kids but the lessons are for everyone. At the end of each episode, Warren Buffet would say "Be smarter at the end of the day, than you were at the beginning". 

As a newbie entrepreneur, I try my best to stick to this rule. Learn a new marketing strategy.  Discover something about my competitor.  Be updated with latest events related to my business. Possible supplier.  Or even just knowing the name of the owner of my neighboring shop. Remember, "Be smarter at the end of the day, than you were at the beginning".  

First Client. First Mistake.

I thought I had it all figured out. I thought I was ready to do my utmost duty of becoming an exemplary businesswoman. On my debut in business, I imagined myself  receiving the most admired new wave businesswoman award! I was wrong. 

Days before the actual opening of my business, my first client came in. Good sign! So this excited girl had it all planned. Good decoration, with good profit -- that's the plan. But during the actual event, there were some challenges I encountered, and this one's the hardest. The decorations they wanted is too much for their budget. Since balloon decoration is relatively new in our town, charging a thousand of pesos for an arch is way too much for them. So, what if they find out that it costs more than a thousand? Should I fold now?? 

These were the things that's in my mind. I had to give what they wanted since this is my first customer and it's a good avenue for marketing. Many people will be watching the coronation night so I should put a good display of decors, even if it means not having a profit. Change of plan -- good decoration, not so good profit. 

But I wasn't able to follow what's on my plan. My sister suggested a good decor, but realizing it would consume many balloons, I disregarded her suggestion and proceeded with what I have started. The decors wasn't that bad. But it is the feeling that it should have been better haunted me even after the event was over. My first client was not that happy. They also knew that something was lacking. I hate to admit it, but yes, I officially sabotaged my first event. I learned it the hard way but I was glad to have learned it now. It's a cliche but true. Business is all about client's satisfaction. 

Ultimately, if they're happy, they will come back. 

It's All About the Location

Finding the right location is not easy. In my case, it took me months. I have these criteria on my list -

it has to be affordable. i believe that rent should not eat a big chunk in my expenses especially that it is a fixed expense. i know this one's a great challenge but i'm not giving up!

it has to be visible and accessible. i intend to put up a balloon decorating business so i need a location where many people can see the decorations i do. 

it has to be spacey. not really that important consideration for me, but it would be a bonus if I could find one that is big.

meeting the first criteria was the most challenging. i wanted to establish my business in the city but everything was expensive. so i had to resort to Plan B -- have my shop in our town instead. and after inquiring different establishments, i finally find the one! it's spacey, along the highway, right in front of a private school, and best of all, it is affordable!

Now, it's time to roll the sleeves and start working.

Let me decorate this town with glamour and balloons!

Why I Love Being An Entrepreneur

I have been dreaming of becoming an entrepreneur. I love the thought of being the boss, but as I mature, I was able to come up with more logical reasons why I should be in business. 

First. I manage my time. Being free of the 8 - 5 job gives me more time to do what matters to me. Having worked in a call center, I had my fair share of working while everyone else is at home celebrating the holidays. Now that I own my time, I can splice the 24hrs of each day for things that matters to me. Now I cannot give an excuse why I didn't read the Bible, or chat with a friend, or dine with a family. Some may raise their eye brows on this, because business may actually eat all of your time, especially when your just starting, or when the business is booming, but that's an issue of time management which we can talk about in a different post.

Second. I love that I can express my creativity. I used to imagine before the many things I would do when I put up my own business. So, now that I have one, I enjoy coming up with different products and services, as well up marketing strategies. 

Third. I can choose to add value to people. When you have a big shop such as mine, it is very tempting to fill it up with just about anything that sells. But as the owner, it is my responsibility to make sure that every product and services I offer adds value to my customers. 

I remember a conversation I had with a leader last year. We were talking about the importance of entrepreneurs in a society. And he said, "take a tour in your town and imagine that there are no groceries, clinics, hospitals, restaurants, sari-sari stores, banks, salons, telephone companies, gasoline stations -- all the enterprising establishments." Can you imagine how life would be without them?  We should be grateful for this people who saved up, or borrowed capitals, so that they can put up a business that will add value to many." 

We have many heroes in our society, and entrepreneurs are among them!