It has been my dream to build a business that can improve the life of the people. At this moment, I don’t know what kind of business is that. However, lately, I’m pretty much interested in starting a tech company for creating something useful. I’m engineer by profession so I think it will be better if my business will be on creating products involving technology features.
I have been reading some blogs about business and finance as well in the past 2 years. One of the best ideas I learned about creating a business is to focus on the problem of common people.
For example, because of high cost of electricity in the Philippines, one probable good business is about creating a low-cost equipment that can generate electricity. In addition, another business idea is to make a tool that can lower electricity consumption.
Last time when I took my vacation, I went to my parents house. My father bought a gadget that he said can lower electricity consumption by as much as 30% (I assumed). However, it is not effective because they still have higher bill compared the month before.
Focus on the Need or Problem of the People
Each group of people has its own need. I’ll give you an example. OFW is a group of people that you can focus on when you are thinking which type of business that you can start.
I’m currently working as an OFW and one of the needs that I want is a fast remittance service. Look at the banks in the Philippines. They have many products the cater to these needs. Even other companies are also entering to remittance services because of the demands and needs of OFW.
This kind of business will continuously be in demand because of increasing number of OFW going abroad each day. Actually, I have read in one blog in the past that there are some groups of OFW planning to start an OFW bank. However, I don’t much about the details whether it is true or just hear say.
Anyway, I need to pinpoint now which kind of business should I begin. There are many ideas I have in mind. Some of those I have already put in my notes via Google Docs. The only problem is carrying out those ideas.
Obstacles in Doing Business
Obstacles are always there. However, the good news is it can be overcome by doing actions. One of the obstacles in doing business is the fear of failure and the hard work you’ll encounter along the way.
For me, the real obstacle in starting my own business is the lack of eagerness to start the business. There are many factors why this happens. Probably because I’m still employed and I’m still earning a regular income each month.
I’m thinking if I have no job and I have enough money, I’m sure I’ll start my own business even if it is small. Why? Because I need to earn money for my family. Actually, I’m thinking whether I’ll return to employment again after working abroad.
As of now, my answer is 100% No. I’m thinking to be a self-employed person. It is good to hear those words but I know very difficult to start.
So What Now?
At this moment, I’m continuously saving to have enough money for my business venture in the future. I’m also studying and learning business ideas and tips through blogs and business organizations like Go Negosyo.
I want to have my own business so that I can teach my kids and relatives on how to begin one. If my business will succeed, I can also give it as an inheritance to my son in the future, haha, like Henry Sy and Gokongwei.
I hope you pick some ideas on how to start your own business. I’ll be happy if you will subscribe to this blog by entering your email below. You will learn many things about finance and business if you do so.
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{ 2 comments… read them below or add one }
I agree, Sir Gil. Lack of eagerness or lack of motivation is a hindrance in starting a business. Another thing is that some people just put up business just for the sake of having one. They forget that they should set up a business in line with their passion. Passion is what definitely helps us keep going. 🙂
@Lianne,
Thanks for the comment.
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