What business lessons would you impart to young entrepreneurs?

Numerous success stories from big businesses today have proven that even with a small amount of money, combined with a lot of hard work, one can be successful. We have heard business people who have made it big today say that starting a business isn’t easy and it compares to a rollercoaster ride. But with determination and passion success is not far away.

Florabel Co, restaurateur

Perseverance, hard work and prayers are the key ingredients to become a successful entrepreneur. I always believe in the saying that a good leader should always be a good follower.

Sarabeth Salcedo Soriano, VP for operations, Baliwag Lechon Manok Inc.

Although I haven’t been doing this long, here are some things I can share with fellow young entrepreneurs:

1. Stay hungry and creative. Do not be complacent because perhaps your biggest asset as a young entrepreneur is your unbridled creativity. If used properly, that creativity can serve as the business’s potent edge that can set one apart in a bottom-line driven playing field. 

2. Act professionally. Being a young entrepreneur does not give you the license to act immaturely. The older people with whom you do business might tolerate your different taste in business attire; however, they might not be able to tolerate you at all if you arrive at the meeting unprepared or act like you don’t mean business.

3. The world is your classroom. Everywhere you go, be observant of how business is whether you are at work or even on vacation. Learning does not have to be limited to the classroom or business books. A lot can also be learned from the accomplishments of athletes, businessmen or public figures who can inspire and propel your ideas, while learning from their mistakes can help you foresee potentially costly pitfalls.

Cristalle Henares Belo, managing director, Intelligent Skin Care Inc.

I think the best time to experiment on entrepreneurship is at a young age because we’re bold and open to taking risks. At a young age, we also don’t have a lot of things at stake. If we fail, the only person affected is oneself. Since we still don’t have a family to support, this makes it easier for us to bounce back and start all over again. At the end of the day, experience is the best teacher and we wouldn’t know what success feels like if we haven’t experienced failure. The top three lessons I’d like to share with young budding entrepreneurs are:

1. Surround yourself with amazing people. It’s important to learn, to be inspired and to be challenged by the people around you. Hire or partner with people more knowledgeable than you to handle  specific departments or seek out a mentor, who can coach you.

2. Differentiate your product. Identify what makes your product or service so special and be able to communicate that. One product can have many benefits but out of all those benefits, only one or two will stand out or catch the consumer’s attention. Pitch the idea to your friends over and over...Eventually, you’ll see what gets them hooked or excited to try it.

3. Don’t stop learning. Education doesn’t end in school. Be curious, spark up conversations, immerse yourself, observe consumer behavior and continue asking questions. This is how ideas will pop up!

Lila Almario, shoe designer

Do what you know and love doing, and do it well. But keep yourself grounded with realities like hard work, discipline, perseverance and goals. Don’t be discouraged by setbacks or failures. There is always something to be learned.

Ian Nievera Tiongson, VP, Cabalen Group of Companies

Start-up businesses have an equal playing field now with big companies because of the Internet, through social media. It is very easy to market your product or service. My advice to starting entrepreneurs is to find a niche in the product or service that you want to sell. Look for gaps to fill in the market. There is a lot of opportunities especially for underserved markets. Be original, creative and make your overall concept or packaging attractive. At the end of the day, people still go for “value for money” especially with the current state of the global economy.

Michelle Fontelera, president, Zenzest Asia Inc.

The best advice that I can give young entrepreneurs is to follow their passion.  To do something that they love.  Get into a business that they know they are good at.  I believe that when you are doing something that you love, you are always inspired and it doesn’t even seem like you are working.

Norman and Mye Cruz, founder, Adworks Manila

It’s not a good sign when you and the competition are neck and neck. Your goal is to make sure that you are always five, 10, 100 steps ahead of the competition. Constant search for fresh and innovative ideas will surely give you a good lead. The only thing you have to do next is to work hard on that idea and believe in it and then you’re good to go.

Beng Dee, COO-Foodlink Group

Youth is wealth, so for young entrepreneurs, my advice is: Don’t be afraid to fail, stay focused and be on top of everything you do. If you don’t succeed at first, at least you have gained experience. And as a real entrepreneur will say, “In every crisis, there is always an opportunity.”

Ana Amigo, founder, Chocolate Clothing Company

Being an entrepreneur entails a lot of responsibility, it inevitably leads to directly or indirectly affecting lives of many.  When you go into a business you are carrying the whole load not only for yourself but for those working for you. And so it is important to have passion for whatever business venture one feels called to go into.  With passion in your heart, you can celebrate great days and easily weather the not-so-great days! 

When you are passionate with what you do, perseverance is also right around the corner and so the hard work that comes with the territory seems more like a walk in the park.

Carina Guevara Galang,  businesswoman

Pursue your interest and do what you can to learn everything about it. It becomes very natural to open a business if you’re very passionate about what you will be selling or producing. If you are of that mindset, you will be making an excellent product and it will practically sell itself. Don’t be afraid to start small. Don’t think you have to open a big business right away with so much capital. Start small and nurture it and watch it grow. It’s also less painful when you make mistakes (and you will) while you’re just starting. Find a mentor who is generous with their knowledge and patient in teaching you. Listen, watch and learn from them as there are mistakes you don’t need to make for you to benefit from their lessons.