Related Pages

• Creating a grade sheet using Microsoft Excel
• The Art of Rubrics in Grading Students
• The Teacher’s Online Grade Book
• Guidelines in developing a lesson plan
• Components of a lesson plan
• Lesson plan calendar and templates
• Classroom Tools Series: English and Filipino
• Classroom Tools Series: Science
• Classroom Tools Series: Mathematics
• ICT Resources
• Teacher Resources
• Environment Tips and Resources
• PTCA Resources
• Classroom Tools Series: Makabayan
• Emergency Preparedness and Disaster Response

Smart Tools

Classroom Tools Series: Livelihood Education

Entrepreneurship Class Part 2: Getting Ready for a Business

In last week’s article, you were given a number of questions to guide you in determining whether you have the characteristics needed to become a successful entrepreneur. And chances are you do.

You should also know by now that with the right attitude and the right skills, you can and you will be a successful entrepreneur.

Once you’ve set your heart and mind to set up your own business, the next thing to do is to plan your business. This requires careful thinking and planning (two skills that you have surely mastered after several years of preparing and implementing lesson plans in the classrooms).

Here are some steps to consider when starting your own business¹:

Determine your product/service line and type of business.
What kind of product or service will you offer to your customers? Again, you have to ask yourself what skills you have. Examine your previous jobs, hobbies or technical training attended. For example, teachers may want to set up a tutorial services center. Someone with computer training can open a SMART Bro Internet café. Someone who loves to send SMS can be an e-load retailer.

You may also want to examine the products and services available in your area, the economic condition of your potential customers, the different national and local government programs available for start-up businesses, and the physical environment where you will set up your business.

Write your business plan
Once you have decided what business to get into, you may now start writing your business plan.

There is no one business plan for all businesses. You have to develop a different business plan for every business you want to get into. The three main components of the business plan are the marketing plan, the technical and organizational plan, and the financial plan.

Marketing plan. Contains a description of the products and services you will offer, as well as a description of your potential customers, competitors and marketing methods.

Technical (Production) and Organizational Plan. Contains the materials, personnel and equipment you will need when you start your business operations.

Financial Plan. Contains the financial requirements and budget needed for your business.

Raise capital
Once you’ve mapped out your business plan, you should have determined the capital needed to finance your business. One thing to consider is whether the capital will come from your own pocket or if you would have to look for external capital sources such as banks, credit cooperatives, lending investors, to name a few.

Choose your business location
Unquestionably, the location of your business is a key factor in the success of your business. It is therefore important to examine the relationship of your business and the site where you plan to put up your business. If you’re planning to open a tutorial services center, are there several students in the area? What subjects do the students usually need assistance in? Do most students attend private or public schools?

Register your business
Another step to be taken and not to be forgotten is to register your business with the government. You don’t want your newly opened business to immediately close shop because you of illegal operations. A single proprietorship type is easy to register, while a corporation will require more documents.

Hire/train personnel
Just before you open your business to the public, you should also be sure that your personnel are well-trained to deal with customers. After all, the lifespan of your business relies on your customers. At the same time, your business also relies on your staff for smooth, running operations. It is important to look after the rights and welfare of your staff. A good grasp of the different government-mandated labor laws and regulations is needed to be a good employer. Simply put, both your customers and your staff need to have a good relationship with you.

The steps mentioned here are just some tips to get you started in planning your business. With more and more people wanting to become entrepreneurs, you are assured that you have a wealth of resources available to guide you. Read books. Interview other entrepreneurs. Go online. The Internet has millions of pages on successful entrepreneurship.

You may want to visit the following sites to learn more about starting your own business:

• Business Philippines – A website of the Department of Trade and Industry that offers downloadable resource guides for starting your own business, business plan preparation, starter kits, among other things.
• Entreprinoy.com – A website to connect you with other Filipinos who have decided to become bosses of their own.
• Entrepeneur.com.ph – The home of Entrepreneur Magazine on the web.
• Go Negosyo – A website on Filipino entrepreneurship.
• Zero Million – An international website with hundreds of articles on entrepreneurship.

Source:
¹Department of Trade and Industry website. “Do you want to go into business?”. Retrieved on July 13, 2007 from http://www.business.gov.ph/filedirectory/DoYouWantToGoIntoBusiness2006.pdf