Despite Filipinos being born entrepreneurs and risk takers, choosing the right business ventures remains a challenge for many. This 2018, we could all learn from some success stories, like this mompreneur who takes pride in owning several profitable businesses. Her name is Michelle Malaguit.
A mother of one, Michelle worked as a bank employee for three years after graduating from college. But although she was already earning a stable source of income, she followed her heart to become a boss of her own. Looking back at her journey, Michelle shares 5 useful tips for entrepreneurs looking for a breakthrough this year.
1. Do not be discouraged when you fail
Michelle started in 2002 with a computer shop, which was short-lived due to her lack of technical skills. Being a first-timer, she encountered a lot of difficulties and missteps that eventually led to the closure of her business.
“Nagpundar ako ng computers tapos nahirapan akong i-manage kasi kailangan ng repairs, e hindi ako magaling mag-ayos so sinara ko rin ‘yung shop.” she explained.
2. Learn from your mistakes and try again
Michelle picked herself up and tried her luck again in 2005 by putting up a water refilling station. Manning this kind of business suited her more and she currently has two profitable water refilling stations.
She carefully assessed the demands of her community and turned them into a business opportunity. “Naisip ko, bakit hindi na lang kaya kung ano ‘yung kailangan talaga ng mga kapitbahay namin, ‘di ba?”
3. Enhance your entrepreneurial mindset
To further encourage and inspire others to start doing business, Michelle shared what kind of mindset she has in making her own path to success.
“Go! Mag-try ka kaagad. ‘Wag mag-dalawang isip. Ang kailangan lang naman talaga ay lakas ng loob. Sa umpisa mahirap, pero okay na once makasanayan mo na ‘yung pagnenegosyo.” Michelle said.
4. Diversify your business portfolio
“Don’t put your eggs in one basket,” she said firmly. This home-based mom also engages in stock trading, store management, and a crowdfunding farm investment to further multiply her earnings.
“Ako kasi gusto ko yumaman. Dapat hindi lang galing sa isa yung income na inaasahan mo, mag-create ka ng iba pa para makaalis ka dun sa tinatawag na rat race.” she added.
5. Have the right business partner
Michelle Malaguit, 41, a home-based entrepreneur
Finally, Michelle also shared her secret to becoming successful: having the right business partner. She currently relies on her digital transactions unit in upgrading her businesses and empowering her community.
“Wise investment talaga kasi maliit lang yung puhunan, hindi na ako nagtayo ng isa pang tindahan o nag-hire ng ibang tauhan plus dumami talaga ‘yung mga nagtitiwala sa amin.” she said.
Her partner? An all-in-one device that caters to her neighbors’ digital transaction needs, such as bills payment, money transfer and mobile loading—POSIBLE.NET.
POSIBLE.NET is a convenient and comprehensive platform that creates positive change to both entrepreneurs and consumers. With over 300 products and services, it provides evident impact to Michelle’s businesses.
“Di ko akalaing kaya ko nang mag-offer ng ganitong added service sa mga suki ko sa maliit na investment lang. Lumago na ang negosyo ko, nadagdagan pa ang serbisyo at natutulungan ko.”
Just like Michelle, anyone can give their business a competitive advantage. Thanks to opportunities, resources, and new platforms like POSIBLE.NET, success in entrepreneurship is now more possible than ever.
If you are looking for business financing for SMEs to fuel your dreams go ahead and do it! It might give you an extra boost to your current business.