Just by asking this question, it shows that you are interested to have your own business. That is good!
Should you start your own business now? Remember, nobody knows yourself better than you do.
The answer is, it is really up to you!
- a "yes" to you might be "no" to others and that "no" to others might be the opportunity for you.
That said, allow me to share a true story.
Tim was born to a middle-class family in the Philippines. From his childhood, he always knew what he wanted - to become a businessman and a millionaire before he reaches 21 years old. Tim always hated school and he never believed in education. On top of that, he always felt that going to school is just a waste of his time and it hinders him to start early in the business.
When Tim graduated from high school, he asked his mother if he can take up a business management course for he knew that the course will help him chase his dream. However, his mother told him, "son even if you take a business management course, you do not have any capital to start a business. You should take up HRM (Hotel Restaurant and Management) and work abroad! you will have more money there."
Tim was convinced, but he never gave up his business dream.
Tim rushed his course and saw an opportunity to finish college within 3 years and graduated by the age of 19. After finishing HRM, he was happy for he felt freedom away from school but Tim knows that he needs to pursue his dreams and to become a businessman before he turns 21.
Moreover, Tim immediately got hired in a nice restaurant, but he still has one thing in mind, to save money and start a business.
Every month, Tim saves 85 percent of his salary to his bank account. He knew that if he continues this for the next 1 year and a half, he can finally start his own business.
After the long wait, Tim finally saved a total of P300,000 ($6,000). He immediately quit his job and started to do his business research. During that time, Tim was determined to take any kind of business opportunity, as long as he is his boss.
Tim saw a food franchise opportunity, he learned that the total cost of the franchise is P220,000. He also knew that if he takes this franchise, he needs to find a good location to make money. So Tim talked to the franchisor, he said that he wants to put the business inside the Mall, and both of them agreed. The total cost of investment for Tim will be P280,000
P220,000 - Franchise for the food cart
P36,000 - Mall advance rent security deposit
P24,000 - Miscellaneous
Total Savings Left - P20,000
Tim's Dream Day Finally Came
Tim was hand-on in his business. He spends all his time in there from 9 am to 9 pm. He helped and managed his employees very well. However, Tim had a rough start despite his hard work. The products are not selling according to the plan.
For his first 6 months, he had an average loss of P3,000. Tim never saw this coming. He thought that if he would only work hard enough in the business, everything should be fine.
In the 7th month, he is on the verge of bankruptcy. From there, all of the savings started to dissipate and on top of that, Tim is getting married soon.
Tim had a call from his mom, "would you like to work abroad for 3 months? Just come back to the Philippines before your wedding day." The offer was good, in just 3 months, Tim can earn up to P180,000, so he took it.
Tim asked his fiancee to take care of the business while he is away and said to her, "all of the money that I will earn abroad for the next 3 months will go to our business fund. Let us try to fix the business by infusing more capital."
Tim said to himself that he will never quit. When he came back to the Philippines after 3 months, he got married on schedule, and once again he focused on his business and left the high paying job abroad.
With the new fresh business fund, another owner of a food cart in the same Mall offered Tim if he wants to buy the existing business she owns.
Tim's family was against it and kept on telling him, "you know, she will not sell you that business if it makes money. She is selling you that business because it is also losing money like your current business." But Tim did the math and took another chance.
Tim bought the existing food cart business in the Mall that was offered to him and he decided to close his struggling food cart franchise. Tim took care of his newly acquired business. He continued to work hard every day and this time it was a success. Tim made his first P1,000,000 when he was 24 years old.
1. If you have a passion for business, it will tremendously help you to overcome challenges.
2. Never give up.
3. Time is gold. Start now.
4. Save money. Be very thrifty. Use the fund for business.
5. Do not be scared to take the risk.
6. Even if you work hard in the business, it will not guarantee success.
7. You should have a plan B way ahead of time.
8. Do not get discouraged after failure.
9. Try and try until you get it right and cut your losses.
10. Education is important but there a lot of successful businessmen that did not even finish school. Making money does not require school medals, high grades, or even a graduation diploma.