Business Mentor: The Impact of Life’s Lessons on Entrepreneurs

Armando Bartolome

Posted at Apr 20 2019 08:04 AM

I feel in awe at the entrepreneurs whose success I was a part of.

It is such a great feeling to see these entrepreneurs rise above their competitors, grow their businesses, and branch out to other businesses.

While most of us admire their success, these entrepreneurs had to go through many obstacles to prove themselves.

According to the Global Entrepreneurship Monitor report in 2013, Filipinos consider entrepreneurship “as a reliable means to improve one’s economic and social standing.” 

You may be among the children who sell candies, comics, stickers and other things in school. Children who started with this mindset grow up more inclined to create their own businesses when they get older.

And as I have previously shared with you, I was among these children. So, I guess, the entrepreneurial mindset begins at a very early age. 

Being exposed to the realities of life, there are children who willingly create means of helping their families, in their own small way.

Individuals who believe that they have the capacity to start a business have a low fear of failing in their business start-ups. Why?

It is because they find ways to make things happen and never accept mediocrity. There is always and should always be a room for improvement wherein they would definitely push themselves to be the best. 

Sometimes things do not turn out the way we planned, but for these individuals, this is not a reason to stop and just give up.

Having their own business may just be the greatest thing that ever happened to our successful entrepreneurs.

Entrepreneurship requires a set of skills, including the willingness to take risks just to fulfill their dream.

Among start-ups, only 55 percent remain operational after 5 years and about 80 percent close after 10 years.

This only shows that there must be a different breed of people who have been born with these special skills.

Despite being risk takers, they do not commit silly mistakes but rather make calculated and educated bets. This sets them apart from gamblers. Gamblers just decide recklessly and just give in to their weaknesses.

So what sets them apart from the rest? Here are some of their traits:

  1. Never say die attitude. Henry Sy came from an impoverished family in Jianjing, a small town in Xiamen, China. Starting with a shoe business, he has expanded his business into a retail empire and became one of the richest men in the world.
  2. Play hard, work harder. A serious entrepreneur would never waste precious time. When he puts his heart and mind into something, he makes sure that he does it right, regardless of how many hours he spends, while also spending quality time with his family. After all, his sacrifices are meant for their future.
  3. Mastering your craft by focusing on the details. An entrepreneur cannot make himself feel the high and mighty once he achieves success. Learning is a continuous process, therefore he keeps up with the times, all the time.
  4. Soar high, but keep your feet on the ground. One of the downfalls of a successful entrepreneur is believing that he has become his own god. He should recognize people who have helped him. He should also share his blessings.
  5. Overcoming insurmountable odds. Lamoiyan Corporation owner, Cecilio Kwok Pedro then owned the Aluminum Container Inc. which produced aluminum toothpaste tubes for Procter and Gamble Philippines and Unilever. However, it closed down in 1986 when P&G and Unilever started using plastic toothpaste tubes. So Pedro put up another business, the Lamoiyan Corporation which manufactures toothpaste that cost half the price of its competitors.

Being an entrepreneur teaches you so many things that can truly become the foundation of your success. If you can only read the life stories of our successful Filipino entrepreneurs, I am sure that you would be inspired to start a business immediately. But of course, being in a business is not for everyone. It takes a strong calling before you realize if you are truly up for it.

The one who succeeds is the one who perseveres.

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