Beginnings of a business: Important takeaways for budding entrepreneurs

Take your cue from the stories of today’s biggest names.

With the varying quarantine restrictions brought about by the global pandemic, a lot of things have changed in the way goods and services are purchased. From brick-and-mortar stores, most businesses shifted to pickups and deliveries. This change has also allowed new small businesses to enter the scene in the past few months without shelling out too much in capital, as transactions are now mostly done online.

Thinking of starting your own business? Before you jump into your venture headfirst, know that the road to success can be full of bumps. While you may not be able to avoid them entirely, you can learn from how today’s big names grew their businesses.

First things first: What do you want to offer? Is there a need that your product or service can address or bridge the gap to? This is an important thing to consider, especially in today’s situation where some industries do not have the same demand as they used to pre-pandemic. Plus, with a lot of people now venturing into startups, the products or services you offer must be of great value to stand out. Apart from that, how to avail of your products or services is a main consideration, as most businesses have shifted online or operate physical stores in a limited capacity.

This means that it is important to pay attention to your target market or your customers. Robin Chase, the former CEO of Zipcar, a car-sharing and car club service, shares a major mistake committed with her second company, a social, online ride-sharing business. “We spent too much money on the website and software before engaging with our first customers,” she tells Buffer. While there is merit in polishing your product or improving your service, you have to make sure that these factors do not get in the way of one of the most important relationships your business will ever have: the one with your customers. It is a smart move to reach out to your potential customers first before rolling out a new innovation.

The late Henry Sy Sr., the man behind the biggest mall operator in the country, believed that success is a mix of several factors that include hard work, opportunity, and timing. Esquire Philippines’ quotes roundup included Sy’s quote on success: “Success is not just good luck: It is a combination of hard work, good credit standing, opportunity, readiness, and timing. Success will not last if you do not take care of it.” In 1958, he already envisioned that if he could sell a pair of shoes to every Filipino, he could be successful, according to an article by My Story, My SM. Seeing how the brand evolved into the retail giant that it is today, perhaps their recipe for success had most of those elements he mentioned, if not all.

All the talk about success would make one think that there is no room for mistakes. However, for Jollibee Foods Corporation founder and chairman Tony Tan Caktiong, mistakes are part of the process. “If you dream big and put your dreams into action, you will inevitably make mistakes. But don’t be scared to make mistakes,” he shares in the 2013 Asia-Pacific Economic Cooperation (APEC) small and medium enterprises (SME) Summit. In his case, his group tried to start brands like Mary’s Chicken and Copenhagen ice cream, but these did not take off. “Learn from each mistake and it will not be a waste of your time,” he says, and went on to establish one of the biggest food businesses in the country.

It also helps to always be on the lookout for opportunities to grow your business. What may be effective today might not work three months from now, especially with the ongoing pandemic. It is important to regularly ‘feel the pulse’ of your consumers—whether it’s through surveys, or monitoring your social media account and analyzing customer reviews. It also helps to be up to date with trends to ensure that your product or service remains to be relevant and sensitive with the changing times.

Starting a business is not easy, but it can be one of the most fulfilling thing you’ll do. While there may be speed bumps ahead, it does not need to derail your success.  You can protect your hard work from the unexpected by getting an insurance package for your business. With Business Security, a comprehensive insurance made for business owners, you won’t have to worry about damages or loss due to fire or lightning, including acts of nature, disrupting your business. It also comes with a personal accident insurance for your employees, and coverage for money, securities, and payroll. With those covered, you’re well on your way to success.