PART II: MY 5 MAJOR FAILURES AS A YOUNG ENTREPRENEUR



This is the second and the last part of my blog about 'My 5 Major Failures as a Young Entrepreneur.' If you missed the first part, you may click this: My Top 2 Failures.  Katulad ng sinabi ko, huwag niyong lakaran ang dinaanan ko. Sana matuto kayo sa mga pagkakamali ko. Here are the other 3 failures that you shouldn't do if you plan to build a business. 

3) I got confused between investment and expenses.

We have enough capital. The problem is, we had a wrong budget plan. We bought gadgets that were unnecessary. We rationalized that we will be meeting high-end people, so we needed to be elegant. Oopps. That was a mistake. Super mistake. Siguro, na-excite lang kami magpakitang gilas kaya napabili kami nu'n. After many months, I asked myself: 'Bumabalik ba ang perang pinambili namin nito?' Mas okay sana kung nailaan 'yun sa ibang budget.

To simplify, investment is different from expenses. When you invest, your money is growing. There's a return. It is considered as an expense if you just throw away your money for the business to operate - but doesn't necessarily have a return. Investment has a long-term effect. Kung may magandang results sa future, that's a good investment. 

Teka, idagdag ko lang ang communication as intangible investment. Dati, nagtitipid ako sa load. Pero na-realize ko, importante ang communication sa team work. Hindi ka lang nakaka-connect, napapatibay mo pa ang relationships niyo. Sabi nga ni Uncle John Maxwell, 'Communication fuels the team.' 

If you're young and starting a business, discern properly between investments and expenses. Start small. Prioritize what's important. Allocate your budget wisely. 

4) I underestimated the Accounting Department.

Akala ko noon, Sales and Marketing Department lang ang dapat tutukan, tapos mabubuhay ka na. Hindi pala. I neglected one of the most essential departments of all - the Accounting Department. Naging labu-labo ang aming financial statements. Hindi na alam kung saan napupunta ang ibang expenses. Nawawala ang mga resibo. Hindi nare-record ang ilang sales. Nakakaligtaan mag-file sa BIR. Kulang sa financial projection. Ayun, deds.

Naramdaman ko ang pilay nung nagpaalam na ang aming Financial Head. He had to focus sa corporate world so he resigned. Ako gumawa ng lahat. Ang siste, mas lalong nagkalabo-labo. Waaa! Now, I feel how to have organized financial files. But thank God, I learned to ask help from skilled people. Thank God for my CPA friend who helped us to re-organize our files and financial statements. Now, that's a golden lesson. Aside from Marketing, prioritize accounting. 

5) I prioritized prestige than sales.

Siguro, ang isa sa binale sa akin ni God ay ang pagiging maangas. I was after our public branding than dealing with our internal issues. We tried to portray that we were an earning company. Yes, I believe that we were good as a start-up business but we did not necessarily improved in terms of sales and system. We had excellent ratings for our services but had very poor business operations and cash flow. Para bang butas na baso. Kahit gaano karaming tubig ang ibuhos sa amin ng ibang tao (good comments) pero natatapon pa rin (walang sales). Kasi hindi naalagaan ang loob. Hindi nababantayan ang finances. 

One time, I had the opportunity to talk with a businessman who has 30+ businesses. Sinabi niya sa akin: Sa business, mas mahalaga ang sales kesa sa kasikatan. Kung wala kang sales, nagbusiness ka pa. 

That broke me into pieces. Aha moment!


I'M STILL IN A JOURNEY OF LEARNING. I consider all my failures as lessons. They made my appetite stronger. Malayo pa ang tatahakin kong daan sa buhay negosyo. I am happy that each day, God is sending good people to encourage me and help reach my fullest potentials. 

If you are a young professional and is thinking of putting up your own business, I'm willing to help. You may send me an email at secretariat@kuyamarlon.com and let me know how can I help you. 

"Ang pera madaling kitain kung masipag at tama ang puso mo." - Marlon Molmisa, excerpt at Ang Mahalaga Bumangon Ka (2015)

KuyaMarlon.Com

KuyaMarlon.Com is an online source for leadership, inspiration, youth and real-life experiences of Marlon Molmisa. Marlon is an inspirational leadership speaker in the Philippines. He is also a writer and social entrepreneur. Use #MarlonMolmisa for your online shares. You may also share what's on your mind to secretariat@kuyamarlon.com.

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