Ready to Start a New Business? Answer these Questions First

Armando O. Bartolome
Posted at 01/16/16 8:37 AM

MANILA – In business start-ups, an extraordinary amount of time and energy is demanded of the entrepreneur.

This is because in the beginning, everything is done by and solely by the entrepreneur himself.

Multi-tasking may be too soft a word to describe the work. There is definitely a rush of adrenalin needed in the initial stages.

However, such energy wears off later. Here are questions which may help figure out whether or not you have the physical, emotional, mental and financial intelligence required to start a new business.

Do you have the right physical condition? Of course, one need not be Mr. Universe material. It is good to know one’s health condition before embarking of the challenges of business.

As they say, “health is wealth.” Are you capable of wearing multiple hats and working 24/7 if necessary to get the job done?

I recall the moment my wife and began the business of GMB Franchise Developers, we were doing everything since we could not afford to pay for extra manpower. Balancing our entrepreneurial life vis-à-vis our family was a tightrope act.

We had to instill a rule of avoiding discussion on business matters when at home. This was necessary for us to have a good bonding time with our daughter.

Are you emotionally mature and resilient? This was one part we had to keep on reinforcing ourselves. There were moments when either one would feel under the weather or have some feeling of inferiority. What propped us was the fact that certain inadequacies were signals for us to learn, understand and check if we can apply some lessons to certain situations.

Can you withstand cycles of intense pressure without falling apart or taking your stress out on others? The lesson we got was discovering our limits and always mentally spelling the word P-A-T-I-E-N-C-E.

We had to avoid arguments and learned how to listen to each other. Are you capable of making financial sacrifices and postponing short-term gratification to build your business? It was a tall order for us. Nevertheless, we had to ask the question “is this item a need or a want?” Can you operate without a financial safety net?

It’s risky, yes, but confidence in the business concept and sincerity in doing and walking an extra mile for a client proved to be successful for us. Are you willing to take calculated personal risks to take your business to the next level?

This was exactly what we took in bringing our business to another level. Initially, we were focused in assisting entrepreneurs in food business. We were doing evaluation and rebuilding their present structures in preparation for franchising.

Another challenge came when somebody in pre-school business sought our services.

There are always challenges. Today, GMB is not just involved in the entire archipelago but is expanding in other countries. Do you regard business failure as an inevitable part of the business success cycle?

Without failure, there is nothing to look back at. Starting our business 22 years ago, we were not always successful. There were bumpy paths we had to pass. We learned a lot, especially in dealing with different types of people.

Finally, always learn to hang on. Increase one’s faith to see the business through. You may regret it if you give up as opportunities may never pass your way again.



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