BD Business Tips July 23, 2019
In celebration of the Small and Medium Enterprise (SME) Week this month, Globe myBusiness joined the Department of Trade and Industry in giving recognition to all SMEs for their contribution to nation building and have rounded up several seasoned entrepreneurs to share their secrets to success.
Here are some tips which budding business owners and would-be entrepreneurs can learn from.
Stand out from the crowd
"Be an orange among apples," said Paulo Tibig, entrepreneur and motivational speaker. "Innovation will always be about introducing something new, improving the existing, and working on your customer servicing."
Tibig added that no one should be content "with what's hot and what are fads." Ideas, he said, should be sustainable such as new product variations, promos, and loyalty programs.
Look out for market opportunities that serve customer needs
RJ Ledesma, co-founder of Mercato Centrale said "always wear your glasses as an entrepreneur" and be constantly on the lookout for opportunities no matter how small they are. RJ noted that business owners should also consider what innovations from another industry they can introduce in the industry they are in.
Likewise, he said that "entrepreneurship is all about addressing irritations" as they can serve as the inspiration for innovation. In solving one's own irritation, entrepreneurs could be addressing someone else's concern and in turn, create an income.
On the other hand, Anurag Verma of Zomato Philippines pointed out the need to "learn what's important to your audience" using various tools online which can be used to market their business and understand their audience in order to custom fit products and services to the customers' needs.
"The best strategy comes from you," according to Verma. While anyone can learn from seasoned entrepreneurs and discover more digital tools to help ease running a business, the strategies to make them work and become successful will always come from the business owner. "You understand your market best and you know what products are your best sellers so it's up to you to create the best strategy for your business," she said.
As a partner of MSMEs, Globe myBusiness encourages entrepreneurs to embrace digital tools that can make their operations easier, allow them to reach more customers, and provide them the opportunity to offer better products and services.