tag:blogger.com,1999:blog-60012906377002122772024-03-05T01:43:38.892-08:00Entrepreneurs' DenAnonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6001290637700212277.post-1287841675022327292015-04-21T04:46:00.000-07:002015-07-02T08:28:39.064-07:00Family Business: Succession Plan<div class="separator" style="clear: both; text-align: center;">
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Today, I will be discussing about family business. Particularly, its importance as a whole both in the aspect of family and business in terms of succession planning. If you are starting a family business, this is a great article for you to read because it will be consist of different lessons regarding the succession process in a family business. You as a controlling owner of your family firm will face three different challenges when the time of succession will occur:</div>
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<li style="line-height: 115%; text-align: justify;"><b style="line-height: 115%;">Disengagement – </b><span style="line-height: 115%;">This kind of obstacle
that the company will face is the separation of the current owner from the
business. This is not unusual in the ordinary course of business because as
time comes, the owner will reach its limits due to some certain factors. Anticipation
must be recognized in order to reduce the possibility of leaderless family
business. And as well as the controlling owner, for the fact that the former must
choose a replacement for the position to take over the company. It will cause
the family business if there is no one to control and manage the business.</span></li>
<li style="text-align: justify;"><b style="line-height: 115%;">Formulation – </b><span style="line-height: 115%;">The creation of the
prospect leaders from the next generation family to take over the firm would be
difficult because some family members are not into the family business. And it
is necessary to choose immediately since the business will be leaderless. So it
is essential for the family firm to plan ahead of time before succession occurs
to make sure that some family members are ready for succession, to take over to
manage the business.</span></li>
<li style="text-align: justify;"><b style="line-height: 115%;">Process of Succession</b><span style="line-height: 115%;"> – the selection
of an ownership and management structure for the next generation will be a
problem for the controlling owner because as what I have said in </span><b style="line-height: 115%;">FORMULATION, </b><span style="line-height: 115%;">it would be difficult to
encourage and convince family members who are subject/candidate for succession.
Not all of them are into running their own family business because some are
interested on some things or are already engage in their own job. Also, choosing
the next management structure would be a pain in the part of the outgoing
controlling owner because there is no guarantee that the successor will have
enough knowledge on how to run the current management structure and even the
other kinds of management structure if</span><span style="line-height: 115%;"> it </span><span style="line-height: 115%;">doesn't have any educational background on how to manage a business.</span></li>
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There are only
two choices that both the owner and the family firm to choose from. It could
ignore the problem of succession and decide instantly who should take over and
manage the business (if the current controlling owner is physically and
mentally unable to do so). Or (which is the best option to choose) to plan ahead
of time before the retirement of the current controlling owner to ensure the
effectiveness of the turnover of leadership.<o:p></o:p></div>
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In order for a
succession plan to be successful it must be (1) <b>Strategic,</b> (2) <b>Comprehensive</b>,
(3) <b>Feasible</b>, and (4) <b>Manageable</b>. (1) It highly regarded that
it must be based on a keen analysis of the external environment and the growth
prospects of the family firm; (2) Interaction must be acknowledge in terms of
family ownership and business issues; (3) It should be based on a realistic and
reliable assessment of gaining it for both the business and the family; (4) The
implementation of the succession plan must be the responsibility of those
authorized and with power to formulate the critical decisions. If a succession
plan is consists of these kind of characteristics there would be high
possibility that it will successful. Successful in a sense that it would
reflect the future of the family business and its family members involve in it.<o:p></o:p></div>
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Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-86525006649336411652015-04-16T13:59:00.001-07:002015-07-02T08:28:53.051-07:00Very Basic Knowledge about Income<span style="color: #333333; font-family: Georgia, Times, Times New Roman, serif;"><span style="background-color: white; font-size: 15px; line-height: 21px;">MONEY. INVESTMENT. INCOME.</span></span><br />
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<span style="background-color: white; color: #333333; font-family: Georgia, Times, 'Times New Roman', serif; font-size: 15px; line-height: 21px;">Money must be invested it in a manner of calculated risk. By knowing what are the possibilities that may occur during the selection of the chosen investments. There are actually three kinds of income in which we could invest on. Passive Income, Portfolio Income, and Active Income.</span><br />
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Passive Income - is a kind of income in which you are earning even without doing efforts for a particular business. The investment required is a little bit high. An example for this is establishment of an apartment for rent/lease. High amount of investment and a long term income. The advantage is the period of receiving income depends on how the contract will be. And after 3-5 years, there will be return on investment and easy as that. However, you need to acquire a large amount of money in order to invest on this kind of income.</div>
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Portfolio Income - This kind of income talks about the stocks and bonds. In a nutshell, investing on buying stocks of a large and stable company in order to gain high profit. The advantage of this when it is stock there is a high amount of return from your investment. However, it is unstable sometimes because there will be fluctuations. You should know how to play well in order to generate high profit. </div>
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Active Income - Kind of income in which you directly put a lot of efforts on your business or work. The advantage of this when it comes to business is that you control your time but the major disadvantage is when you are already generating loss due to incompetence in business. You should have enough knowledge to apply in your business and to survive every problem in your business.</div>
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In conclusion, the best way to invest a 1000 dollar is to invest it on portfolio income particularly to bonds (if you want to have a secure and stable income) because in 5 years there will be already return on investment. Always remember that there is no easy money nowadays. Most of the time you need to have the ability and knowledge in order to generate and gain high profit or income.</div>
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Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-1608719502128017352015-04-16T11:52:00.001-07:002015-07-02T08:29:22.644-07:00Late night to ponder: 500 Days of Summer<div class="separator" style="clear: both; text-align: center;">
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Its late at night and I cannot sleep. I think the reason is because I'm thinking of such things that bothers me every night. Things that I guess cannot be solve by just pondering to it but somehow can be manage by expressing it through my blog. A line by Joseph Gordon-Levitt in one of his movies, 500 Days of Summer. I'm not a fan of the movie not because I could relate to it from my past relationship but its essence <br />
<a name='more'></a>and impact to me as a viewer. We all know that the guy (Joseph) had a high expectations that he would reunite again with his ex-girlfriend (Zooey Deschanel) in one of the last scenes of the movie in which there was two vertical videos showing the expectation against the reality of the scene. He really presumed that after his ex-girlfriend invited him to her party, they would go back together. That scene the line was delivered, but regardless to the movie it depicts from the photo above that we should in every thing that we do, since we are already there doing it we must live life to the fullest. For example, our job technically makes us happy because we are getting paid but we didn't really seek to find the happiness in doing it. In life I guess, we must be happy no matter what happens. Let's do everything that'll make us happy because we only have a life to enjoy and not to waste. Unlike the building and our job, it doze us figuratively in our life that is why sometimes we are stuck to the things that we really don't like at all. A greeting card denotes all the good memories that we have experienced in our lifetime, GOOD memories. Because good memories contains all the things that made us happy for sometime in our life. </div>
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Always remember that sometimes, life may be hard. REALLY HARD. but on the good side of it, there are the greeting cards which once became a part of a good experience. Enjoy life. Never get oppressed by someone in terms of making yourself happy. Its the only thing that makes us happy and alive. :)<br />
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Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-58702897851423672502015-04-14T10:37:00.001-07:002015-07-02T08:30:23.075-07:00Getting Started: Innovation<div style="text-align: right;">
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<span style="font-family: inherit; text-align: justify;">The first step for entrepreneurs are the identification of GOOD IDEA and OPPORTUNITY. These two important factors must always be considered to be together and cannot be separated. It is because of the fact that if a good idea was formulated but there is no opportunity that it would be marketable in a given location then there is no chance that it would be a feasible product and if there is a market opportunity but the idea was bad or a little bit of irrelevant inside of a market environment, of course people will not try to buy it. </span></div>
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<b><span style="background-color: #ffd966; color: red; font-family: inherit;">GOOD IDEA = OPPORTUNITY</span></b></div>
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<span style="font-family: inherit;">The identification of opportunity in a market and the use of creativity must be utilize efficiently and effectively during this stage. <b><u>Creation</u></b> of a good idea is never easy. However, with the use of creativity and <b>incorporating</b> it to the needs of the market would result to as a GOOD PRODUCT IDEA. Also, identifying problems and formulating solutions to it is a must for every entrepreneurs to attain a sustainable market share in their chosen market.</span></div>
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<i><span style="font-family: inherit;">CREATIVITY - is the brainstorming of ideas that results to an effective and efficient outcome</span></i></div>
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<span style="font-family: inherit;">On the other hand, there are actually four types of innovations such as:</span></div>
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<li style="text-align: justify;"><span style="font-family: inherit;"><b>Duplication</b> - It is the total replica of a product or a concept. For example, here in the Philippines before Shawarma was not yet introduced. But as time pass by, Filipino entrepreneurs brought Shawarma here in the Philippines because of high demand. However, there was no alteration or modification of the product itself.</span></li>
<li style="text-align: justify;"><span style="font-family: inherit;"><b>Invention </b>- From the word itself "INVENT", it is a new concept of a product, service or process.</span></li>
<li style="text-align: justify;"><span style="font-family: inherit;"><b>Synthesis</b> - It is a formulation of a new concept from a combination of existing concepts. For example, Wicked Oreo concept is an oreo coated with pancakes which resulted to a new products.</span></li>
<li style="text-align: justify;"><span style="font-family: inherit;"><b>Extension </b>- It is a kind of innovation which an existing product or service has a new use. For example, a RestoBar it is a usual restaurant which offers food and drinks but unlike any other restaurant it offers new products and services such beers,liquors and live band playing etc.</span></li>
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<span style="font-family: inherit;">These four are only basis for you to choose in which kind of innovation will you utilize because it is important to have a unique product or service. It will serve as your competitive edge against both direct or indirect competitors. Nowadays, many businesses are greatly contributed by innovation in terms of products or services which is a brilliant thing because prospect customers are easily attracted to products or services that are different from other direct competitors.</span></div>
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<b><span style="font-family: inherit;">PRACTICAL LESSON</span></b></div>
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<span style="font-family: inherit;">Since you already have knowledge about INNOVATION, I would like to share our (my business partners and I) experiences when deciding what product or service we will offer. Before making a draft of our business plan, given that it is necessary to choose a final product (<b>survey less product</b>) we found it hard what to choose since we are a group and all of us have different choices. But it is required either way to only have a single decision. It took us weeks before deciding the final product. As the only guy in our group, I agree to disagree with all of their choices since "I think" that they were not feasible and so simple. I proposed to them that each of us must present our chosen product and defend it from our group (like conducting defense with the group as a panelist). I knew that it would be very hard for us since all of us have different ambitions and aspirations, each of us is unique. However, fortunately, we had a decision. </span><br />
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As an entrepreneur, it is very difficult to choose what kind product/service and innovation is needed to apply to make it marketable. But I would suggest that:</span><br />
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<li><span style="font-family: inherit;">If you already have knowledge about the product/service, then that's it! You won't be hard up to choose and study a NEW concept which doesn't in line with you interest. Otherwise, your concept will be a failure.</span></li>
<li><span style="font-family: inherit;">Having knowledge about the product/service will drive you more to invest and risk on it because according to my last post it will enhance your passion and motivation since you already know the process of how to do it. </span></li>
<li><span style="font-family: inherit;">The only thing about having knowledge about your proposed product/service is the application of innovation.</span></li>
</ul>
<div>
<b><span style="font-family: inherit;">FOR GROUP (With business partners)</span></b></div>
</div>
<div>
<ul>
<li><span style="font-family: inherit;">It is better to propose each members' concept and present it to the group. Defend it and tell the group that it will be feasible considering the factors such as proximity to customers, proximity to suppliers, location etc. </span></li>
<li><span style="font-family: inherit;">The group must decide if they have agreed or disagreed. And must be straight-forward to minimize the conflicts later on in the process of creation of the business plan.</span></li>
</ul>
<div>
<span style="font-family: inherit;">Conclusion: This stage is the most crucial and difficult part in the creation of the business plan and must highly be regarded because once this part is done there will be no turning back unless you want to start again from 0. Carefully analyze the advantages and disadvantages of each product/service to come up with a fully proposed product/service that will be used for survey. Always remember that with CREATIVITY and the identification of opportunity coins the true meaning of INNOVATION.</span><br />
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Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-25000179608512009842015-04-11T02:44:00.003-07:002015-07-02T08:30:40.771-07:00Significance of a Business Plan<div class="MsoNormal" style="text-align: justify;">
As others say that putting up a
business is EASY. The fact is, it is not. In an academical view, there are lots
of things needed to learn to build an effective business. The framework of a
business is the BUSINESS PLAN. Last academic year, the latter was our
major subject which means that our group must submit a consolidated one and
must defend it to the panelist for it to be implemented next academic year.</div>
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<o:p></o:p></div>
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<br /></div>
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Business Plans are considered the
conceptual framework of what you envision in your business. The former consist
the purpose of your business, management, marketing, operational, and financial
aspects that highly contribute towards the success of a concrete business plan.
But it’s not as 123 when building these aspects because you’ll need to have the
following:<o:p></o:p><br />
<a name='more'></a></div>
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</div>
<ul>
<li>Patience – since you are
going to conduct research about the products and as well as the
market, you’ll have to pack a lot of patience on your way. I’d been through
this when my group were starting to get mad and over thinking about the
possibilities that might happen and will make the research to a waste.
Nevertheless, PATIENCE is a VIRTUE we must always apply this because
this is a good sign that we will make it through.</li>
<li>Passion – this is one of the
most important factors that drives an entrepreneur towards success. Knowing
that we love what we do makes us invincible. And regardless of how tired we are
in conducting researches if we have this, we will feel nothing but hunger and
drive to achieve what we want.</li>
<li>Motivation – we need this
most of the time especially when are already in the den of pessimism.
Sometimes, we turn out to be a negative thinker because we over think things
without having enough knowledge of what will happen in the future. And to
overcome pessimism, a lot of motivation is needed to think straight and
minimize realistic situations.</li>
<li>Knowledge
– self-knowledge is greatly essential in order to synchronize all the
gathered information with the latter. Having self-knowledge minimize the risk
of failure because know what you’re doing. Easily understanding and enhancing
the mind of the entrepreneurs to innovate.</li>
</ul>
<o:p></o:p><br />
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<o:p></o:p></div>
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<o:p></o:p></div>
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<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
These factors must be
incorporated to future entrepreneurs’ behavior for them to have a high
percentage of being successful in making their business plans. In fulfilling a
concrete business plan, an entrepreneur must do the following in chronological
order:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<ol>
<li>Choose the products which
will be offered to the market (but it doesn’t mean that it will be the final
product/s because final products must depend on the target market’s need)</li>
<li>Choose at least three (3) target
markets to conduct a survey because this will help entrepreneurs to weight
factors and analyze which market is higher. (I prefer to use the Factor Rating
Method to analyze the location).</li>
<li>Once target markets are chosen,
entrepreneurs must prepare a survey questionnaire about the product and other
factors (factors that they want to consider in choosing a location).</li>
<li>Always remember that surveys are
the most important medium in having a consistent and reliable information
to achieve accurate results. Survey results reflects to what products and
prices must be offered in a particular target market to achieve high profit. Survey
results affect the whole business plan’s aspects.</li>
</ol>
<br />
<br />
<div class="MsoNormal" style="text-align: justify;">
Above, are the only basic things
for an aspiring entrepreneur must know for them to have a clear idea what are
the significant things needed to have an effective business plan. The technical
parts of a business plan will be discussed in my future posts. I hope you
learned something. Apply it. And I’m telling you, BUSINESS PLAN
establishment is WORTH IT.<o:p></o:p><br />
<br />
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Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-71959137172199727532015-04-11T02:36:00.003-07:002015-04-11T20:31:20.246-07:00ABOUT US<div style="text-align: justify;">
<div class="MsoNormal">
Entrepreneur's Den is a
place where entrepreneurs want to be because it offers, gives consultations
regarding about establishment of a BUSINESS through giving an updates
and as well as interacting with people. It will showcase all the things that
future entrepreneurs must do in order to survive the real world of commerce.
Helping others for them to know that business is not EASY. Through posts that
are type-written by business majors from reliable information such as an
interview from an experienced businessmen, etc. <o:p></o:p></div>
<div class="MsoNormal">
<br />
<a name='more'></a><br /></div>
<div class="MsoNormal">
It will discuss some of the
famous strategies created by known economist and entrepreneurs. To further
elaborate it for some to fully understand it since the complexity of some
theories are relatively high or difficult for some to absorb. The work of
Entrepreneur's Den is to make these easy to understand and for them to directly
apply in their business life. And not only to discuss but as well as to
interact to brainstorm idea and come up with answers that will solve other
problems in their business. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
The creators of Entrepreneur's
Den are entrepreneurs as well, with experience about business and
entrepreneurship. They aim to teach others and learn also from other bloggers
who have more knowledge about a particular aspect of business. Building and
helping others through imparting experience and knowledge is our offering of
philanthropic act. If there are some error that you will notice in the future,
message or comment it below. We will entertain it respectfully.<o:p></o:p></div>
</div>
Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0tag:blogger.com,1999:blog-6001290637700212277.post-83160064673860764892015-04-09T05:36:00.000-07:002015-04-11T20:29:56.531-07:00My Best friend Singing "Just Give Me a Reason"<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/2xz8bPIfFV4/0.jpg" frameborder="0" height="266" src="http://www.youtube.com/embed/2xz8bPIfFV4?feature=player_embedded" width="320"></iframe><br />
<h4 style="text-align: justify;">
<a href="https://www.youtube.com/watch?v=2xz8bPIfFV4">https://www.youtube.com/watch?v=2xz8bPIfFV4</a> </h4>
<h4 style="text-align: justify;">
<span style="font-size: large;">Watch my best friend riffin<span id="goog_721427776"></span><span id="goog_721427777"></span><a href="https://www.blogger.com/"></a>g and doing finger style on my guitar. Sounds like WOW! Ha ha Way to go! If you want to request a song, just comment below. :) </span></h4>
Anonymoushttp://www.blogger.com/profile/00087377127255563597noreply@blogger.com0