However, Tiongson warned that before entering any business, entrepreneurs should do due diligence to understand the industry.
“Huwag ka papasok sa isang bagay na hindi mo masyadong naiintindihan. Dapat mag-research, interview, observation, alamin mo,” Tiongson told “My Puhunan.”
Tiongson, an expert in banking, mutual funds, insurance, financial planning and management consultancy, also advised against getting a loan for a business start-up.
“Kailangan i-build mo talaga muna ‘yung savings mo. Pwede ka ding mag-partner, kunwari may mga kaibigan o kapamilya ka na may pera tapos wala namang oras mag-negosyo, eh ikaw may idea ka, ibebenta mo ngayon ‘yung idea mo sa kasama mo,” he said, adding that loans are only recommended when the business is already up and running.
Earnings from the business, Tiongson said, should be set aside from personal savings to allow the business to continue to grow.
“Huwag mong isipin na ‘yung capital ng negosyo ay parang personal capital mo, mauubos ‘yun. Dapat bigyan mo ng limit,” he said.
So what are the opportunities for entrepreneurs in 2015?
Tiongson said because of the booming economy, businesses that are tourism-oriented are expected to find success.
“Napansin mo ang mga Pilipino mas mabakasyon na ngayon kaysa, let’s say, 10 years ago,” he said.
He said the food industry is also flourishing because of the refined taste of Filipinos.
“Naghahanap na ang mga Pilipino ng kakaiba, gusto niya ‘yung mas specialized na,” said Tiongson.
Aside from being knowledgeable and teachable in a businessman’s chosen industry, Tiongson said entrepreneurs should also be willing to take risks and accept the consequences that come with it.
“Kailangan ng lakas ng loob, huwag matakot at haluan ito lagi ng dasal,” he said.
source: www.abs-cbnnews.com
