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Starting a business is a dream many Filipinos have. After all, dictating your own hours and being your own boss are attractive advantages of being an entrepreneur. In fact, thousands upon thousands of MSMEs (micro, small, and medium enterprises) open in the Philippines every year.
If you are interested in becoming an entrepreneur and opening your own business, there are several skills you’ll need to develop before you start a business in Manila. Successfully running your business isn’t only about hard work and willpower. You’ll also need to become well-versed in the following areas, especially if you’ll be running a solo operation for the first year or so:
Accounting
Accounting is all about the recording and reporting of your business’ financial records. Proper accounting and bookkeeping are important because these show you the financial health of your business. Mishaps in your accounting may lead you to overspend on certain areas of your business among other things or even cause you to lose money because you weren’t able to properly document price increases from your suppliers.
Finance
In a nutshell, finance is about analyzing the data provided by your accounting efforts. Having a good grasp of finance allows you to make smarter decisions with your money. Taking the time to go over your accounts allows you to see areas where your business is thriving, providing you with key insights on the behavior of your customers. Similarly, the skills you build as you learn the basics of finance can help you spot opportunities of growth for your business.
Marketing
You’ll need to familiarize yourself with marketing for one reason: good marketing campaigns attract more customers. Thanks to social media, marketing has become much easier and less expensive for startups. In fact, digital marketing allows MSMEs to compete with the big brand names in their respective industries. Learning more about how digital marketing best practices regarding Facebook ads, SEO, and the like can easily help you get the word out when you open your business, as well as help you generate a steady stream of customers for years to come.
Not every budding entrepreneur is going to have these three skills down pat before starting their own business. Fortunately, there are many business short courses offered around Metro Manila. Comprehensive short courses, like Enderun’s Diploma in Business Administration, help soon-to-be entrepreneurs develop the necessary skills to successfully run a thriving business. If you want your new business to hit the ground running, you may want to sign up for a short course and earn your Business Administration certificate first.