25/02/2023
Start a business or anything related to sales in your 20s.
If there's something I would love to advocate to, that would be to encourage someone to start a business or a sales career in their 20s.
When I failed in my startup businesses, I had questioned myself "Bakit naman ganito kabigat, Lord? Ang bata ko pa sa ganitong kabigat na mga problema."
Looking back, I am more than grateful that it happened the way it did.
Your 20s are the best time to explore and fail as much as you need to.
Itโs the age in which youโre old enough to know better, young enough to not care, and bold enough to take risks in life. With more time, energy, and freedom, you have the edge over anyone else.
If youโre aspiring to be an entrepreneur down the line, start a business in your 20s. And that'll probably one of the best decision you'll ever make.
Wealth is built over time. You don't build wealth by doing business in a span of 3-5years. You'll build wealth at around 10 years or more, together with the experience and lessons that you figure out along the way.
Think of all the greatest entrepreneurs in the world; the one thing most of them have in common is that, they started early.
Your familiar with F.I.R.E., right? Financial Independence, Retire Early.
If you would want to achieve that, start building your wealth as early as you can.
And be very financially literate as much as you need to. We can all build our wealth anytime. But we can lose it also anytime in our lifetime if we are financially illiterate.
Here are the lessons that I had learned when I started doing business in my 20s:
1. Set up emergency fund for the fixed expenses of your business, at least 6 months. Emergencies happens. And it will costs you a lot of money.
2. Make your own comprehensive Financial Report for your business. You cannot improve, what you cannot measure.
3. Open a separate bank account for your business. At least 2 accounts, if you are a startup. Choose 1 with passbook only and 1 with ATM and mobile bank only.
4. The bank account with passbook should be for your business emergency fund and 20% profit allocation for diversification. Do not put back all of your profits in your business. You need to invest it somewhere else, Insurances, Mutual Funds, Stocks, Real Properties etc.
5. The bank account with ATM and mobile banking will be for your business operation.
6. Create a page and other online systems and platforms. Bring your business online, so it can adapt. The only choice you have today is to "Adapt or Perish".
7. Always choose quality customers to save you from headache. When those customers don't see your value, walk away from them. Do not chase profits/customers, that's not sustainable. If you know what you bring to the table, you'll never be afraid eating with few people but the quality ones.
8.Take good care of your employees, so they can focus on taking good care of your customers. Satisfied and repeat customers are what sustains the business.
9. Innovate and ask feedback then Adjust. Whatever we are doing, we are a work-in-progress.
10. Learn. Observe. Apply. As Steve Jobs said, "Ideas are worth nothing unless executed. They are just a multiplier. Ex*****on is worth millions."
11. Always go back to your Why when things get tough, so set that up first.
12. And lastly, trust and enjoy the process. Always do what makes you happy because you deserve that! Don't give a burnout entrepreneur to the world.
If you fail at your attempts, just keep on trying.
Trial and error lang ang buhay.
One day, you'll be where you are meant to be. Just be very passionate about moving forward. ๐ฅ
