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Day 5, Continuation... One way that budding entrepreneurs can counter this problem is by having the correct mindset. Carson believes that one must be willing to start small, if this is what is needed to launch the concept. He believes that if one has to knock on doors to get the business off the ground, this is what the entrepreneur must do. "Just like salesman: they only need to speak. You don't have capital, but you get a percentage of the businessman's profit, "He says.
Carson says that training and the principles in sales and network marketing can help entrepreneurs gain the skills and mindset needed to succeed. He himself underwent this process and to this day, uses the 4 Ps of network marketing principles, which he later developed to seven Ps in running a franchised business.
The Seven Ps are: product; profile of the company; plan or promotion; price; place; potential; and prayer. According to Carson, you have to consider all seven to know if your business will be successful.
For "product", it is important to consider whether it's a necessity or a want, and if there is a market for it. For "profile," it is necessary to develop the image of the company that will provide the products and the services. "Plan" means knowing your goals and marketing/ promotion strategies. "Price" is studying what the market will be willing to pay for your product. "Place" is the strategic location of your target market. "Potential" is the chances of your concept for making it as a business, and "prayer" is the dash of blessing only the Lord provides.
For Carson, there are infinite opportunities available to those who would like to become entrepreneurs. He cites the ingenuity of the Japanese in taking existing products, and improving on them; making them smaller and better. It is important for entrepreneurs to recognize what needs improvement because constant improvement is an essential part of business.
I read somewhere that the Japanese would buy, say, a copier machine and ask their engineers to tear it apart and make something better and smaller. THey do this with automobiles. Korea does the same, heavily borrowing economic practices from Japan. Here in the Philippines, since there's minimal government support, we tend to buy a lot of surplus junk from abroad instead and just make them work.
In the regions, Filipino creativity abounds in enterprises. Bacolod's jeepneys are more modern than those in Metro Manila that still carry the WWII basic makeup. It's unfortune that we have in our blood this thing called "RTC" or "resistance to change." When we're comfortable with something, it better be left alone. But if we don't change, there won't be growth, there won't be any business.
Another thing Carson laments is our strong regionalism, which hampers the country's unity and development of national pride. Instead he sees regional pride and competition among Filipinos of various regions.
It's sad that when a Filipino succeeds abroad, fellow Filipinos gossip about him or her. When a row of stores sell the same products, instead of forming an association, the sellers badmouth each other to get more sales. They even lower the prices to entice more customers. It's degrading for sellers to beg customers to buy their products.
Integrity is key for entrepreneurs. Carson stresses.
It is hard to expand a business without integrity. Whether it is your suppliers, creditors, employees, and franchisees, people have to be able to trust you. It is different when you are starting and the credit you need is by the thousands of pesos only but once you are growing with a need for higher credit that runs in the millions, you should have earned the trust of your creditors and suppliers already - that is financial integrity. Leadership is also about integrity in a broader aspect because no one follows somebody who doesn't have integrity.
(To be continued...)
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