PMA, PCE Build Foundations of Starting Up Business for Aspiring Entreps

Going into business can be very difficult for many people. No doubt, in spite of the prospect of a successful venture, the risks involved in business can be enough to daunt most people from even daring to start.

Thus, the Philippine Marketing Association (PMA), through its education and training arm: the Marketing Institute of the Philippines, and in cooperation with Philippine Center for Entrepreneurship (PCE), recently hosted the SME Strategic Marketing 101 Conference at the Asian Institute of Management (AIM) Conference Center. The conference was held in response to the evident need to further enliven the Filipino’s drive for self-sustainability through business.

“Here, we go back to the classroom because I believe that it is important for us entrepreneurs to continuously learn something new,” said Mylene Abiva, PMA President, addressing a thick crowd of attendees which were more than expected.

Tackling the different aspects of a business – from starting up, to seeking out opportunities, and to reviewing and assessing performance – were highly competent resource speakers including: Professor Pax Lapid, Efren “Ping” Sotto, Louie San Juan, Karen de Asis, Red Espiritu, Alfredo Velez, and Danny A. Cabulay.

Starting the morning session were Lapid and Sotto who covered the 21 Steps on How to Start a Business. The latter tackled the proper mindset to starting a business. Among the most important points that he made was that business should be considered and started before a person retires.

Sotto said: “Business and your career should be parallel. Engage in business in time when you can afford to lose.” After, Lapid provided some strategic plans in opening business opportunities.

In the next session, San Juan taught the attendees how to review and analyze business data. He made clear in his lecture that one of the most important data for business operators to analyze properly are the moods and tendencies of their target market. This being the case, market research is very important to any business if it wants to survive and grow in a highly competitive industry.

“Marketing is not actually just sing and dance. You’re dealing with a serious market that moves faster than you can imagine. It takes an understanding of the customer’s mindset and, equipped with that, you can move in for the kill,” San Juan said.

In the third session, de Asis then presented the TOWS Matrix, or a tool to aid in assessing the factors in the macro and micro-environment that have direct and indirect implications in the growth of the business and the brand. TOWS stands for Threats, Opportunities, Weaknesses, and Strengths. In examining a business through this matrix, it is possible for an entrepreneur to “forge ahead by relying on the brand’s inner strength” even in turbulent times.

Likewise, in his lecture, Espiritu stresses that the entrepreneur needs to set clear goals and strategies for his business. With goals and strategies set, the business owner is provided with a sense of direction, a set of decision guidelines, performance ratings, and expectations. Following this, he then gave a tip on what kind of goal to set for any business.

“Never ever forget the ethic of the marketplace. When you’re an entrepreneur, put some moral obligation into it,” he said, revealing that it is the successful businesses that give something back to the communities that they cater to.

In the fifth session, Velez listed key performance indicators for business. The use of performance measures were another method that may be used by entrepreneurs to determine strengths of the business and opportunities wherein they may drive for growth.

In assessing opportunities, he said that entrepreneurs should: “choose carefully what kind of businesses they go into. Make sure it is something that they are good in – something where they have a good batting average.”

Properly identifying the strengths of a business and further improving on those strengths, seems integral for its growth. However, an entrepreneur should also learn to react to uncontrollable factors.

Which is why, in the last session, Cabulay tackled the topic of risks – its definition, nature, and dynamics; the commonly encountered risks in businesses; and how to deal with risk.
He then revealed, in his synthesis of the data that was presented, that risk was actually integral in entrepreneurship. Simply put, there are great rewards in store for those who prove themselves able to properly react to the risks that they encounter.

However, he suggested that emancipating risk – or taking a proactive approach in dealing with it – was better than just acknowledging that the factor was unavoidable.

At the end of the event, both the Philippine Marketing Association and the Philippine Center for Entrepreneurship hoped to see many successful business ventures from the attendees of the SME Conference. The seemingly small number of aspiring entrepreneurs that attended may just cause yet more sparks of interest towards starting a business in the country.

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