I have decided to be serious with blogging. Away with negativity, I will now try to post several relevant, positive topics on spirituality, family, technology, business and ministry — in short chucks (makes me able to spend short minutes each day than typing out a whole length article that bores people out). Everything that I will share will be first hand experiences, some maybe influenced by books or people that I admire. In any case, I’ll make sure that it will be beneficial for those who visit Life 2.0.
For my first installment, I’m going to share some of the learnings I had by being a first time entrepreneur.
For every budding entrepreneur, their first obstacle is funding. When Je, my college buddy, and I started TeamSparrow, Inc. in 2001, we were both employees — read, no money. We had a great idea, clients were coming in. We need a small office, a small marketing group to continue the marketing momentum and additional employees to fill in the demand. Our problem: funds to get started.
My initial reaction is to turn the prospective company into a family corporation. Having relatives living and working abroad, they were sure investors. And sure they did invest. That’s my first mistake.
I love my family and my relatives. But business is business. If you’ll manage a business without anyone of your family members/investors present and managing the company with you, you cannot blame them for any doubts that they’ll have. First tip, avoid the heartache, if you’ll have your family involved in your business, have them manage the company with you.
Later, after a couple of years of operation, I learned that it’s pretty much easy to loan from banks. I had a business consultant friend help me process a loan through Export Bank. The people are accommodating and sure helped me with my questions and processing of documents. I was an inch close to having the loan approved until the money I was expecting came, so I had to discontinue the process. Tip no. 2, the harder but more rewarding and less-attached-way of funding is through banks. Just drop by any bank that offers these service and I’m sure you’ll have some idea how easy it is. Lately, I’m discovering my bank, Banco de Oro. They have a great program for entrepreneurs. Check them out.