5 Common Mistakes That OFW Entrepreneurs Have Made

Starting a business in the Philippines while abroad is a very tough decision to make for many OFWs. But there were many determined individuals who did have the guts to invest their hard-earned savings in starting a business even though they are away from home. Interestingly, many of these businesses even wrote their business plans and feasibility studies.

But why do many OFW businesses fail?

Many OFW entrepreneurs fail at their business endeavors not because they failed to take hold of the opportunities but mainly because they failed to prepare themselves and do the things that need to be done first.

Here are the 5 common mistakes that OFW entrepreneurs have made.

1. They lacked the entrepreneurial spirit. Living or working abroad has become the comfort zone for many OFWs and migrants. They receive higher than the usual salaries. They have free housing allowances or even accommodations, transportation and meal allowances, free insurance benefits, free annual vacation airfare, paid vacations, and many other freebies and perks that many Filipinos back home do not usually receive.

That is why most of OFWs who decided to run their business ventures have later on realized that they have not prepared themselves emotionally and mentally for the this new chapter in their lives. A lot of them still carried the mindset and beliefs of an OFW employee. This lack of mental preparation has caused a lot of OFW businesses to fail.

Are you ready to leave your comfort zones as an OFW and become an entrepreneur in the Philippines?

DSC_0188

2. They failed to identify their talents, core skills, and what they love to do. Everyone has their own sets of skills and interests. However, many OFW business starters were not able to properly evaluate themselves to see if there are ways for them to make money from their strengths and core skills. One of the most successful businessmen in the country today is a former OFW by the name of Steve Tamayo.

He was able to bring with him his experience and expertise in the bar and restaurant industry and used that strength to start and run one of the most-sought after food catering services in the country, the Tamayo’s Catering. Furthermore, he loves what he is doing and enjoys serving his customers even more.

Reflect and think of just one thing that you love to do and begin from that passion. If you have that passion in a business that you like to enter, you will surely have the eagerness and determination to make things happen.

 

3. They entered into a business that they are not familiar with. In a study conducted by the Economic Resource Center for Overseas Filipinos, 76% of businesses put up by overseas Filipinos failed not only because they lack the skills. Many of them failed because they were lured into business enterprises that they have no background about.

One of the interviewed is an who OFW played in a showband that toured the world for 10 years. A cousin convinced him to pay $3,000 for five hectares of fishpond. As the OFW also needed to leave for work abroad, he left the fishpond to his cousin. Expectedly the business failed because neither he nor his cousin was familiar with it.

In addition to this, many OFW’s lend their money to their relatives in hope that these relatives will be able to run the business successfully. But this practice contribute to the high rate of business failures among many OFWs.

If you want to try a business that is not based on your core skills, make sure that you have been into that business as an employee. You should have also attended the proper training and did proper research before even going back to the Philippines.

 

4. They failed to establish their business model. Many OFW entrepreneurs have failed in their businesses because they were not able to develop their own creative business models. A fundamental segment of starting a business is establishing the business model that fits a venture.

Will you be a manufacturer? A distributor? A retailer? Or a franchisee? Your chosen business model will make up the structure on how you will provide value to customers and give you your desired revenue in the process.

Ask yourself, what are you offering to your customers? Are you offering your product or service to a specific market? How do you plan to reach them? Will your products or services bring good relationship with your customers? Are you willing to network with other entrepreneurs? How will your business model give you profit? Will you be able to handle the costs of executing your business model?

If you are an OFW who has just started a business, you should seriously consider improving and innovating on different types of business models. 

 

5. They forgot to define and sustain their own mission and vision for their businesses. Lastly, a lot of OFWs failed in their businesses because they have lost the motivation to succeed. Many of them have no clear purposes on why they are starting a business. As with any business, there should be a mission that should define a reputable cause such as serving with high quality service and contributing to poverty alleviation in a community.

A vision should also reflect goals and dreams. Many of those who failed in their business have lost focus on their goals and have given up their dreams. A vision should never die and must always excite the imagination and give more energy to make dreams a reality.

If you as a business owner with clear mission and vision statements, your employees will be more inspired to work because they know that they are a part of your ideals and worthy cause. You may even attract other investors to help you achieve your dreams if they see the value of your mission.

Knowing your mission and vision for your business must start within yourself. Do you believe that you have a purpose in your life? Do you see yourself achieving your dreams in the future? Do you want other people to see you as a person with clear goals and dreams?

If you are able to answer these questions with a resounding Yes, I believe that you will be able to find ways to make your business a successful one.

Are you an OFW who dream of having a successful business soon? Then make sure that you address these five common mistakes that most OFW entprereneurs have committed in the past before you pull out your money from your bank account or other investments.

Learn more about planning your business properly by subscribing to Rock To Riches for FREE.

Rock your way to abundance!

#moneyliferocknroll

 

(Press Release) BPI Dares Customers Out of their Payment Comfort Zones

PRESS RELEASE
BPI DEBIT CARDS: DARE TO SKIP
08 July 2015

Paying with cash is a way of life. Whether it’s for monthly groceries, that daily cup of coffee or the occasional pair of shoes or clothes, cash has been the most popular mode of payment. Let’s face it, cash has been the most accepted form of payment for thousands of years across the whole world. Everyone knows how to use cash and because it can be used and accepted by just about anyone and any institution, it’s the ideal payment method for everyday spend. It wouldn’t come to any surprise if someone said that 95% of all payments are still done via cash. Cash is still king; and it’s specifically because cash is so prevalent that the flip side of using cash is often overlooked: cash is actually a big hassle.

When the shopping experience of a cash shopper is broken down, its inconvenience becomes more apparent. First, shopping with cash requires cash. And to be able to get cash, a shopper needs to look for an ATM to withdraw from his account. At times, the nearest ATM can be quite a distance away, and that’s assuming its location is already known to a customer beforehand. Searching for and reaching that nearest ATM takes a good amount of time and can be a very inconvenient experience the shopper. The lengthy line for withdrawals at these ATMs does not help a shopper’s tight schedule either. Once cash is finally in the hands of the shopper, he would now have to deal with the safety of carrying a large amount of cash. When paying, the shopper now needs to contend with counting both his payment and his change. Aside from being time-consuming, this process is also very prone to error; and sometimes, these errors – those few missing pesos and cents – are often overlooked. Paying with a debit card allows customers to skip all these extra unwanted steps and get on with shopping for their wants and needs.

“Most of the time we forget and become oblivious to the hassles that cash give us. Sometimes it’s because we don’t know of a better alternative, and at other times it’s simply because these alternatives give an impression of being difficult to use or hard to acquire. We’re too comfortable with cash and getting out of that comfort zone can be a challenging task. This is what we at BPI are trying to change.” says Jake Alejo, BPI Debit Payments Product Manager, “We want to dare our customers to get out of their payment comfort zones. We are daring them to skip the cash and pay directly with their debit cards.”

“With the use of BPI Express Teller Debit Cards, customers can skip the hassles of cash altogether by paying through the Express Payment System (E.P.S). It’s just a matter of getting over that imaginary barrier to the first transaction. After experiencing that first transaction, customers realize how much more convenient it is to pay through E.P.S. rather than through cash and become converts to going cashless.” Mr. Alejo adds.

With the use of BPI Debit Cards, customers can pay directly from their BPI deposit accounts. This allows customers to skip the different hassles of cash and go straight to the cashier when paying for their goods and services. Customers simply shop, swipe their debit card at the POS terminal, and input their PIN to complete their transactions, making for a simpler, safer, faster, and more convenient shopping experience.

Currently BPI has over 7 million customers of which around 30% of debit cardholders use their cards for payments at POS. It is accepted in over 45,000 merchants nationwide and can be transacted through any BancNet accepting POS terminal.

Screen Shot 2015-07-09 at 5.31.26 AM

– END –

*This Press Release from BPI is in cooperation with BrandSpeakAsia. You may get in touch with BrandSpeakAsia by visiting their office at the 6/F Unit 610 VGP Center, Ayala Avenue, Legaspi Village, 1229 Makati City, Philippines with Telephone +632 501 5090, Telefax + 632 750 6510 or email inquire@brandspeakasia.com.

FREE Tickets to the Money Summit And Wealth Expo On July 17-18, 2015

UPDATE (July 9, 2015): We’ve got winners!

Congratulations to Jolly Justo, Jr. and Munira Manuel for winning two (2) tickets each to the Day 1 of the Money Summit & Wealth Expo 2015! Thank you everyone for joining and for being a good sport. Watch out for our next raffles in the near future. Have a great day! :)

——-

Hear ye! We are giving away FREE tickets to The 8th Money Summit and Wealth Expo happening on July 17 – 18, 2015, at the SMX Convention Center, SM Aura Premier, BGC, Taguig City.

Day 1 will consist of various topics about investing for beginners while Day 2 will have Real Estate Investing and Stock Investing. Get more details below before you run out of time!

money-summit-and-wealth-expo-2015-july-17-18

We have been supporting the Money Summit & Wealth Expo since 2011 and our friend Heinz Bulos of Learning Curve Inc., was generous enough to give free tickets for our valued community followers and subscribers for Day 1 of the 8th Money Summit and Wealth Expo, which happens on July 17-18, 2015. Two (2) lucky blog subscribers will win two (2) tickets each. The deadline to join the contest will be on July 9, 2015 at 12:00am. Learn how to join below.

How to join:

1.Two (2) lucky subscribers will win two (2) tickets each (worth Php1,800.00).
2.Only e-mail subscribers of RockToRiches|BurnGutierrez.Com can join and win. If you are not yet a subscriber, you can do so through this link: Subscribe to BurnGutierrez.Com. (This is at NO COST for you! Absolutely free!).
3. Log in to Rafflecopter to get a chance to win these two tickets.

a Rafflecopter giveaway

READ: The two winners must confirm their attendance to the Money Summit on July 10, 2015. Failure to do so means the tickets will be forfeited and other winner(s) will be randomly drawn.
11701047_10153487427058092_1920040018_o
11665892_10153487427053092_565619903_o

Book your tickets now at “Superb Discount Rates” until July 12!
◾Day 1: Money Summit: PHP 1,800.00
◾Day 2: (Take note of promo for our readers below!)
◾Real Estate Investing Summit: PHP 3,500.00
◾Stock Market Investing Summit: PHP 3,000.00
◾*Promo: Enter Coupon code ANGAT or OFW to get Day 1 for free!

◾VIP ALL ACCESS PASS: PHP 4,500.00

* For those attending Day 2 (either real estate investing or stock investing conference), you can get Day 1 for free (valued at P1,800). Just enter coupon code ANGAT or OFW when you book your tickets at Money-Summit.com

For more information you may contact Learning Curve:
◾Telephone: 696-6981 and 570-7506
◾Email: info@money-summit.com
◾Website: www.money-summit.com

See you at the Money Summit and Wealth Expo 2015!