Why Is It Important To Take Risks In Business?

Perhaps more than ever before, today’s successful business owner must be prepared to take a risk. Entrepreneurship requires a healthy dose of risk-taking, so if that’s not something you’re comfortable with, you might want to look into other career options.

Many owners of small businesses have taken calculated risks to build successful enterprises. However, just because you’re willing to take a chance on something doesn’t mean you should go into it blindly and expect to succeed. You have to consider each risk carefully and know what the outcome will be – as far as possible, at least. Read on to find out more about why calculated risks are so important for success in business

Photo by Gladson Xavier: https://www.pexels.com/photo/king-chess-piece-59197/

You’ll Seize More Opportunities

To be innovative, people have to change the way they do things. When you add in the fact that customers’ needs are always changing, you have a lot of chances to get new business. As a constant state of progress, it is about sharing and teaching what we know and putting new ideas into action.

Risk is something that business leaders are willing to pay for opportunities and new ideas. They know it can’t happen if you’re not willing to take the chance that your plan could fail. But the level of risk may be lower if you make all possible calculations and figure out which options are best before taking the next step. The more you can prove that your idea or direction is right, even if it’s risky, the more likely you are to succeed.

You’ll Learn – Even If Things Go Wrong

Some risks might not pay off, but a person who takes risks with optimism will always see failure as a chance to learn. The key to business growth is being willing to try out new ideas.

You will learn how to think and plan strategically by making mistakes. Just keep in mind that not all risks are good, and when you fail, take what you can from it and move on. For example, you’ll know what measures to put in place, such as engaging a high risk merchant account for online pharmacies, in the future.

You’ll Have A Competitive Advantage

Most people try to avoid taking risks, so those who are brave enough to do so already have an edge. Similar to the idea of a first-mover advantage, when most people avoid risk, those who do take risks have less competition. This means that if you find a good opportunity and no one else has taken it, you’ll be the only business making money and talking to customers through it.

So, whenever you think about taking a chance, think about your competitors. If you don’t take that risk, they might instead. But as long as you know what you could get out of it, you’ll know if it’s worth taking the risk or not.

You’ll Be More Satisfied

Most people aren’t willing to take risks, but a study about risk-taking showed that being willing to take risks is linked to happiness. You won’t think about what could have happened or how scared you were when things weren’t clear. Instead, you know what came out of that “what-if” situation and can be proud that you were willing to take risks to grow your business.

Again, this doesn’t mean you should take risks at every turn. Instead, you should take risks that you have carefully thought through. It can be just as satisfying to avoid taking unnecessary risks and say no to new ones based on your past experiences. 

14 Years of Blogging and These are the Things I Learned…

It was one afternoon a Japanese restaurant when I decided to blog. At that time, the easiest and the most accessible tool was called LiveJournal. My mom, dad and sister loved eating out so I wanted to start food blogging. Blogging wasn’t really something that you could earn from at that time. It was hobby that people got into when they wanted to journal and document that food that they ate, the clothes that they wore or their recent trip.

On that same year around December, I met a guy who later on became my boyfriend. This man started a blog with this family called Manila Reviews. I loved the idea, so I volunteered to be one of the writers, too. Fast forward to two years after, we were planning our wedding and he and I took over Manila Reviews while other family members started their own blogs, too.

Me with my husband, Ej! 🙂

Manila Reviews was the first blog that we kept for many years (2007 to 2015). It was a lifestyle blog where I would write about food and beauty, because these were the things that I was interested in writing about. I also started Manila Fitness, a blog about fitness and health (2009 to 2015).

We got our first brand deal from Nokia way back in 2008, but never really thought of monetizing our content until 2010, when I was writing for other blogs as a freelancer writer. It thought to myself, “why am I making money for other people?” This is when I decided to turn this passion into something profitable.

Run “Content Creation” like any Business…

This is the time when I started creating a media kit, a professional influencer bio and impressive proposals. I was working as a banker, so I applied all my professional skills into my blogging career. And that apparently worked! We were getting brand deals here and there. We were earning around $6,000 to $10,000 per year from content creation.

I kept both these blogs going until 2013, when I started MommyGinger.com. This was the time when I had my first child, and since my intention for the blog was to document my life, I was writing about my experiences being a mom. This was the time also that I started an events business called Manila Workshops. In my blog, I would also write about my experiences on setting up a business and juggling my time as a mom and as an entrepreneur.

Be Clear with what the Job of your Blog is…

From merely documenting my life, my purpose for the blog evolved to it being a platform where I can help other aspiring entrepreneurs create and sustain a business. I am a firm believer that you need to know exactly what it is that you want to say, what your purpose is and what you believe in. In these times when the influencer marketing industry is on track to be worth $15 Billion by 2022, you need to stand out. You can do this by being authentic to your own personal brand, enjoying what you’re doing while providing value to others and by using that “voice” that you have to make positive changes around you.

Don’t stress about monetizing your content…

Focus on developing quality content that offers value. Whether it’s to provide education, entertainment or information, focus on what value you want to give your audience. If your readers and followers get value from your content, you will have loyal followers.

Experiment using different platforms…

Through the years, different social media platforms have been created and each one targets a particular niche. It’s good to experiment and see which platform can effectively help you carry on your purpose. My belief when it comes to this is to be at least present in all since presence increases credibility and trust. You can be active in those platforms that you are comfortable in using, platforms where your audience is and platforms that allow you to deliver your message effectively.

This is why I blog… For this little cutie!

I’m trying a new platform now called Intellifluence. It allows me to earn by reviewing products that I love and would like to try out. Opportunities like these are out there, so keep your eyes peeled!

These are some of the things that I have learned as a content creator and vlogger/blogger.

My journey is far from over. I’m still learning a lot from creating content so I’ll prolly do this for another decade. For those who have questions or need tips on blogging or business, don’t hesitate to reach out to me and book a call. We can talk about growing your brand, starting your blogging business and fulfilling your purpose!

Business Lessons that I Learned from my Mom

My mom was a stay at home mom. She was very hands-on when it came to raising me and my sister, Kinney. Even if she just worked just for a little while and then focused her life on raising us and taking care of dad, I learned a lot of lessons from her that I applied and continuously follow in running a business.

She was never really an entrepreneur but she was a really tough mom — tougher than any competitor in the market that we would probably encounter. Haha! She was also hard to please. This was probably the reason why I’m one tough cookie. Nothing really gets me down.

They say if you want to move forward and be a better person, you need to take a look at your beginning. If you want to be a better business owner, I invite you to think about some of the business lessons that you learned from your mom.

Business Lessons that I Learned from my Mom

The first of the many business lessons that I learned from my mom is to always be punctual. My mom was very strict and would get mad if we were a few minutes late to anything. When she’d pick us up from school, she would always be there early, and would expect us to be at the meeting spot right after the bell rang.

This is probably the reason why I expect my team to be on time when they commit to something. This is my number one pet peeve. I hate it when people are late.

When I am personally late to an engagement or to a meeting, I feel super embarrassed. I always feel the need to be at least 15 minutes early. This is the reason why I stress out EJ and Zeeka (haha!) whenever I hurry them up to go somewhere. I have a running timer in my head that I can’t let go of.

The reason why we should always be punctual, especially when it comes to work, is that I believe that it is a sign of respect for the other person. It’s showing that you value their time as much as you value yours. I think my team can attest that this is something that I always mention.

The next business lesson that I learned from my mom is that the only thing that stops us from doing the best work that we can is ourselves. Our mind stops us from achieving what we think is impossible.

My mom was a tiger mom, and she would probably say that she was glad to have pressured us when we were young! haha! She had always expected me to have good grades, to study the minute I would get home, and to have a long list of extra-curricular activities.

And that I did.

Looking back, what I realize now is that it’s not about the good grades or being editor in chief in the school paper or running for a position in the student council. It was really about having the heart, the focus and the tenacity to go after the life that you want.

Some people lose interest with a business idea that they have just conceptualized a few days back. They forget about it and move on with their lives. Others lose focus when they try to establish a business. And when things get too technical, tricky, and challenging, they give up.

You, see, when I was young, I could never just give up on something. My mom would always say “ginusto mo yan eh… tapos ngayon ka susuko” (That’s what you wanted, right? Why are you now giving up.)

The last of the many business lessons that I learned from my mom is to take pride in what I do.

Do things that will make you proud. If you really want to be successful, it has be because you’ve passed on value to others. You’ve helped them become the better people. HOW you achieved your goals are more important than the goal itself.

Here are other entrepreneurship lessons from other moms all over the world.

https://www.zenbusiness.com/blog/entrepreneurship-lessons-from-moms/

My mom and I had a really challenging relationship while I was growing up. I know that if she’ll get to read this, she’ll probably laugh and stress the fact that she was right to have made decisions along the way. Haha!

I acknowledge that part of who I am today is because I was raised by her. So thanks, mom. Advance Happy Mother’s Day!

How about you? What business lessons have you learned from your mom? I’d love to hear from you.

Sincerely,

Sustaining a Business in Times of Crisis

With the world slowly shutting down, it’s hard to see that there could be a light at the end of the lockdown tunnel. With COVID-19 making its way across the globe, people are suffering, and businesses are dropping like flies. The rate of small business closures in their first year is usually 50%, but with this virus, small companies cannot sustain themselves.

Before you panic that your business may fail, let’s take a breath and remember that you are not working from home: you are at your house trying to maintain your business during a massive crisis. You may be in the middle of a time of uncertainty, but that doesn’t mean that you’re going to flop.

If you stay informed and you stay busy, there is a good chance you can come out of the other side of this crisis relatively unscathed. So, let’s take a look at a few of the ways that you can keep your business steady through quarantine.

Photo by Christopher Gower on Unsplash

Accept It

It’s not easy to accept that the future you have so carefully mapped out for your business is at risk. You can’t deny what’s going on, though. If you bury your head in the sand and try to continue with business as usual, you’re going to struggle. You need to accept what’s happening and get organized so that you can react appropriately to what’s going on around you. Choosing to accept it isn’t weak; it’s how you organize yourself better. Use Templafy and get a document out to clients and employees about how life will be in your business going forward. People need to be in the know, and that’s up to you!

Read The Information

The more you know, the better off you will be. Check with the government as to what initiatives are being put in place for your business. Several grants are being offered to small businesses right now (from different entities). I saw one from Facebook the other day. You could be in line for a cash injection to keep your business moving forward. Unless you stay up to date with the information out there, you’re not going to know.

Speak To Your Landlord

A big blow to sustaining a business in times of crisis is paying off the rent for an office space. Your commercial premises may be closed right now, and all your staff is working from home. So, if you are paying rent to a commercial landlord, speak to them about the situation. There are policies in place to have payments deferred until later, and businesses are protected from eviction in these circumstances. Again, though, check with your government!

Plan Ahead

You know that this situation isn’t going to go away immediately, so speak to your finance team and your Co-Founders about what to do going forward. You should have a plan in place for furloughing employees so that they can feed their families. You also need to work out your immediate contingency plan for lost business. Plans will keep you in control and prevent heavy business losses.

Sustaining a business in times of crisis can be tough. Quarantine has positives, though; you can still work on your automation and productivity strategies. Make the most of working and stay safe!

Sincerely,

Check out Taxumo’s #ATimeForHope campaign. Visit http://taxumo.com and talk to us about it!

Short and Long Term Effects of Enhanced Community Quarantine to SMEs

I joined a webinar recently to talk about COVID19, the impact that we all think it has on SMEs, professionals and freelancers. I was asked the question: What do you think the short and long term effects of Enhanced Community Quarantine (ECQ) are to SMEs.

I just wanted to share my thoughts on this so that MSMEs and start-up founders like me can reflect and plan accordingly. If you want to add to the list, please feel free to comment on the comment section below.

Short Term effects of Enhanced Community Quarantine on Businesses

These are what I personally think the short term effects of this quarantine period are:

Feel a huge impact on their Cash Flow. Most of the businesses, no matter the size, are living from paycheck to paycheck. This is where we will feel the full effect of not saving up for a rainy day (Yes, as a business, we should also have an emergency fund or plan to maintain business operations and pay our commitments).

For our personal finances, we always talk about emergency funds and having enough to sustain us when unforeseen events happen. This should also be the case for SMEs. But since not a lot of businesses have extra funds for an unforeseen event like this, businesses lack funds to pay their people, they don’t get to have enough funds for the bills that they have, etc. This will result to layoffs, penalties and interests for unpaid bills or taxes, not having enough funds to pay for offices, machines, equipments, etc. Some of these companies will then have to declare bankruptcy.

Some companies will panic because they are not ready for a “work-from-home” scenario. For the longest time, our minds have been set a certain way by policies and directives about working that have been passed on from generation to generation. We think that people are more productive when they come and stay in the office from 8-5 or 9-6. There are no policies on working remotely. No policies set on which tools to use, when to use these tool, how to best use them, etc. During quarantine, most of the business owners will scramble to set up a system that will work for them “temporarily”. 

It will affect people emotionally and psychologically. This isolation will get to some people. And with the news about COVID 19 and this community quarantine, it will definitely foster low moral, scare, lack of motivation due to lack of freedom (freedom that we are so used to). For business owners, some will be depressed because of the uncertainty of their businesses, thus, possibly leading to making the wrong business decision. 

Long Term effects of Enhanced Community Quarantine on Businesses

The only thing constant in this world is change. So as humans, I think that we will obviously “adapt” to whatever our environment throws at us, thrive and survive. With this, we will be gunning for the “normalization” of things. We will look for ways to bring out the new “normal”.

That being said:

  • Businesses will be keen on visiting policies and creating new policies for situations like these. They will probably create new policies for working at home, dealing with Pandemic like this, etc.
  • Most companies will see that having their Employees “Work-from-Home” is actually possible. I feel that a lot of business owners will see after a while that given this kind of environment, there are some people and job functions that can really be done from home and are even more productive this way. They will also see that there are people and jobs, too, where an office setting is more beneficial. Business owners will be more open to having a more results based environment and see the value for certain types of jobs and personalities. They’ll probably be more open to hiring independent contractors and freelancers who work well in these types of environment.
  • Shifts in business models of some businesses. Business owners will see that there may be a few things that they need to tweak in term of how they generate revenues. For examples, a company that used to do things mostly offline, will think of diversifying and looking at other sources of revenue. 
  • Rise of the new creators and inventors. When unforeseen situations like this happen, they become “seen” and people get to experience a different set of challenges and pain points. Some of us go the extra mile and create solutions for the things that we experience now and for the things that we wish we had at this point in time.

What can we do to battle the negative effects and stay sane?

For Business Owners and Startup Founders: Revisit your business model. Try to look for other ways you can earn. As I mentioned, it’s time to look for new ways of earning, if you aren’t really getting any revenue.

This is also the time do some “cleanups”. Clean up processes. Find ways on how to make processes more efficient. This is the time to quickly work on things that would normally get set aside.

Take care of your people. We are all new to this. As business owners and entrepreneurs, we’ve handled a lot of challenges along the way. From overcoming these things, we’ve become stronger. Let’s step up and be leaders at this time. Make your people feel safe and secure.

For employees: Take care of yourself. Even when in lock down, try to maintain a “balance” with everything that you do. It’s hard to separate working from personal time when both are done in the same environment. Try to set boundaries for each. Take breaks while working. At the same time, strive to be more productive, too, while at home. It’s hard, but you’ll get the hang of it.

To motivate you to work from home, you can (1) go back to your company’s mission and see if you can help achieve the mission that they have. In Taxumo, our mission is really to help people compute, file and pay their taxes anytime and anywhere. We are working doubly hard now to reach more people so that they don’t have to worry about paying taxes during times like these. Our government uses these (our taxes) to fund public hospitals and other initiatives that can help our countrymen in times like these.

Another thing that you can look at to motivate you is (2) look at your own personal goals. Who are you doing this for? Going back to the reason why you’re working can help you out at this time.

Let me share with you a video that I shared with some of my employees and hopefully this will help. It talks about looking for the FLOW.

We’ll all get through this. We must get through this. I still believe in the human spirit and how we can turn situations like this into something beneficial for all of us. Let’s help one another, and probably, after all of this has died down, we’ll all be super humans.

P.S. I read this article that I had written 6 years ago when I was “about” to start working from home: https://mommyginger.com/work-at-home-me.html Just brings back a lot of emotions 🙂