"Entrepreneurship". ."Business". . .These are the big leaps that people are dreaming to do yet only few will dare to start.
Somebody once said, " Things are easier said done done."
It is very easy to think and say that, " I'll quit my job and go into business", or " I'll fire my boss and build my enterprise from scratch."
Things are easy in theory but agonizingly hard in reality.
Statistically speaking, 95% of businesses will close during the first 5 years of operation.
In the book, Failing Forward by John Maxwell, it was stated that according to Tulane University business professor Lisa Amos, the average for entrepreneurs is 3.8 failures before they finally make it in business.
Yeah! Building a thriving business is not a walk in the park but an uphill marathon and there are no guarantees of profits at the top of the hill.
Why emphatically hard?
what could be the factors that affect the success and failure of a business.
There are many things to consider in putting up a business but in my opinion, there only 6 most important factors:
1. Capital
2. Time-Tested Business System
3. Market and Competition
4. Geographical Limitations
5. The Need/Want of the product
6. People running the business
Capital:
The most important capital is cash on hand not future sales, buildings, bricks and steels.
Liquidity problems are the reasons why many businesses will plummet.
Time-Tested Business System:
System make or break a business. It is the catalyst of customer satisfaction, streamlined operations and flowing profits. That is why franchising is very marketable today.
Market and Competition:
Tim Ferris, in his best-selling book, The 4 Hour Work-Week, said that, “The fishing is best where the fewest go."
So, the best market is far from the shore - the blue ocean market, the unserved or underserved market.Profits flow where there are only few competition.
Geographical Limitations:
One common problem of a business is mobility. The ability to extend reach outside the geographical location of a business.
That is why in order to increase market reach, branching out is done in a form of franchising or opening a new company-owned branch. Also, some companies use delivery service as a means to reach out more customers.
The Need/Want of the Product:
There is no reason that consumers will not by a product as long as it is a product that answers the lowest hierarchy in Maslow’s Heirarchy of Needs.
Today, some “ wants” before have now become a need like cellphone and etc.
People’s drive for change and evolution has become the primary reason why a “ want” will eventually become a “ need”.
If a new “ need” is psychologically established by the dictates of the society, there will be new business opportunities.
But based on our experiences, the best product is the one that timely solves a certain human problem.
People running the business:
In my opinion, expertise thru failure and years of experience, collaboration and ingenuity of people working in the business is the oxygen of a thriving and growing business.
All the factors mentioned above are important to build and sustain a business.
Everybody wants to go into business but many will not push forward because of its rudiments.
But. . .
What if there’s a least considered business option(101% Not Networking Company) that will allow you to Franchise a Top 50 Fortune Global 500 Company at:
1. a very minimal cost (significantly lower than the lowest entry fee of a networking company;
2. there is a huge unserved market;
3. heavily Capitalized;
4. time-tested worldwide experience(Since 1816);
5. no geographical limits anywhere in the Philippines;
6. present in over 60 countries worldwide and the Philippines is the least penetrated;
7. expert pool of people running the business;
8. systems in place;
9. and the need is there?
Will you consider it?
Will you consider franchising the business that gives people the most when needed the most?
Will you consider franchising the business that the market is over 95% of Filipinos?
It’s actually Life Insurance Business.
Here’s the sad truth in our country:
Philippines Has The Least Insurance Penetration In Asia
Think of these?
1. Only 1.1% of the population has Life Insurance. How huge is the market?
2. There are only less than 40,000 registered and licensed Life Insurance agents in our country.
(Take note: Only a few percentage are doing the business seriously. Most life insurance agents will eventually quit doing the business because of the lack of purpose and the soul-crushing rejections)
Few competition, right?
Let me ask you:
What product in the world that gives the most when needed the most?
What product in the world that will step in to your family when the rest of world steps out because you stepped out forever?
What product in the world that can create cash where none had existed before?
What product in the world that starts to work when doctors and lawyers stop?
Only Life Insurance.
We don’t need life insurance. We need what a life insurance can do to our families.
That is why for me, it is one of the best products ever created in the world!
It’s just a matter of perspective.
It’s just a matter of understanding.
Whichever you side you perceived it, you are always right.
To be continued. . . . .
The Least Considered Business Option of All Time
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