First Time Sa Business, PERO SUCCESS! HOW!?

Summary

In this video, Chinkee Tan, the 'Pambansang Wealth Coach,' shares valuable insights on how to succeed in business, especially for beginners with little experience. He compares starting a business to learning how to drive, emphasizing the importance of education and expert guidance. Chinkee outlines a step-by-step process, including enrolling in entrepreneurship courses, understanding business fundamentals, and seeking mentorship to improve the chances of success. He stresses that success in business, much like driving, requires proper training and learning from experts to avoid costly mistakes and maximize growth.

Takeaways

• 😀 75% of startups fail in the first year, and 75-80% of businesses close within 2 to 5 years.
• 😀 Businesses often fail because owners lack knowledge, similar to buying a car without knowing how to drive.
• 😀 The key to business success is learning the fundamentals before starting—just like driving school.
• 😀 Successful people, like Bill Gates, Oprah Winfrey, and Manny Pacquiao, succeeded because they became experts in their fields.
• 😀 Business success can be learned, and having proper education is crucial for entrepreneurial success.
• 😀 Enroll in entrepreneurship courses and workshops to understand business planning, market research, financial management, and more.
• 😀 Educate yourself on business fundamentals, such as financial terms (e.g., Capex, Opex, NPL).
• 😀 Create a business plan after learning the basics, and seek mentorship from experts before taking the plunge into business.
• 😀 Don’t just rely on trial and error; hire consultants or advisors to guide you in evaluating your business idea.
• 😀 Hands-on experience is essential in business—start small, make mistakes, and learn as you go to become confident and successful.
• 😀 Serious learners can join dedicated programs where experienced coaches like Chinkee Tan and Boss RDR provide step-by-step guidance on growing a business.

Q & A

What is the main focus of the video?

The main focus of the video is to guide viewers on how to succeed in business, even if they have little experience, by emphasizing the importance of learning and preparation before diving into entrepreneurship.

Why do many startups fail according to the speaker?

Many startups fail because people start businesses without proper knowledge or preparation, akin to buying a car without learning how to drive. This leads to failure due to trial and error without understanding the right steps.

What is the failure rate of startups mentioned in the video?

According to a survey from Harvard University, around 75% of startups fail within their first year of operation. This statistic is similar to failure rates in the Philippines.

What is the survival rate for businesses after the first 2 to 5 years?

The survival rate for businesses within 2 to 5 years is around 75% to 80%, meaning there is a high chance of closing a business within this period. However, businesses that last beyond this time are considered more stable.

How does the speaker compare starting a business to learning how to drive?

The speaker compares starting a business to learning how to drive by explaining that just as you need to go through driving school to learn how to drive, you need to educate yourself and learn the fundamentals of business before starting.

What is one of the key steps to succeeding in business, according to the speaker?

One of the key steps to succeeding in business is learning. This includes enrolling in business courses, studying business fundamentals, and seeking guidance from experts before launching a business.

What should a person do before starting a business, based on the advice in the video?

Before starting a business, a person should educate themselves about entrepreneurship by taking courses, reading business books, studying business planning, and seeking mentorship from experienced individuals in the field.

What is the role of mentorship in succeeding in business?

Mentorship plays a crucial role in business success. By consulting with experienced entrepreneurs or business advisors, individuals can receive valuable feedback on their ideas, avoid common mistakes, and increase their chances of success.

What comparison does the speaker make between learning to drive and starting a business?

The speaker compares learning to drive with starting a business by highlighting the importance of structured learning and hands-on practice. Just as a driving school provides instruction and practice before allowing a person to drive independently, aspiring business owners need proper training and guidance before starting a business.

What advice does the speaker give for those who want to learn more about starting a business?

For those interested in learning more about starting a business, the speaker advises enrolling in entrepreneurship courses or workshops, educating themselves on business fundamentals, creating a business plan, and seeking expert advice and mentorship.