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‘Fotobam’ selected as Filipino word of the year 2016

The word “fotobam” was selected as the Filipino Word of the Year 2016 This is related to the Torre de Manila controversy involving the so-called “National P...

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Pinoys in France up in arms over French newspaper article tagging Duterte a...

French newspaper Libération tagged President Rodrigo Duterte as “serial killer president” The article written by Arnaud Vaulerin drew criticisms from suppor...

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Actress Agot Isidro calls Pres. Duterte “psychopath,” dares him to consult ...

Actress Agot Isidro reacted to Pres. Duterte’s statement daring the US, EU and UN to withdraw their assistance to the Philippines Isidro called the presiden...

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Alam moba ang nag Turo mag saka sa Thailand, Vietnam at Indonesia ay ang Pi...

Alam moba ang nag Turo mag saka sa Thailand, Vietnam at Indonesia ay ang Pilipinas. Jasmine rice, dinorado rice. Wagwag rice. The Philippines is the numbe...

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Batang ina sa idad na katorse anyos Mga Highschool student

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Achievement of President Rodrigo Duterte, in Just 3 Months!!!!! Na hindi bi...

Achievement of President Rodrigo Duterte, in Just 3 Months!!!!! Na hindi binabalita ng mga TV- Networks sa Pilipinas. 1. Wala ng tanim bala 2. 10years na ang pa...

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Ang Kambal na Kruss

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How to Start a Powdered Detergent , Fabric Softener , Dishwashing Liquid Ma...

Three of the most commonly used cleaning agents are laundry detergent, fabric softener and dishwashing liquid. Laundry detergent or washing powder helps brea...

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How to Make Siopao

Siopao is a kind of tasty bun, also called hot buns or steamed buns, filled with delicious meat fillings. The buns are filled with either pork asado, chicken...

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Skinless Longanisa Sweet Cured No-Casing Sausage

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Comments Off on Backyard farms get much-needed boost

Backyard farms get much-needed boost

| Kabuhayang Swak na Swak | March 27, 2015

Backyard farms get much-needed boost

If a resort owner wants farm-fresh eggs every day, he’s better off sourcing them from a small-time, independent backyard livestock farmer within the same locality. That’s the logic behind the Mahalin Pagkaing Atin campaign—to encourage corporations and entrepreneurs to support homegrown farms and help the communities behind them.

Under the program, select backyard farmers are provided with an egg-machine kit, which includes 48 hens that collectively produce at least 30 pieces of eggs daily for 16 to 18 months. Sourced from Ta-ala Farms Inc., the kit comes with 10 days’ worth of feed for the hens, and sturdy pens, with a watering system.

The project is spearheaded by Pilmico Foods Corp., the food subsidiary of Aboitiz Equity Ventures, together with TerraFirma, a consortium of private and government organizations that help farming communities.

“We’re trying to slowly come up with programs that make sense,” says Pilmico President and CEO Sabin Aboitiz, noting that with the donation of the starter kit, the small farmer gets not only a source of cheap protein, but also an alternative source of income. “It’s a simple thing, but it affects the person immediately… and it’s a daily thing where you can eat [the egg] or you can sell it, you have flexibility.”

The bigger picture

The provision of egg-machine kits as a livelihood tool can be traced to Bangon Visayas, an earlier project by the Aboitiz Foundation, whereby they distributed 30 egg-machine kits each to North Cebu and to Ormoc, Leyte, after the October 2013 earthquake and Typhoon Yolanda.

In June, the program was expanded to include other stakeholders, via the campaign’s dispersal of 100 units. “Our priority areas are afflicted by poverty, disaster, and conflict,” says Amor Maclang, director of TerraFirma.

Backyard farms get much-needed boostEach kit costs P35,000; donor-companies are expected to contribute to future deployments.

Attractive potential

The farmers, meanwhile, are advised to set aside money from the sales of the eggs to buy feed and, in the future, replacement hens. Within its lifetime, each hen can produce 300 to 320 eggs, says Pilmico Vice-President Hendel Cabral. The demand could even be much greater, as one person could consume around 88 to 100 eggs annually. “In other countries, they’re almost about 330 to 350—almost at one egg every day. We are one egg every three days. We have a lot of potential,” says Cabral.

Stimulating the local backyard industry is Pilmico’s answer to importation and a more competitive climate. “We’re trying to look for a way of helping the Filipino farmer to be able to sell more to a lot, locally,” says Aboitiz, pointing out that the farmer can start small, save capital, and scale up to buy more kits, even go from chicken farming to pig farming. “What triggered this was the ASEAN 2015. We expect a lot more competition coming in, right? We need to buy local, and support the local, somehow.”

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Comments Off on Versatile, alternative vehicles for small businesses

Versatile, alternative vehicles for small businesses

| Kabuhayang Swak na Swak | March 27, 2015

Versatile, alternative vehicles for small businesses

When starting a business, a motor vehicle (whether motorcycle, car, van, or truck) is usually in the ‘nice to have’ column, not the ‘must have’ side. But for some enterprises, having a commercial vehicle is absolutely essential, thus the question for entrepreneurs is not what vehicle they want, but what they can afford.

Willy Q. Tee Ten thinks he may just have the vehicle for them. The founder and president of The Autohub Group, a conglomerate of automotive dealerships and service companies, is bringing in several models of the Piaggio Apé for the local market as a versatile alternative to tricycles, minicabs, and even trucks.

Piaggio, of course, is the iconic Italian scooter brand that Tee Ten exclusively distributes through Autohub’s MotoItalia Philippines Inc. But this Apé is no gorilla; it’s also the Italian word for honeybee (pronounced ah-peh), and like that hardworking insect these three-wheelers can weave through tight spaces (read: city streets) while carrying out a variety of tasks, much like the first Apés produced in postwar Italy starting in 1948.

Importing the vehicles

Versatile, alternative vehicles for small businessesTee Ten struck on the idea of importing the Apé—essentially a Piaggio Vespa with two rear wheels and a cabin—on a tour of Europe in August 2011. “While having snacks at a food junction near Wolfgang University in Frankfurt, I noticed lots of Italian versions of our ‘multicabs’ and upscale versions of our ‘jolly jeeps,’” he says. Surprised that each vehicle carried the Piaggio badge, Tee Ten decided it would be right to bring the diesel-powered Apé to the Philippines, where tricycles and their gasoline-fueled kin rule.

Initially offering four variants—passenger, drop-side, closed van, and cab and chassis—and all having single cylinder four-stroke 435 cc diesel engines, MotoItalia Philippines launched the Apé at the Manila International Auto Show last March. Apart from the prestige of the Piaggio brand, what could attract ‘treps to the Apé is its price: from just under P200,000 to about P250,000, says Tee Ten.

Small business mobility

He also expounds on the Apé’s possibilities for business: “It is a stall with wheels, a delivery van and a selling venue in one. What caught my eye (in Frankfurt, Germany) was the convenience of moving a stall or booth from one point to another without the hassle of hiring too many people, plus a pickup or van to transport it.

Versatile, alternative vehicles for small businesses“Only one person is needed to drive the Apé, and at the end of the day the same person would close the stall and drive home. It’s a big reduction of labor costs and transfer costs to business owners; their profits would then be maximized,” he adds. No wonder Tee Ten also treats Apé as an acronym: “Autohub’s Push for Entrepreneurship.”

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Comments Off on How to start your own e-load retail business

How to start your own e-load retail business

| Kabuhayang Swak na Swak | March 27, 2015

How to start your own e-load retail business

Looking to start your own e-load business but don’t know where or how to start? Here are answers to the most frequently asked questions about the e-loading business that could help you start your own business today.

1.    What do I need to start an e-load retail business?

The capital and requirements are very minimal. All you would need is a mobile phone, a retailer SIM card, and around P500–P1000 as starting balance.

2.    Are there different ways to start an e-load retail business?

There are two ways to get started on your e-load retail business: 1) By getting individually issued retail SIM cards from telecom companies (Globe, Smart, or Sun Cellular) and 2) By getting an All-in-One SIM Card from a third party seller (this enables retailer to sell prepaid load for all networks using just a single, special SIM card).

3.    What method of e-loading should I choose for my retail business?

Logically, each retailer SIM card from one telecom network would require one smartphone (unless the retailer uses a dual-SIM phone). Thus, to sell prepaid loads for Globe, Smart, and Sun Cellular users, the retailer has to make sure each retailer SIM card will be in use.

On the other hand, for the All-in-One SIM card, the retailer needs just one mobile phone to sell prepaid loads to users of all three major telecom networks. However, there is a special code to be used before finalizing every transaction (for security purposes).

Another advantage of the All-in-One SIM card is that its service extends beyond e-load for cellular network users. All-in-One SIM Cards can also re-load pre-paid cable subscriptions, Internet cards, and eCredits.

4.    Where do I get a Retailer SIM Card?

Individual Retailer SIM Cards can be purchased from wireless centers of each telecom network. The SIM card usually comes with an activation service and an associated eWallet/eMoney account with an issued PIN. The eWallet or eMoney account is where the retailer can store credits (money value) to be used for reloading prepaid phones of customers.

The All-in-One SIM card functions in the same way and are available for sale online from dealers. Credits for the eWallet/eMoney account are also purchased through those online dealers.

*A warning about the All-in-One SIM card–although there are legitimate third-party providers/dealers out there, not all are reliable. Please be vigilant in choosing which third-party provider you associate with.   

5.    How do I earn through this business?
As an e-load retailer, you get your earnings through commission. The percent commission per Telecom Company ranges from 3% to 13%.  You earn your commission as the amount diminished from your eWallet/eMoney account is less than what the customer pays for, depending again on the percent commission. (To illustrate, a prepaid load worth P30 may deduct about P27 from the load wallet. Thus, a P3 profit is generated from that transaction. The rate of commission, as mentioned, may vary per telecom firm).

6.    How much can I earn per month?

On average, this business can earn you P1000–2000 per month depending on the number of people who buy eLoad from you and the commission rates. Of course, there is a potential to earn more if the retailer can sell prepaid load to more customers.

7.    Is there any other possible e-load business besides being a retailer?

E-load retailers are the so-called ‘front liners’ of the e-loading business. The hierarchy goes: there’s the telecom company on top, followed by large company distributors, dealers, sub-dealers, and finally the retailers. For individuals who have more start-up capital available (around P4000–P7000), a sub-dealership can provide larger income through an added commission from the retailers you entice to join your network.

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Comments Off on How to Make Your Own Perfume Business

How to Make Your Own Perfume Business

| Kabuhayang Swak na Swak | January 23, 2015

How to Make Your Own Perfume Business

Here is how to make your initial perfume business with a simple procedure which could surely smell money if given a strong promotions.

Procedure to make 200ml pure perfume:

1. Dissolve 2ml Fixative into 30 ml fragrance.

2. Mix in 150 ml Deodorized Ethyl Alcohol

3. In a separate container, mix moisturizer into 26 ml water.

4. slowly add water/ fragrance mixture into deodorized alcohol.

5. Mixture another 10 to 15 minutes.

6. Age perfume to strengthen scent. Refrigerate for a minimum of 24 hrs then store at room temperature away from the sunlight for two days. Shake everyday.

7. optional: Add water based color, food dye.


1 set perfume P550.00
22 pcs. bottles x P22 484.00
P1,034/22 = P47.00
Mall Price:P90 to P150/10ml

SRP: P80.00/10mlx22………….P1,980.00
Capital………………………….. 1,034.00
Income…………………………. 946.00

REFILLING: P550.00/22=p25.00/10ml

SRP:P60 per 10 ml

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Comments Off on How To Be An Effective Trainer

How To Be An Effective Trainer

| Kabuhayang Swak na Swak | April 11, 2014

How To Be An Effective Trainer

How To Be An Effective Trainer


How To Be An Effective Trainer

Companies spend thousands or millions of pesos on training their employees. However, to make this investment pay off, it is important to know what would make the training effective. It is obvious that being the implementer of the program, the trainers themselves must be knowledgeable.

There are two things one must remember in becoming a trainer:

The trainer must have credibility. It is not enough that the trainer have experience in what he/she is teaching. There must be a level of expertise that would command respect. It would be dangerous for the speaker to be propagating wrong or suboptimal ideas. Trainees, too, would quickly detect the lack of knowledge once they begin asking questions that are not in the module.

The trainer must have good presentation skills. To be good at the topic is just half of the required skill. The trainer must also have excellent communication skills. It takes talent, practice and preparation to be able to hold the attention of your listeners. Lecture-type presentations are no longer enough to engage adult learners.

At the same time, here are a few basic tips for the prospective trainer in conducting an effective training:

Determine first what is needed. Before conducting the training, you should know the needs and intelligence level of your trainees. Determine the position, age and other characteristics of your trainees as these will affect how you develop the module and your presentation.

Explain the objectives of the training. In making your purpose clear, the participants will have an easier time in comprehending the material and its relevance. Having clear objectives helps both the trainer and the trainee as there would be less digressions and wrong expectations.

Make training enjoyable but practical. There is a thin line between having a fun and learning experience, and wasting time. Keep them entertained, but make sure you are not digressing from the real topic or spending too much time on an enjoyable part. We must not forget our objectives even as we strive to keep our participants from being bored.

Keep your presentation short. Do not be wordy in your slides. Have only a few bullet points with the least number of words possible. Nothing bores people more than watching a trainer read his presentation. Keep your eye on your audience so that you can catch their attention better.

Follow up. Too frequently, the training ends in a seminar or workshop but with the participants forgetting what they have learned. The trainer should develop feedback mechanisms to know if participants are in fact applying correctly what they have learned. Further guidance may be needed. The trainer must also seek to know possible improvements to the training material and techniques.

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Comments Off on Basic Accounting For Non-Accountants

Basic Accounting For Non-Accountants

| Kabuhayang Swak na Swak | January 27, 2014

Basic Accounting For Non-Accountants

Basic Accounting For Non-Accountants
Basic Accounting For Non-Accountants

Learning accounting is a must for everyone in business. It is not enough to rely on an accountant since it is you who will bear the greatest liability in case there is a problem. You must know at least enough to see if there are gross errors in your bookkeeping and financial reports. Furthermore, understanding accounting would enable you to better manage your business.

You do not have to get a college degree in accounting to know enough for your needs. All you need is an understanding of the basics. Some self-study coupled with attending seminars on accounting and bookkeeping should be sufficient to equip you with the necessary know-how.

Be aware, however, that there are many types of seminars on the subject. Some of the seminars are designed for certified public accountants or those with a finance background. There are also some for people who want to be trained to become professional bookkeepers. These are not for you as the discussions would be beyond your comprehension. What would be suitable are those designed for the layman so that it would be easy to understand.

To get you started, here are some of the basic concepts:

Balance Sheet. The balance sheet is where you see the assets, liabilities and owner’s equity (stockholders’ equity if a corporation) of your company at a given point in time. It is like a snapshot of your business.

Income Statement. The income statement shows you the financial performance of your company over an accounting period. Unlike the balance sheet, it is more like a video of a company rather than a snapshot. Here you can find your sales and expenses.

Double entry bookkeeping. In accounting, every company transaction or financial event affects at least two accounts, with one side being a debit and the other a credit. The purpose of this is to serve as an error detection tool. One sign of an error is if the debits do not balance with the credits.

Journal. This is the book of accounts where transactions are first recorded before being posted to the ledger. There are several types of journals.

Ledger. This is where transactions recorded in the journal are posted and summarized by account. Like the journal, there are several types of ledgers.

Accrual basis of accounting. This is the accounting principle which states that sales are recorded when they are earned and expenses when they are incurred. For example, you may not yet have collected payment on your receivables but they are already considered sales when you have already delivered the items or performed the service. An example of recording expenses when they are incurred is depreciation expense. This is already considered an expense even if you have not paid for replacing the item yet.

Categories of assets. There are many types of assets. In accounting, it is important that you know what the major categories of assets are. The most basic difference is between current assets and fixed assets. Current assets are those that can be turned into cash within one year, while fixed assets are those that take more than a year to become cash.

Accounting is not only for accountants. For those in business, it is a basic skill that is as crucial as learning to read or write.

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Comments Off on How Team Building Can Transform Your Company

How Team Building Can Transform Your Company

| Kabuhayang Swak na Swak | January 27, 2014

How Team Building Can Transform Your Company

How Team Building Can Transform Your Company
How Team Building Can Transform Your Company

Most established companies already know the crucial need for team building. However, many small entrepreneurs take too long to realize the need for a planned process of boosting teamwork as most of the critical decisions are made by the owner. This attitude deprives the company of the full potential of its greatest strategic resource—the capability of its personnel.

Many people think team building is a waste of time and money. This is probably due to hyped-up expectations during team building activities. Often the hope for benefits either happens only temporarily or is immediately forgotten upon returning to the workplace.

You can take active measures to ensure that team building is truly effective. Consider the following suggestions:

Define realistic objectives. Since many of the objectives are intangible, it is difficult but still doable to set targets. Take the time to first work out this issue. To do this, make a list of desirable outcomes and design activities and other measures to achieve your goals.

Ensure that incentives and policies encourage team work. To have a credible team building program, you must review your policies and incentives if they are conducive to team building. You must walk the talk; if all your rewards are for individual achievement, it would be very hard to instil team spirit. This is a delicate balancing act for there should also be motivation for individual effort. One guide is to estimate how much value added can be attributed to the achievement. Another consideration is the probable effect of the policy on each employee. Often, there must be compromises made as you usually cannot hope to please everyone. Make it clear that everything is subject to change as you observe the results of your new policies.

View team building as a continuous process. One of the main causes of team building failure is to think of it as just a fun activity undertaken once or twice a year. While the exercises are a vital component of team building, they must be viewed as just the starting point for the team building process. It is the day-to-day actions of the team that must be monitored and managed to push the team building agenda. Review each team member’s actions to see if there are indeed improvements. There must be reminders and corrective measures to keep things on track and to build momentum.

Be prepared to convert or eliminate those who are not team players. As much as possible, everyone must exert effort to contribute to the team. Try to persuade recalcitrant personnel to buy in to the objectives. Observe if there are those who are derailing the process. There should be no exceptions. Letting one person be excused will encourage others to be lax, too. Unless that one person is more important than the damaging effect on other team members, you must either convince him to be cooperative or to give the appropriate disciplinary action. There may even be times when you have to transfer or terminate the person. The willingness to undertake such stressful decisions is where you exhibit your true commitment to team building.

Look for hidden talents and weaknesses. While the discovery of hidden capabilities has always been one of the major objectives of team building, oftentimes this desired result is left to chance. Actively seek to find out traits useful to management, and structure your activities to ensure such skills are made more visible. Instead of just leaving it to the outsourced conductor of the team building exercise, there should be a deeper collaboration to improve the process of discovery.

Help people develop the proper levels of trust. It is in the issue of trust where there is the most controversy. This is the theme in a large number of team building activities. The theory is that the more trust there is in the organization, the more productive it is. However, we all know that the reality is that there are some people whom you should not trust with some tasks due to a variety of reasons. Worse is, there are a few individuals who are really malevolent. Leaving yourself vulnerable to people who harm you is not the best policy. The better people know about each other, the more they are able to calibrate the appropriate trust level.

With the increasing complexity and demands of modern business, there is an urgent need to tap the greater capability of teams. Effective team building will transform your company to an organization that delivers optimum service and results.

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Comments Off on On Working With Someone You Don’t Like

On Working With Someone You Don’t Like

| Kabuhayang Swak na Swak | January 27, 2014

On Working With Someone You Don’t Like

On Working With Someone You Don’t Like
On Working With Someone You Don’t Like

I have a friend whose daughter seems to have all the positive traits for good employment. She is intelligent, good-looking and friendly. However, after graduating from a prestigious university with honors, she found it difficult to stay long at any job.

This puzzled her parents and whenever they asked her the reason, she says she could not stand the personality of either her boss or co-workers. At first, this seemed plausible. But after she went through four jobs in the span of two years, it became more likely that the problem is within herself.

The parents had a heart-to-heart talk with their daughter and pointed out the negative consequences of job hopping on her career. Fortunately, they were able to convince her to change her ways and she was able to get her career back on track. However, not everyone manages to correct this particular problem before the damage becomes permanent. If you are the type of personality who cannot stand working with people you don’t like, then read my suggestions below:

Refrain from aggravating the situation. You do not have to be friends with the person you do not like, but to get things done, you must at least be civil with each other. Do not openly show your contempt, as this would provoke a vicious cycle of retaliation. And even if you want to just blow off steam, do not go around bad mouthing the person for this will certainly be passed on to him/her through the office grapevine, and usually with embellishments that will further damage your working relationship.

Assess the reasons why you do not like the person. Perhaps the problem is with you. It may be that you dislike the person simply because he is different in some way that is not relevant to his work. I even know of one manager who hates people who are not up to her aesthetic standards, even if this does not matter to her work as a bookkeeper. Some of the common differences that may cause unwarranted ill-will are manner of dressing, speech and socio-economic status.

Find out the reason for the antagonism. If the problem is really not due to anything on your part, it is time then to search for other possible reasons. You could start by studying the differences between you and him. It may be one of this differences that is the root cause of the antagonism. If it can be resolved, then consider changing if this will not be against any of your principles.

Try to establish rapport with the person. Instead of focusing on his irritating behaviour, try to notice his positive traits. Giving honest compliments may be the ice breaker that you need. Another approach is to find things in common so that you can have better conversations. Maybe you came from the same school or province, or you share certain beliefs. Make an effort to be friendly and helpful. You have little to lose if you first try to get on his good side, if only to make your working relationship better.

Learn to accept criticism. If the person you do not like is your boss, then it is likely that you have been receiving plenty of criticisms. Try to ignore the manner of delivery. Some people are just sarcastic or think negatively by instinct. It is unlikely that you can do anything to change his approach until such time that you are already in very good terms with him that he will not take offense at your suggestions. Also, it may be possible that you are just too sensitive to criticism. Check first if indeed there is some truth to what your boss is saying.

Be on guard with people who are not trustworthy. There is world of a difference between people who are just unpleasant and those that are likely to intentionally cause harm through foul means. If you believe that your antagonist is capable of resorting to extreme and unethical measures to bring you down, then you must draw up a battle plan in order to endure. Secure all important documents. Make accountability clear and be careful of things that may be used against you. For example, in turning over any document or item to him, always have a detailed transmittal document that he must sign. In this case, only the paranoid will survive and you must be wary of any possible sabotage.

It is almost impossible to find a place to work where you do not have to tolerate someone who you do not like. Resigning from your job every time you encounter a disagreeable person is likely to result in eventual unemployment. Human resource personnel look at job-hoppers with a suspicion that they, and not the companies, are the problem. Learning to adapt better and being more tolerant of differences is usually the better strategy.

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Comments Off on How to Expand Your Market By Exporting

How to Expand Your Market By Exporting

| Kabuhayang Swak na Swak | January 27, 2014

How to Expand Your Market By Exporting

How to Expand Your Market By Exporting
How to Expand Your Market By Exporting

If you operate in a domestic market that’s already saturated, there is no other option but to grow your sales rapidly through tapping the vast opportunities in the export market. Too few entrepreneurs in the Philippines attempt to bring their products abroad. There are far more importers here than there are exporters.

Knowing the importance of exports to our economy, the rules and procedures in exporting are much easier than importing. Nevertheless, there is much to learn to avoid problems in the process. To introduce you to exporting here are just a few of the important things you must know:

Financing programs and other incentives for exporters. It is important that you tap all the available incentives that could be obtained for operation. Exporters get special privileges like exemptions from certain taxes and special financing assistance.

Products that need permission or illegal to export. Not everything may be exported. There are many items that you must get permission from the appropriate government agency. Examples of items that need permits to export are certain types of seeds. There also items that cannot be exported. An example of this are endangered species.

Incoterms. Knowing about incoterms (International Commercial Terms) is necessary to engage in international trade. These are pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are used worldwide to define the tasks, costs and risks that are in the international transportation of goods.

Costing of exported products. Besides the usual cost of producing the goods, you must also learn how to factor in the foreign exchange rate, tariffs, transportation, insurance and other costs that are significant expenses in foreign trade.

Letter of credit. Although the word “credit” implies that it is some kind of a loan, its primary purpose is to guarantee payment upon fulfilment of agreed-upon conditions. It is a document issued by a bank or financial institution assuring payment to a seller upon satisfactory completion of the requirements as shown in the documents indicated in the letter of credit. Without the use of letters of credit, the risk of non-payment may be too great as both parties are very far away.

How to prepare a commercial invoice. This is the document used in foreign trade that is used as a customs declaration by the person or company who is exporting. Although there is no standard format, there is much information that must be indicated in the invoice for it to be valid. Among the data needed are the parties involved in the transaction, the country of origin, the item being exported, and many other necessary information.

Exporting can be the key to expanding your sales. You will also learn many things to improve your operations by competing in the world market. Now may be the right time to take the plunge and venture into exporting.

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Comments Off on Why Fortune Favors The Bold

Why Fortune Favors The Bold

| Kabuhayang Swak na Swak | January 27, 2014

Why Fortune Favors The Bold

Why Fortune Favors The Bold
Why Fortune Favors The Bold

It has been increasingly apparent that courage is the main quality one needs to start a business. Millions of people dream of starting a business, but relatively few actually do it. Incredibly, the most educated and brilliant are often the most fearful of taking the plunge. Perhaps fear of failure is most acute in those who have never or rarely failed.

Looking at the business legends of today, you will see that almost all of them have demonstrated courage to defy the odds and pursue their dreams. Bill Gates, Steve Jobs, and, much recently, Facebook Founder Mark Zuckerberg all dropped out of college to establish world leading corporations. They know well enough the difficulties they would face if their venture failed.

I would not recommend that anyone drop college to start a business. It appears reckless to me not to have a fallback position in case things do not work out. What worked for geniuses is unlikely to be repeated by people of above-average talents. Even in the case of the college dropouts I mentioned, there were extraordinary circumstances that prompted them to leave school. They must have pondered what would happen to their lives if they fail, but perhaps the opportunity was too big for them to pass up.

Why do so many people think going into business is a great choice, but still refuse to become entrepreneurs?

It could be the fear of losing their golden handcuffs—the cash and other benefits that come with employment. After all, most believe in the saying that a bird in hand is better than two in the bush. People prefer a sure thing, even if the potential gain in the other option is much larger. There is that feeling of security in receiving a paycheck twice a month. While the risk of a large corporation failing is generally less than the rate for start-ups, it still happens and in a more frequent pace than you will be comfortable with. Moreover, you have almost no control to prevent or minimize this from happening. A reorganization or merger may leave your position redundant even when you have no shortcoming.

The second, of course, is the fear of failure. Frightening statistics about the low rate of success in new businesses are often mentioned by pessimists to dissuade people from going into entrepreneurship. The truth is not as depressing as it seems. Many of those who started went about it the wrong way. Just because a business closes down, it cannot be concluded that it was due to losses. Also, keep in mind that while losses are limited, potential gains cannot be measured. For example, four businesses worth an average of P500,000 capitalization each can lose only a total of P2 million. This is easily offset by even a modestly successful business that can earn far more during the total time of its operations.

But what is truly the right course of action? Distilling all that I have observed and read about those who dared to start a business, it is my carefully considered belief that, indeed, fortune favors the bold. Most of the fears rarely come about or can be overcome one way or the other.

One of the most often cited fearsome statistic is that only one in five newly started businesses will last five years. In the first place, this does not apply to all industries. Usually, this is in a field where there are numerous and intense competition and where there are virtually no barriers to entry. This also does not include franchises as these have a much higher success rate. But more importantly, a lot of these businesses are fatally flawed from the very beginning with problems in their business model or fundamental errors in their operations. By choosing a venture where there is less competition and with an excellent business model, you do not have to think that you are likely to fail by your fifth year.

Being bold does not mean being reckless. You take calculated risks that you believe will be beneficial in the long run. There is a huge difference between being bold and being reckless. Reckless means being too lazy or stingy to study the business carefully before investing one’s hard earned capital. It is essentially the same as gambling, and the results are usually the same.

Most of the things that people fear rarely happen and if they do happen, the consequences are rarely as devastating as they anticipate. Still, most people will prefer to play it safe. By default, only those who are brave can reap the rewards that fortune is likely to give.

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