Are Mentors Important in Setting Up a Business?

Are Mentors Important in Setting Up a Business?

By Dean Pax Lapid 

Mentoring

Wealthstrategy article from trulyrichclub. Just to share with you.

Are Mentors Important in Setting Up a Business?

By Dean Pax Lapid 

We recently concluded an ENTREP M.B.A. at the Asian Institute of Management for two days. Yes, actually two half days (midweek of Wednesday 6pm-10pm and the following Saturday 1pm-5pm) only. Our workshop was attended by 42 serious participants coming from the professional world (some retiring, others wanting and others hoping to become instant entrepreneurs). But our M.B.A. is not the AIM masters degree program but rather what I coined “Magandang Business Advice”- in business parlance MENTORING.

Roughly half of these professionals want “instant businesses” just like instant 3-in-1 coffee. To make it happen, you need some catalyst. If you read my GoNegosyo book, 21 Steps on How to Start Your Own Business, I had a chapter about three elements of what people always want in a deal – CHEAP, QUICK & GOOD.

Especially in business set-up, CHEAP/QUICK is not necessarily GOOD. (That’s why I always caution people to study the deals with franchisors offering promotions such as buy-one take-one in a cart business). If the business is really good from the franchisor’s perspective, why then is he offering it at a hefty discount? QUICK/GOOD is not necessarily CHEAP. That’s why they went for the hardcore mentoring at AIM.

(By the way you do not need to pay AIM rates. Bro Bo is organizing the 5th ENTREP WORSHOP under the TRULYRICHCLUB this July 14th/28th, two full days of entrepreneurship workshop to crack your business passion, evolve your creative idea into a profitable business, and work out your high level business plan mentored by three AIM professors). I’ll be your tor-mentor and mentor at the same time! LOL.  

Seriously, I hope there’s still some slots open as I only accept 50 committed students. YES, MENTORING IS VERY IMPORTANT TO DIRECT YOU TO THE PATHWAY OF BUSINESS SUCCESS! 

Let me give you an actual mentoring situation for one of our participants of the Entrep MBA. They were mentored by Sir Ardy Roberto (my co-angelpreneur). 

Hi Sir,

Thank you so much for mentoring us (me and my husband) last MBA session. I really noted your suggestions on how I can start up again with my ‘events’ business. I finally thought of a possible name: “Glitz and Glamour Event Management” (no matching record yet in DTI), and somehow I believe it’s relevant to the business (hehehe). Also, I was able to read your two books already (Buhay na Hindi Bitin and Pera na Hindi Bitin)...and I really learned a lot...and gave me inspiration. 

Just want to share my thought. Thank you once again. More power! 

Cheers, 

Jac 

Hi, Jac 

Thanks for the feedback. I am happy that you got value from the seminar and the mentoring session. About your proposed name, you might want to test it first to your prospective customers. I personally think that the name is too long. Perhaps you might want to shorten it to Glamour Events Management (GEM) -- the abbreviation is memorable also.

You can also add your name to the name in your branding so that it looks very personal, e.g. GLAMOUR EVENTS MANAGEMENT by Jac Oebanda Weddings, VIP Functions, Product Launches, ______ (list here the kind of events you do) Hope all will go well with you. 

Hi Sir Ardy, 

Thank you once again for the suggestion on the name- GEM. With that I was inspired to create my own logo over the weekend (kindly see attachment).

I am now composing my letter to my friends and families to inform them that I’m back to do business again...as you suggested as well... 

Hoping for your continuing support. More power to all ANGELpreneurs!!! 

Cheers, 

Jac  

Just to highlight the impact of mentoring – here are some short comments amongst the participants gathered by the Entrep MBA organizers:

Thank you Sir Pax, 

I’ve learned from the two half-day sessions of MBA. I consider you as one of my mentors. Your book will also be a guide for me in building my business. I hope that the two-day MBA seminar will not be the last we can contact you to ask some help and guidance in developing our business.

Thank you, thank you so much, 

Ed Tengco (Photo Booth Business) More time given each topic and mentoring. Most sulit seminar ever! Thank you. Keep up the good work on inspiring current and future entrepreneurs! (Hanna Buena-Pet Grooming business)

Good job!!! Sobrang sulit ng seminar na ito. I’ve learned a lot. Thank you and God bless... I’ve learned a lot! Looking forward to seeing you guys again. Good job Dean Pax!

Though we were not given enough time to answer the assignment, it made us realize the businesses that we really want to do. We had a wonderful time. I’m not the business type but this was really insightful.

I hope there will be a sort of ‘call an angelpreneur’ or ‘business help online’ It was a great experience. Hope to attend more soon. You have a great vision for the future of the country.

Thank you for holding this kind of hopeful seminars. I love everything in it! Thank you for the lessons imparted to us. This would be a great help in our journey..

Now to our MENTORING topic (I’m back in the Dean mode)One of the success factors to developing a new business is getting one or more mentors. The level of mentoring can go from adhoc advice (just like what we did at MBA recently) to close-mentoring on a weekly basis (what I did for my Entrep students at ESA when I was dean of the program).

Here are my four reasons why mentors are important:

Mentor wealthstrategy

1. I have experienced that many startups come from the minds of young people (as well as young at heart) with a lot of ambition and enthusiasm. Although enthusiasm, passion or ambition is a great thing, there is no doubt that experience counts a lot. I’ve always said that “In youth we learn, in age we understand.” I have indeed experienced personally that accelerated programs (college, career, craft) need to have a mentorship element to be successful. Having the advice of someone who ‘has been there done that’ is always useful to a new venture.

2. Another important element of mentoring for early stage business is the ability of the mentor to open doors for the new company. As a mentor, you must open your network of contacts to your mentee. I remember the difficulty of my young ESA students to penetrate the building administrator of a big mall. I had to negotiate with the mall’s leasing group for my five students to be located at the basement of the mall. A good mentor should be able to help young entrepreneurs get past the entry barriers. 

3. Within our GoNegosyo circles, we each have our core competences. I use other angelpreneurs other than myself when it comes to particular areas of competence. There are areas where I have the business information but am not the expert- such as accounting (Tess Dimaculangan), marketing (Sir Ardy Roberto), product development (Prof. Reuel Virtucio). These mentors with their particular expertise can be very helpful in guiding young entrepreneurs from making mistakes that may take months to uncover.

4. Finally,a mentor must have the helicopter view of the business. Imagine a helicopter that is able to hover on top of the trees (forest) and yet able to lower (focus) within a specific area. Having a helicopter ‘view’ enables a good mentor to ask difficult questions about the high level business plan at the same time deal in particular elements of the business such as mission, objectives and ideas that could be overlooked by the entrepreneur.

Some of the difficult questions I have posted regularly were: 

* Why are you doing this business other than money? 

* Why are you not looking at a particular segment or solution? 

* Why are you proposing to do this (strategy) in the first place? 

In summary, passion/enthusiasm alone will blind the wanna-be entrepreneurs to obvious mistakes in his business plan. Mentors are critical to the sustainable development of a new venture. 

Let me share with you a caption that I have encountered while doing my PhD research work (Finishing Well by Bob Buford p.73) which blends well into our mentoring topic. This is inspired from distinguished characters in the New Testament.

“Every man needs a Paul, a Barnabas and Timothy in his life. They need an older, wiser man like Paul who doesn’t have all the answers but who has been on the planet longer and can help find the answers.

Everybody needs a peer like Barnabas who can look them in the eye and say –you’re screwing up, so get your act together. Finally, everybody needs Timothy, a younger man they can bring along and help grow.”As an Entrep mentor, my heart is pumping, my mind is thinking! I love what I’m doing and my family is enjoying it. I’ll continue living for as long as some young (mentee) keeps on growing. 

May you all be blessed to find your mentors that will encourage, push and guide you in your quest for business (and most especially your spiritual life)!  

About Dean Pax Lapid 

Dean Pax Lapid is the former Dean of Entrepreneur School of Asia. He is also a Professor of Entrepreneurship at Asian Institute of Management, one of the most prestigious business schools in Asia. He is a prolific entrepreneur, creating one new business a year.

A New Baskets System For People Who Can’t Budget

A New Baskets System For People Who Can’t Budget


Why Bro. Bo Sanchez don't use budget to his personal life? Here's why.

Basket System

If you’ve been a TrulyRichClub member for quite some time, you’ll know that I don’t use budgets for my personal life. I know that’s a mortal sin for some financial planners, but I gave up making budgets years ago. I’m one of those individuals who doesn’t like to sit down and write down a budget—like how much I’ll spend this month for grocery, for clothes, for haircuts, for snacks, etc…

I don’t know why, but when I see a page with numbers, I zonk out. My mind gets fried. If I keep reading the page with numbers for more than 10 minutes, I get a nervous breakdown.

I’ve learned that budgets work for some people. Like my friend Wilma. She’s got her monthly budgets in an Excel program, complete with colors and categorized in folders with nice labels around them. She’s so organized, her room is like a museum. Goodness, her clothes in her closet are numbered. Even her toothbrush has two dates written on its side—when she first used it and when she’ll throw it (exactly three months).

But early on, I learned that I’m not Wilma. Budgets didn’t work for me. Through the years, as I talked to lots of people, I know that budgeting doesn’t work for many others too. Instead of a complicated BUDGET system, I use a simple BASKETS system. And that has worked for me splendidly.

Here’s what I did… 

Three Baskets Following the 30/70 System 

Years ago, when I received new money, I’d divide my money into three baskets: my tithes (10 percent) and my investments (20 percent) and lived on the rest (70 percent). Note: Actually, these aren’t my percentages anymore. I tithe and invest much more now.

That, in gist, is my 30/70 Basket System. This simple fund allocation system is one of the biggest reasons why I’m a millionaire now. Years ago, I remember days when the 70 percent was gone before my needs were all met. How did I cope? I gritted my teeth, tightened my belt, and postponed purchases until new money came in. Difficult to do but that was how I did it.

It worked. And I know it worked for a lot of people too. Because of my simple Basket System, my retirement fund has grown tremendously. Investing 20 percent of my income over the past years has compounded and multiplied my money beyond my wildest imagination.

If you’re like me who can’t make a budget or follow one, just use my Basket System: The moment you receive income—any kind of income—just set aside your Tithes and Retirement. And live on whatever is left.

That’s it! But here’s something I found out. After helping a lot of people organize their finances, I realize that some people may need a more nuanced Basket System. So I developed a new Basket System for your money. Here it is (drum roll please)… 

The 5W Basket System 

I know it has more Baskets, but bear with me. I’ve checked with other financial teachers and they teach similar categories. Let me explain the 5W Baskets...

First, 10 percent is your Worship Fund(Tithes).
Second, 20 percent is your Wealth Fund(Long-Term Investments).
Third, 10 percent is your Want Fund (Yes, Splurge!).
Fourth, 10 percent is your Wellness Fund(Short-Term Savings).
Fifth, 50 percent is your Wallet Fund (Regular Expenses).
Let me explain the two new Baskets: Want Fund and Wellness Fund. 

10 Percent for Your Want Fund 

There are needs and there are wants. This specific fund is for your wants. They’re not necessities. You can live without them. Why this Fund? You see, there are two extremes you want to avoid. First is the Spender.

Want Fund

The impulsive buyer. The shopaholic. The one-day millionaire. The person with the latest gizmos and gadgets, but who has six credit cards, all maxed out. The person with the Louis Vuitton bags, but has zero savings. You don’t want to be this person.

The other extreme is the Scrooge. The miser. The penny pincher. The person who hasn’t bought a new shirt since President Marcos declared Martial Law. The person who eats crackers every day from a large tin can—bought in Divisoria—for breakfast, lunch, and dinner.

The person who is so addicted to saving and investing because of crazy fears, he doesn’t spend anything for himself. You don’t want to be this person too. I honestly believe you should spend a portion of what you earn as your way of loving yourself, honoring yourself, and celebrating yourself.

Every time you earn something, set aside 10 percent and buy what will make you happy. (Note: I suggest you start doing this when your finances are no longer in crisis mode. For example, when all your major debts have been paid.) It could be eating in a favorite restaurant. Or watching a movie. Or having a massage.

Or going on a vacation. Or buying a new shirt. Or getting a new watch. If you’re saving for a big vacation to Boracay or Batanes or Bohol—you could save this 10 percent for a few months—until you reach your goal. And then splurge!

But splurging that amount each month is great too. Rewarding yourself regularly is fantastic motivation to earn more.

Next… 

10 Percent for Your Wellness Fund 

This is for Short-Term Savings for specific projects. Perhaps you’re saving for your new house. Or your new car. Or the college fund for little Pamela and 5-year-old Julius. Or a Holy Land pilgrimage that you want to take five years from now.

If you have various projects, then you can divide this 10 percent according to each specific project. Or increase the 10 percent to 15 percent or 20 percent, depending on your income.

Will the project happen before five years? (For example, Pamela enters college in four years.) If so, the stock market may not be the place for your Wellness Fund. Put it in a Retail Treasury Bond (RTB) or Time Deposit. The interest growth isn’t as big, but it’s better than the less than one percent that a Savings Account gives you.

But if the project will take place after five years, you can still put it in the stock market—but you need to follow our Stocks Update eReport closely. (For example, when we warn you of a big downtrend, you may want to pull your money out.) 

Take Your Pick and Use What Works 

So you have a choice. You can use the 30/70 Basket System or the 5W Basket System. They’re not budgets. They’re just Fund Allocation System where you divide up your money when your income arrives. Unless of course you’re like my friend Wilma who can make budgets work.

Choose which works for you. And tell me about it!

May your dreams come true.

Bo Sanchez

My Maids Are Now Richer Than Many Managers

My Maids Are Now Richer Than Many Managers

from Bo Sanchez

TrulyRichClub

Do you want to invest in the Philippines Stock Market and retire millionaire? Let Bo Sanchez tell you how. 

Three years ago, I taught my Maids how to invest in the Stock Market. People laughed at me when I told them what I was doing. “That’s too much for them,” one friend told me. “They can’t handle that. It’s better to teach them how to put their money in the bank.”

But who’s laughing now? One of my maids has P308,388 in her Stock Market account. My other maid has P176,465 in her account. That may not be much to you, but to them, they feel very rich. And here’s a fact: My Maids are now richer than many Managers. I’m not kidding.

You see, I talk to a lot of Managers when I give corporate seminars. Many of them have Zero savings and are buried in debt. My maids? They’re confident that they’ll have P5 Million in 20 years.

If you’ve got 20 minutes a month, You can work a financial miracle in your life.

Each month, my maids bought the Stocks I told them to buy. It wasn’t easy, believe me. There were days when they didn’t want to invest their money—because they wanted to buy something. But with my coaching, they disciplined themselves and invested their money.

All it takes is 20 minutes a month.  First, set aside 20% of your salary each month. Next, put in your small amount into the Stocks I tell you to buy—which can be done all online, seated in front of your computer, in the comfort of your home. And that’s it. Do this each month and you’re all set to retire a multi millionaire.

Here’s the deal: Whatever small amounts you can put into the Stock Market today will be worth millions 20 years from now. I believe that investing (not trading) in the Stock Market is one of the best ways of growing your passive income. Yes, there’s a difference between trading and investing. And my eBook and special Reports will teach you the difference.

Guarantee: You’ll Be Able To Understand Me

Do you know the problem with the Stock Market world?  They don’t speak English. Honest. They speak a strange dialect that is spoken only in the second moon of the planet Uranus. But I’ve solved that problem. If my maids can understand me, then anyone can understand me.

I’ll Hold Your Hands Every Step Of The Way

TrulyRichClub

Here’s what I do for my TrulyRichClub Gold members. Twice a month, I send a very short “Stocks Update”. I’ll tell you what companies I’m investing in and how they’re doing.  Why will I give this “Stocks Update” Report? To give my TrulyRichClub members guidance and inspiration.

Especially when there’s a crisis, my “Stocks Update” will be crucial. It will prevent you from selling your Stocks because of your panic—and lose your money. And it will encourage you to do the very opposite—buy great companies when the prices are very low.

Join Today And You’ll Start Stocks Investing Next Week

I have to be honest with you: This may not be for you.  I don’t want you to get into something that isn’t for you. First of all, this isn’t for the person who doesn’t have a job or business.

In order to invest regularly, you’ve got to earn regularly. (My Maids earn a smaller salary than Managers, but you see, it’s not how much you earn, but how much you keep of what you earn.) If you have a regular income and are willing to set aside a few pesos a month to invest in long-term investments—so you can create millions for your future—then listen up.

Listen. Half of 2012 is gone.  So here’s my big question for you: What will you do this 2012 to start growing your finances?

Will you do something now?  Or will you be again wondering at the end of 2012, “Where did the year go? Why haven’t I done anything to secure my financial future?”

If you want me to help you, then click here now.

Sign up today, because I’ll be sending out my Stocks Update Report next week for my TrulyRichClub Gold members.

By next week, you can already start investing in the Stock Market. (My eBook will also teach you how to create an online account in COLFinancial, the biggest online stocks brokerage in the country.)

To join the Club and start creating your multi-million retirement fund, then click here today.

Yes, I’d Like To Growing In My Financial Life

May your dreams come true,

Bo Sanchez

PS1. Take Charge Of Your Financial Future. Don’t leave your 2012 to chance. Do something today that will give you financial freedom in your advanced years. I believe investing little amounts each month in the Stock Market will give you financial freedom in the later years of your life. To take charge of your financial future, click here now.

PS2. By the way, the TrulyRichClub isn’t just all about the Stock Market. It’s also about having an abundance mindset. Why? Believe me, all the technical stuff I’ll teach about The Stock Market WON’T WORK if you don’t have an abundance mindset. So in the Club, you’ll also receive a lot of Audio Talks and eReports from me about having an abundance mindset. To take charge of your financial future, click here now.

If There’s A Perfect Time To Start Investing In The Stock Market, It Would Be Now…

If There’s A Perfect Time To Start Investing In The Stock Market, It Would Be Now…

TrulyRichClub

Why Bo Sanchez encourage you to invest in the Philippines Stock Market now? Let Bro. Bo tell you why. 

The Stock Market has gone down for the past two weeks. And our fearless forecast says that it will remain down for the next 3 to 6 weeks (no one really knows the exact days).  Reason: The Stock Market has to rest. It went up so much from January to April. And we know it cannot sustain the amazing growth we’ve experienced since the start of 2012.

Imagine a mountain hiker. After zipping up the trails at breakneck speed, he’s now sitting on a rock, catching his breath. He’s drinking from his water bottle. He’s resting his aching muscles.   He’s regaining his strength for the next climb up the mountain.

I repeat: If there is a perfect time to invest in the Stock Market, it is now while you can buy great companies at “sale” prices. After this downward and sideways season, it will rise again soon.

By the way, this is the reason why my TrulyRichClub Members love me more than ever. (It’s mutual. I love them too.) I’ve already trained their minds to think in a very different way than most people. Today, they never fear these “resting periods”. In fact, they actually LOVE these times when the Stock Market is down. Like a broken record, I tell them to “invest, invest, invest!” when no one wants to invest.

Every other week, through my Members-Only Stocks Update e-Reports, I keep badgering, cajoling, and begging them to invest in our recommended list of Stocks. For several months, TrulyRichClub Members saw their money grow beautifully. Let me give you an idea…

Last June 2011, I asked them to buy Ayala Land (ALI) when it was P15.09. Last February 2012, I told them to sell it at P21.65. That was a 35% gain. Imagine how much they gained from that—because for 8 straight months, they kept buying ALI at low prices. (It stayed at P15 until January!)

I also asked our Members to buy Nickel Asia (NIKL) when it was P23.75 last February 2012. And one month later, I told them to sell at P28.30 in March 2012! In one month, they enjoyed 19%. (Note: As long-term investors, I prefer slow growth than rapid growth, so we can buy more shares. But I’m not complaining.)

TrulyRichClub

Today, our favorite Stocks are taking a beating. They’re all down. Oh, I love it. So many great companies to buy!

Join me. I believe that this Rocket (called the Philippine Stock Market) is getting ready to take off to greater heights. Our projection: It’ll move up for the next 3 years. The Philippines will experience a Stock Market boom; It’ll be one of the best performing Stock Markets in the world. And I believe that many will become richer because of this Rocket.

But here’s a brutal fact:  It will go up with or without you.  

I really hope you join the ride. Don’t wait. Don’t delay. Don’t postpone. To ride this Rocket, click the link below:

Yes Bo, I Want To Join This Rocket;

Tell Me How To Join The TrulyRichClub

May your dreams come true,

Bo Sanchez

PS.There are 6 fantastic Stocks to buy. In fact, my TrulyRichClub members have been buying 2 of these 6 Stocks since May 2011—and they’ve not yet gone up. Which is fantastic!

(See how we think differently from many people?)  

The longer our favorite Stocks stay down, the better for us, because we can keep accumulating them at low prices. But the day these Stocks shoot up—and we know that day will come—all that we invested at low prices will go shooting up as well.

And we’ll be richly rewarded. Join us so you can start investing for your future too.

To ride this Rocket, click the link below:

Yes Bo, I Want To Join This Rocket;

Tell Me How To Join The TrulyRichClub

People In Their 30’s And 40’s Fear Growing Old Without Money

People In Their 30’s And 40’s Fear Growing Old Without Money

But The Solution Is So Simple… Here's how from Bo Sanchez.

Truly Rich Club

Greg is a 63-year old man. The salt and pepper hair fit him nicely. Makes him look elegant. Greg also wears cool clothes that make him look like a rich gentleman. But his eyes can’t hide the bone-chilling terror inside. Yes, Greg has a cushy job.

But he knows he will retire at 65. That is just two years away. And he’s scared. Very scared. Because on that day, he won’t have a monthly paycheck anymore. “I’m sure you have savings, right?” I asked Greg. He looked down, shaking his head. “Not more than P200,000 in the bank. I’ve never been very good with the savings bit.

I just spent my money. And there were many emergencies along the way. I know I should have saved more. But I didn’t.” I asked, “But you’ll get a nice retirement package from your company?” “To pay my debts,” he sighed. “I just borrowed to buy a car last year. And did some house repairs this year. We also travelled as a family last summer, paid for by another loan.

So whatever I’ll get from my retirement will erase my debt. But nothing will be left. Absolutely nothing.” I couldn’t help but groan.  Greg was staring at the perfect storm. A financial calamity that was coming in two years. I pitied him so much…

My Two Boys Have More Investments Than Greg My sons, ages 12 and 7, are investors. It’s never too young to start your investments. Benedict has P337,631 and Francis has P358,714 in their Stock Market investments. Benedict would invest money from his odd jobs, his small business, and both of them would invest their Christmas cash gifts from Ninangs and Ninongs (godparents).

And let me repeat:Their money is in the Stock Market. Not in the Bank.  Did you know that money in the Bank slowly “evaporates” under the heat of inflation? Your money shrinks over time, just like how water dries up under the heat of the sun. Let me explain: Inflation—or how the purchasing power of your money decreases—is at 4% to 6% a year. The interest you earn in a bank is less than 1% a year. So each year, your money in the bank shrinks by 3% to 5%.

In the Stock Market, if you follow my simple investment method (NOT trading!) which I call Strategic Averaging Method (SAM), you’ll grow your money at 12% to 20% a year over time. You Don’t Have To Make The Mistake Of Greg Some people think that as you grow older, you’ll have to grow poorer.

It’s not true for everyone. You don’t have to make the mistake Greg made. I can help you avoid growing poor by teaching you how to invest. You don’t have to be afraid of growing old. Because you can grow older and richer at the same time.

Thousands of people have already joined my TrulyRichClub, and following my guidance, have started investing in the Stock Market. And they’re very happy.

TrulyRichClub Members who joined me 2 years ago—and who invested in the Stock Market with my guidance—have enjoyed wonderful profits. Here are the Top 10 Stock Recommendations we made in 2010 and 2011… 

What does this show you?

That quiet, boring, monotonous investing small amounts of money each month in carefully chosen stocks can build your wealth!

(By the way, we no longer recommend some of these companies for this year…)

What’s Will Happen For The Rest Of 2012

Like a runner that is catching its breath after a long climb, the Stock Market is “resting” now, trying to regain its energy for the next sprint up the mountain. We see a sideways or downward motion for the Stock Market in the next 3 to 6 weeks.

Truly Rich Club

After that, we see that it will start to rise again. If this is your first time to enter the Stock Market, now is the perfect time to enter. Because we believe that the Stock Market will continue to go up for the next three years.

Out of our 9 stock recommendations, 3 are near our Target Price. But 6 are still “buyable”. That means they’re still cheap and we can continue to buy them every month.

And we like it that way. (This is one of the crazy views we hold: We love it when our Stocks are down for a long time!)  Why? So we can buy our companies at very cheap prices every month. Because we’re long-term investors. The important thing is that you start investing right now.

I repeat: Don’t be like Greg. You don’t have to be afraid growing old and poor. Stop postponing! You’re missing out on these earnings. Most importantly, you’re missing out on gaining financial freedom. Change your financial life today. Learn how to invest in the Stock Market today.

How? Join my TrulyRichClub and change your financial future today.

To join, click the link below:

Yes Bo, I’d like to change my finances today;

Tell me more aboutthe TrulyRichClub.

May your dreams come true,

Bo Sanchez

PS. Start NOW! To gain financial freedom for your future and join the TrulyRichClub, click the link below:

Yes Bo, I’d like to change my finances today;

Tell me more aboutthe TrulyRichClub.

What Are Your Compelling Reasons for Going Into Business?

What Are Your Compelling Reasons for Going Into Business?

By Dean Pax Lapid

Trulyrichclub

Is it Frustration with job? Is it Family pressure? Is it Fame and Fortune? Or is it Freedom?

Are these the RIGHT COMPELLING REASONS for going into business? Maybe the answer is yes, or maybe the answer is no. Let me share with you some of the situations that I have encountered through the years of teaching entrepreneurship, and why wannabes want to go into business:

•* “I’ve been on this routine job for the past 20 years – boring na! Maybe it’s time to go into a business venture para mas exciting.” 

•* “By golly! Every morning I’m in this rut with a hard to please boss – how frustrating! What business can I go into to escape this hellish place and devilish boss?”

•* “Anak, you have been to two big schools for the past seven years already. Hindi mo hilig mag-aral, mag-negosyo ka na lang.”

•* Wow, his business is doing well. I have observed how profitable his business is. I can copy his business and get lots of money.”

•* “I recently attended this seminar in the mall. The speaker promised that if I get his franchise, I can earn minimum of P30,000 per month. Madali na, mayaman pa.”

• *“I want FREEDOM. I’ll be my own boss with my own time to do whatever I want. I can set up a business and let my people do the work while I enjoy my FREEDOM anytime I want to.”

•* “Sikat pala ang maging entrepreneur. You get featured in magazines and get interviewed by media!”

Here’s a BIG SECRET! One of the most important factors for success (whether business or any personal endeavor) is to understand clearly your reasons for doing what you are doing.

If a person has a very strong reason to achieve a certain dream or goal, then that person will find the resources to achieve that goal. There’s a very big difference between WANTING to be an entrepreneur and COMMITTING to be an entrepreneur.

You need to be very clear about your reasons to be in business. There is nothing wrong with the money part but it has to be more than money... IT NEEDS TO BE something more personal… something more enduring. If it is personal and emotional, then you will have the achievement motivation to make it happen and even tide you over if the going gets rough (you will definitely encounter hurdles as you set up and run your business however small it may be.)

Let me tell you a story.

Long time ago (the Dean likes fairy tales), Basilisa, a pretty lass from Paco, married Benjamin, a young handsome guy from Pampanga. He was a marketing undergraduate and part-time hog dealer. 

Initially their parents did not accede to the marriage because both of them were still young and have not finished school. Eventually, the young hearts prevailed over the advice of their parents.

A big family blossomed in a small apartment row along Arlegui St. (Manila) near Malacañang. Basilisa was giving birth to a child almost every year. The young family life though was comfortable as Benjamin was working double-time to meet the family needs. They even had holiday trips to Angat Dam, Tagaytay or Baguio every summer. Benjamin was busy with his sidelines while Basilisa was nurturing six wonderful children.

Then a big crisis arrived during the Holy Week of 1968. Suddenly the world slammed on Basilisa like a big rock when Benjamin was diagnosed with stage four cancer and was given several months to live. Out of shock, Basilisa lost her voice for several weeks. 

Then on July 5, 1968, Benjamin succumbed to liver cancer and died leaving Basilisa with six children, P5,000 in his bank account and an uncertain future for the education and daily living of the kids Roberto, aged 12; Paquito,11; Lourdes, 10; Carmen, 8; Martin, 4; and Celine, 2.

Basilisa was in a big dilemma. No one could offer her a job since she did not have a college degree. After getting married she never went back to college, only finishing one semester since she got pregnant every year and took all her time caring for the kids since. There was an offer of a part-time sales lady near Carriedo but the meager labor wage wasn’t even enough to sustain the daily needs of a growing family, more so the education expense.

She had no choice but to pursue a small meat retailing business, building it from the part-time hog trading business of Benjamin. She teamed up with her mother (Aling Julia), got her Ninang to supply her with meat carcass every morning at Quiapo with a promise to pay by the end of the day. (She did not have the capital, only a character to be trusted.)

Eventually, she prospered the business, was able to send all her children all the way through college (four graduated from UP with degrees in BS Business Admin, BS Mechanical Engineering, BS Biology and BS Food Service, another from La Salle with BS LiaCom and another from St. Paul with BS Marketing). Basilisa now lives comfortably in New Manila in a family compound. 

She actually celebrated her 80th birthday last April 2012 and is planning to have a grand family reunion via a cruise to Vancouver and Alaska this September with her children and grandchildren.

This is a very real story, which I know for a fact since that amazing lady named Basilisa is my beloved mother (fondly known as Nena), while that handsome guy from Pampanga named Benjamin was my Tatay, who died when I was barely 11 years old as I was coming into Grade 5. My mother (Basilisa) had COMPELLING REASONS going into business – CRISIS + FAMILY SURVIVAL + FAMILY FUTURE! (it is personal, emotional and financial)

My compelling reasons for going into business:

1. I wanted to preserve the family business that my mother (Basilisa) started when we were still young. I wanted to make sure that her efforts were not put to waste and that her customers at Quiapo extended to the next generation. 

She makes the best sirloin tapa and longganisa in the Quinta market that even the Malacañang (up to the Marcos regime) kitchen prefers to make it a breakfast fare amongst the First Family and their palace guests.

2. I wanted to create businesses every year that can employ at least 10 people, paying them with higher than market wages and offering a family culture environment. When I’m 75 years of age, I want to see that I have employed 500 employees. So far, I have already done more than 100—I have 20 years to fulfill this!

3. I wanted to use my businesses as models for the younger generation to see—so that they may be confident to venture into their own business and not be afraid to take a leap of faith out of their comfort zone. When I’m 75 years old – I hope to see at least 1,000 businesses inspired from my teachings and mentoring. That’s 50 businesses every year. So far, I have mentored close to 200 students with their own successful ventures.

4. I wanted to prosper young IT professionals, paying them good salaries so that they may opt not to go abroad. I wanted to offer an environment with work-life balance, at the same time prospering their IT skills that can help make a better business for local and international clients.

5. I have always prayed that God will use my businesses as his ‘supply depot’ to bring my employees closer to Him. This is my own way to bring glory to our God thru my struggles, successes and significance as I go about fulfilling my purpose with the time, talent and treasures of entrepreneurship that He has given me.

A Final Advice: Find Your Passion and Compelling Reasons

What triggers a jump into business from most of the success stories that I have seen and heard emanates from his/her innate passion for one’s talent or skills. An enormous passion for something within YOU makes it already half a battle won – meaning you will fight it out and make it successful in spite of the odds. Remember, even your friends and family will discourage you from bringing your passion into a business. Your compelling reasons will push you to move forward in spite of all the negative comments from your loved ones.

Finally, I always say that “business is many things, the least of which is the balance sheet”. The soul of business is a curious blend of passion, desires, gratifications mixed together with sacrifices and personal contributions far beyond material rewards. May God always prosper you as you find your compelling reasons to do your endeavours! God is always good!

The TrulyRichClub Is Transforming Lives

The TrulyRichClub Is Transforming Lives

Trulyrichclub

I want to inspire you to apply what you’re learning from the TrulyRichClub. In fact, I want you to have a severe, incurable, absolute bias for ACTION. Success is all about EXECUTION. Will you go out there and make stuff happen?

I’m so happy that TrulyRichClub members are getting this. Let me share with you one letter that talks about acting upon what they’re learning immediately. (I admit. Reading happy letters from TrulyRichClub members is my recreation. Haha!)

Here’s one happy letter from Ivan and Abigail Requinta…

We’re Investing and Giving More

Hi Brother Bo,

Trulyrichclub

My wife and I, since attending the How to Make Millions in the Stock Market Seminar (and the Feast for the first time) last October, have been applying the 70/20/10 rule you taught us. Since then, we realized that we have already increased our contributions to the Lord to 20 percent, investing 40 percent of our income into paper assets and have been living within the 40 percent of what we earn. Considering the overflowing abundance (how simple it may be) that the Lord has continuously provided us, our goal is to further increase our tithing (and charity donations) to 30 percent and eventually at 40 percent. It started with living a simple life, thanks to the teachings at the Feast. Now, we can say that we plan to keep this lifestyle and invest most of our earning to the Lord, to the needy and to our retirement. We have already started investing into mutual funds. Currently, we have two portfolios since February and will increase our stock portfolio to six just so we can increase our retirement preparation and investments. The Truly Rich Financial Coaching Program was really helpful to us (especially the topic about mutual funds and the stock market). We pray that there will be more attendees to your program, so that they will soon realize and DO your vision. Our sincerest thanks.

Regards,

Ivan and Abigail Requinta

I know there are many other Ivans and Abigails in our Club. Yes, the TrulyRichClub and our seminars are transforming lives! I repeat: It’s all about immediately applying what you learn.

Don’t dillydally. Don’t postpone. Don’t muck around, loiter around, waddle around… Just go out there and MOVE!

Keep Learning!

If there’s one thing you should NEVER do, you should NEVER stop learning. Keep learning all you can. It’s the only formula for non-stop success. Because if you stop learning, you stop growing, and you start dying. I don’t want that to happen to you. Enjoy this issue of WealthStrategies and join Trulyrichclub!

I encourage you to invest in your future. If you want me to help you, I’ve created the TrulyRichClub to guide its members to build their wealth.  I’ll teach you how to do it.  I’ll send you my Stock Updates every two weeks to tell you what Stocks to buy and sell.  To know more about the TrulyRichClub, click the link below:

Yes Bo, teach me how to build my wealth. Tell me more about your TrulyRichClub.

May your dreams come true,

Bo Sanchez

PS. Take charge of your financial future. To know more about the TrulyRichClub, click the link below:

Yes Bo, teach me how to build my wealth. Tell me more aboutyour TrulyRichClub.  

The three “S” of business

The three “S” of business

By Dean Pax Lapid

truly rich club three “S” business

Early this year I got an email from one of my 2ND batch of Entrep graduates from Entrepreneur School of Asia (ESA). While in school, Michelle established a native street food franchise in a Makati mall. Let me share with you her email.

Hi Dean Pax!

I’m coming home at last!! I’ll be there from 23rd-30th of March! Please grant my request to sit-in in your Entrep class! I can’t wait to attend your class once again! God is really good! By the end of spring the pre-school that I established three years ago is going to move in to a bigger place here in Japan to accommodate 100 students!

I learned that being good at something is not only the requirement to realize a dream. I have to build what is unseen. I have to create a vision. But it doesn’t end there. I must also have a willing heart, mind, body and soul to fulfil that dream.

I need to have a deeper compelling reason why I want to achieve such things and to know the real purpose of my existence. As I journeyed into entrepreneurship, I have to know my strengths and do something to overcome my weaknesses.

Most importantly is to praise how great my Maker is. I’m created in His own likeness. Like you (Dean Pax), He has called me to do something impossible to show His Glory. In short, Victory International Pre-school (VIP) was established to tell the world (especially to the Japanese about Jesus!). God has blessed me in return by pouring out His favor pressed down, shaken together running over! Sorry, I got carried away with so much joy. See you soon, Dean Pax!

-Schela

Wow! What a blessing to see a mentee like Schela barely five years after graduation to have journeyed into the three “S” of business. The harvest of an educator’s mission is attained when the mentee becomes successful or has exceeded his expectations. (This is even more true for us parents—when we see our children who are as good as or better than us in their life). I’d like to honour her by telling you her entrepreneurship journey.

Struggle

Balut

While at ESA, Michelle established a franchise of balut, or duck egg. Actually, she was both the first franchisee and ‘co-concept proponent’. She learned to work with the franchisor and was able to contribute to society by providing jobs for the employees of her two branches. For her early success, Michelle garnered the Entrepreneur for Society Award during her graduation for the nature of her business involved the retailing of a native industry such as balut vending.

Thinking that her balut vending business was a “quick success,” Michelle went to Japan right after graduation to help her mother run a Filipino store while remotely monitoring the balut business entrusted to the franchisor. The Filipino store was not doing very well since the Filipino community in Japan had decreased due to stricter laws implemented by the Japanese government on foreigners. She wanted to salvage her mother’s business.

She started to STRUGGLE to find out her true calling (balut vending, mom’s Filipino store or her own dream of a preschool). Michelle remembered our “Dean’s eulogy assignment” to write down how one wanted to be remembered when they die. She had written as part of her eulogy: “Michelle lived an amazing life that positively influenced young people. She was a great school master.”

Her Vision Prevailed

Being serious with her dream, she made a checklist on how to operationalize her pre-school: a) Knowledge and experience in the field of education in Japan; b) How to do business in Japan and the right business network; c) Ability to communicate in Japanese, at a business level; d) Capital for investment; e) Right heart, right reason, right drive.

In September 2007, she took on the job of working as a pre-school teacher in an international school. She discovered that teaching children was a very rewarding experience, as well as a good source of income. However, she also met a lot of STRUGGLES when she experienced discrimination because of her nationality and young age. Michelle recalled, “I dealt with this in a professional manner by speaking to my manager and co-teachers.

We came up with solutions such as an open day for parents to give them a chance to observe how I conducted my class. I re-designed my daily schedule that included 10 minutes of teacher parent time. Michelle reflected, “If life throws you lemons, make lemonade.”

More Struggles

Michelle resigned from the school because she had to go back to the Philippines to attend to a pressing problem with the franchisor of her balut retail business. The franchisor had sued her. After five difficult months of trial, she won the case, closed the business, and went back to Japan.

With her vision still focused, in September 2008, she found work at a public junior high school, where she acquired a broader view of and greater experience with the Japanese educational system. Teaching experience: check!

Michelle continued to pray to God for the right opportunity. And her prayers were answered when she met a person from Playgroup, a company that had the exclusive right to the “Creative Curriculum,” a popular childhood curriculum in the United States operating in Japan. She expressed an interest in franchising the school.

In the beginning, the president of the company expressed doubt because they had no experience dealing with a foreign investor. She was also the first gaijin (foreigner) to show interest in the business. Also, she did not speak business-level Japanese fluently, she was a woman, and she was too young.

But Michelle was undaunted and proceeded to write a letter of intent. The next day, the senior adviser of the company scheduled a meeting with her. He was impressed by her resume, how she understood the business terms in the contract, her good command of English and her comprehensive analysis of the selected market in Kasukabe City, Saitama Prefecture (using Dean’s napkin plan). How to do business + business network: check! She needed capital!

She had no money but remembered the advice that it was better to have a good business idea and not have money, versus a pot of gold but without any idea on what to do. Michelle found a lot of people willing to buy into her pre-school business idea. Family and friends supported her and allowed her to use their money to apply for a bank loan.

Applying for membership at the Chamber of Commerce accompanied by her banker was a trying, but memorable experience. Michelle persevered in her prayers and soon learned that her bank loan was approved. She was also accepted as a member of the Chamber of Commerce, having the distinction of being the youngest entrepreneur in the city. Capital for investment: check! Finally, Michelle enrolled in Japanese lessons. Japanese proficiency: check!

Onwards to Success

As she put up the school thru the various struggles she met, her SUCCESS with Victory International Pre- School (VIP) had a more solid foundation compared to the ‘quick win’ of balut vending. In order to sustain her pre-school business in a foreign land, Michelle hired a bilingual assistant manager to assist her, as well as Japanese and American pre-school teachers.

She truly has an international team with her. Michelle also launched into marketing campaigns to promote her school through billboards, newspaper inserts, posters, website advertising, and tie-ups with children’s shops and swimming pool facilities. This campaign has generated 100 students for this 2012 school-term!

More Than Just Success—Significance

Three "S" of Business

Michelle had ticked off every item in her checklist to build Victory International Pre-school. Furthermore, she also found her SIGNIFICANCE thru her school: To be a Kingdom builder. Michelle’s school vision is very simple.

It is found in Proverbs 22:6, “Train up a child in the way he should go, and when he is old, he will not turn from it.” Michelle said that she felt that the mission and significance for her existence was to prepare these pre-schoolers for life and to teach them about Jesus as the source of life.”

Michelle definitely has the Right heart, right reason, right drive to take her thru life’s STRUGGLES, SUCCESS, and SIGNIFICANCE. After all, Michelle’s dream really had three ‘S’ as well: Schela, a Schoolmaster in Saitama!

May God prosper you as you pursue your dreams thru the three ‘S!