Tag: Business

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Business Money Mindset

Dodong Cacanando’s Entrepreneur’s Journey To Fruitfulness

Last month, I had the chance to attend sir Dodong Cacanando’s seminar titled Entrepreneur’s Journey to Fruitfulness. It was a 5-week seminar conducted through Zoom online meetings every Saturday night.

Prior to this, I already bought and read all the 3 books of sir Dodong Cacando and watched over the many videos on his Youtube channel.

Sir Dodong is also an Engineer just like me. We think in similar ways. We analyze things in detail to find out how they work.

If you’re not familiar with the story of sir Dodong Cacanando, he is a former IT corporate guy who uprooted himself and his whole family to move to Bukidnon after “hearing a voice” tell him to go. In 20+ years, he built his farm called Moriah Farms from a barren land to now contain a thriving forest, a huge plantation of high-value crops like lettuce as well as a growing livestock of pigs, goats, sheep and more.

His core teachings is based on the belief that the bible can be used as a guide to doing business. His work as a farmer allowed him to study the ways of the plant, and how the same principles that help a plant become fruitful can also be applied to building a profitable business.

Today, I’d like to share with you a few of the things I learned from his seminar.

Right definition will result to correct actions

One of the things that sir Dodong emphasized was the importance of really understanding what entrepreneurship is.

Today, some of those who teach entrepreneurship do not even have a single business in their name. They have been trained in theories. They lack real-world experience. How can you teach something you have not done so yourself? Unfortunately, most of the great entrepreneurs don’t have time to teach you. They are too busy running their own businesses.

A lot of people are confused nowadays. They think entrepreneurship is all about taking a huge financial risk for a potential profit. That’s what most books say. This idea is incomplete. According to sir Dodong, the word “Entrepreneur” comes from the French word “Entreprende,” meaning “to undertake, to manage or to take care of.” To take care of what exactly? To take care of what you have already.

This is one of the foundational pieces that I learned from sir Dodong’s seminar.

Often, we look for “greener” pasteurs. We think our job sucks so we look for other jobs to apply to. We think our business is too stressful, so we look for other opportunities that are “easier.”

The reality of business, is that there’s no “easier” business. All businesses require hard work and dedication. Nothing can replace that.

This reminds me of the saying, “the grass is greener, where you water it.”

It is not wrong to aspire for greater things, but you have to start somewhere. And that somewhere is where you are right now. Start with what you have, what you know, what you can do of the things in front of you.

Business can only grow with a problem

If you’re like me, I hate dealing with problems, especially when it comes to people. I’d rather stay in my corner and mind my own business. Unfortunately, when you are in business, you will always have to deal with other people whether you like it or not. They are your customers, suppliers, employees, fans, bashers, and more.

The good news is that every problem brings with it an opportunity. Dealing with the problem yourself gives you the chance to convert the knowledge and experience you gained on how you solved it into an ability. Your ability, may it be in a form of a new skill or a new improved character, is like unlocking a new superpower!

Opportunities come to those who are ready.

This is one of the things that struck me. I used to think that we should look for opportunities. You don’t like your job? Go and apply somewhere else. You don’t like your boss? Go and find another boss. Your business is not working? Find another business. Perhaps, your new job, or new boss or your new business will finally work.

The sad truth is that it will not solve your problem. As the saying goes, “things don’t work unless you do.” The thing in common is you. The things you look at will only change, when you change how you look at those things. Perhaps, you thought you were scolded by your boss because he hates you. But, maybe he sees potential in you and training you to become his successor. Isn’t the same job you prayed for fervently some time ago, the same job you hate right now? What changed?

In the past few weeks, the situation in our country has improved and the economy is slowly trying to get back up. Most of the restrictions are now being relaxed. A lot of people are now going out. Even traffic on EDSA is back! I’d take the problem of traffic any day instead of dealing with the COVID pandemic.

Businesses are hopeful that they too will be able to recover. More and more are allowed to operate. I’m hoping it continues to improve. I am praying your situation continues improve. We all need the good news that we can get. Cheers!

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Business Life Lessons Money Mindset Passive Income Personal Finance

Passive Income Opportunity Myths & Realities: How to Spot a Scam

The idea of a passive income attracts a lot of people mainly because it promises to earn you money while doing little or no work at all.  Some even think of having a passive income stream as an opportunity of a lifetime.  Who wouldn’t want to earn money while you sleep?  Who wouldn’t want to make money the easy way?  Who wouldn’t want to sit comfortably on the beach, drinking a glass of your favorite drink while your “passive stream of income” works hard to make money for you.

That is the dream, right?

 

What is passive income?

Passive income is the residual income you receive from rental properties, royalties from your books, licensing income from your businesses, etc.  This income is passive because it supposed to be earned with little or no work required from you at all.

While passive income promises a lot of things, it is NOT without a price.  Identifying the myths & realities of a passive income opportunity allows you to spot if it’s an opportunity of a lifetime or a total scam.

 

Myth: Little or no work at all

Reality: A lot of upfront work

 

The most common myth about a passive income opportunity is the allure of not having to work at all while money keeps coming to you.  While this may be true at some point, it is NOT the complete picture.  In most cases, the reality is that setting up these passive streams of income requires a LOT of hard work especially in the beginning.

Real Estate

One of the most common examples of a passive income is rental income from tenants through real-estate properties.  To some degree, it is a passive income. But still not purely 100%. If you are the one managing the property, you have to worry about maintaining the property and possibly fixing toilets in the middle of the night. 🙂  If you do hire a real-estate managing company, then you would need to make sure they do  their job and worth more than you’re paying them.  Otherwise, you stand to lose more compared to running the business on your own.

Business

Ask any employee what they plan to do after retirement.  Most of them will answer that they want to go into business because “finally” they have enough capital to do so.  Unfortunately, it could be the riskiest move they will ever make.  The odds are against them.  Statistics say that 9 out of 10 businesses fail in the first 5 years.  Few do make it.  Others are forced to go back into employment.  The rest are content to live a “cheaper” lifestyle and forego their dreams.

Running a business needs your time and attention.  It demands your focus.  For that reason, it is not a passive income until you’re able to setup your business systems.  Setting up these systems will demand your hard work, your patience, not to mention your time and money.

If you’re able to set these systems up properly and hire a great CEO to run your business, only then can you let the system work for you and allow it to give you a steady stream of passive stream income.

However, if you setup the wrong system, especially if the system requires you to be the one managing the property, you will end up having a job instead of a sustainable business system.

 

Myth: You need a lot of money

Reality: Having money is not a guarantee

 

Some people think that building systems to create passive income requires a lot of money.  The reality is that successful entrepreneurs are not hindered by the lack of money in setting up their business systems.  They even use it as an inspiration to be more creative in selling their ideas to potential investors and partners.

While having money is an asset to a savvy entrepreneur, it is actually a liability for someone who doesn’t know what he is doing.  A lot of money in the beginning for an inexperienced businessman can be a hindrance to his success.  With money readily available, a frustrated and inexperienced entrepreneur can just throw away money at any problem that comes his way.

This is hardly the way to set up a business system.  It will only make the problem worse because the real problem is not identified and fixed, hence, the system does not improve.  All it does is throwing money down the drain.

In the end, money is an asset or a liability depending on how a person makes use of it.

 

Myth: Setting up a passive income stream is very hard

Reality: Setting up a passive income stream can be learned

 

While setting up a passive income requires a lot of work especially in the beginning, it certainly is not limited only to hardworking individuals.  Sometimes, not wanting to work hard can also be your asset as it forces you to think of ways to setup the business without you having to work for it.

You can choose to hire hardworking employees to do the work for you.  You can spend your time learning and figuring out how to set up efficient systems.  You can concentrate on the 20% of things you do that brings in 80% of your output and delegate all the rest.

Doing any of these things allows you to leverage your business system to complement your employees’ strengths and provide more high-value offerings without necessarily doing the work yourself.

Internet

In this day and age of living in the information superhighway, it is now easier for someone to be in business. With access to the internet, someone working at home can setup a blog or sell stuffs through ebay, amazon, or other online stores.  While this requires you to learn how internet businesses and marketing works, you can certainly hire someone to do it for you if you really don’t want to be involved in the technical details.

Making money online is such a popular dream for many of us.  The reality is, it is also NOT for everyone. It requires a lot of learning, patience and self-discipline to make the system work.  As with any brick-and-mortar business, it also needs your skills, time and attention.  It demands your focus and unrelenting desire to give more.  And with more and more clutter competing for your customers’ attention, there’s no other way to serve but to stand out and give your customer ALL you’ve got.

 

Demystifying the myths of building a passive income stream is only the first step of a lifelong journey.  The only way for you to learn how to build these systems, is to do it yourself, always remembering that something worth doing, is worth doing well.

In the same way that an overnight success is actually a culmination of a decade long history of working hard, building passive income streams is a journey laden with challenges and opportunities.

In the end even though creating passive income may be an opportunity of a lifetime, it is still up to YOU to make it happen.

 

P.S. CLICK HERE to email me if you would like to learn a legitimate, legal, low-capital investment with huge passive income potential.

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Business Life Lessons

5 Powerful Business Secrets Revealed from Playing the Facebook App Restaurant City

Have you ever played Restaurant City in Facebook? If yes, you might have been staring at powerful business secrets all this time! If not, then this is your chance to discover the 5 powerful business secrets hidden in this popular online social game as they are finally revealed to you!

What is Restaurant City?

Restaurant City is a popular online social game in Facebook.  Your goal as a player is to build your own restaurant.   It is both fun and addicting.  While playing the game, I discovered 5 powerful business secrets that when applied and done right, you not only win in Restaurant City, you also win in real-life!

Here are 5 powerful business secrets revealed from playing the Facebook App Restaurant City!

Secret #1:  Start small…dream BIG!
When you start playing Restaurant City, you are given a small space, enough to setup a few tables and hire a cook and a waiter.  Everyone playing the game starts at the same place – small.  When you think about it, this is actually closer to real life than it seems.  Billionaire tycoons we look up to today started from small beginnings.  Henry Sy, the richest man in the Philippines according to Forbes’ list, started with a small footwear store decades ago.  Now, he owns the biggest and most frequented malls in the Philippines.  Jollibee, the proud Filipino burger icon, started as a small ice cream parlor. Everyone starts at the same place.  It is up to you to dream and make it BIG!

Secret #2:  Delight your customers!
In the online game Restaurant City, when your customer is delighted, he will give up a thumbs up sign and your customer satisfaction level goes up.  If the customer is dissatisfied due to late service, no available chair, or no comfort room, he will give a thumbs down sign.

The more thumbs up signs you get, the higher your customer satisfaction level will be, and the more people will come to your restaurant.  The same applies to real-life.  The more people you delight with great product and service, the more people will come to you and pay you to delight them again and again.  Because they are so delighted, they will share their experience with their friends and invite them along the next time they want you to delight them one more time.  The key is to delight your customers each and every time they come to you.

Secret #3:  Take care of your people!
In the online game Restaurant City, each of your employees has its own energy level.  When your employee cooks a meal, waits tables, or cleans up the restaurant, he consumes energy and his energy level goes down.  Once your employee’s energy level is depleted, your business goes down as well.

To resolve this, you have to restore the energy of your employees by doing any of the following: 1) buy a sandwich so your employee can have a quick bite, 2) buy drinks for your employee, 3) buy a full meal for your employee to eat or 4) have your employee rest or sleep.

In real-life, you can also do the same things.  Aside from these four ideas, you can also pay them well, care for their well-being, train them and let them grow with you.  The key is to really care for your people.  As Abraham Lincoln, aptly described,

“If you would win a man to your cause, first convince him that you are his sincere friend. Therein is a drop of honey that catches his heart, which, say what you will, is the great high-road to his reason, and which, when once gained, you will find but little trouble in convincing his judgment of the justice of your cause.”

Secret #4:  Grow and expand!
Maximize the arrangement of your tables to serve more customers better and faster! Offer more appetizing food to level up and earn more money!  Hire more employees! These are some of the strategies in playing Restaurant City to grow and expand your restaurant faster!  This is the exciting part because you learn to optimize everything you have.  You learn to waste nothing.

As you become more efficient with your operations, your money will also grow exponentially. In real-life, some people utilize the concept of franchising to expand their business.  Others offer the same excellent service to a different location.  While the rest just simply build a larger grocery store, or a mall with annex, or a wider selection of goods.  These strategies will take you to the next level and take your small business into something BIG.

Secret #5:  Celebrate your own style!
In the online game Restaurant City, you earn money every time you serve a meal to your customers.  Once your restaurant is big enough, more money is coming to you than you can ever expect to spend.  At first, it is both exciting and a cause for celebration!  But after a while, it starts to become boring. When this happens, your focus changes from “growing your business” to “showcasing your own style”.  Buy a new set of furniture! Decorate and re-arrange your restaurant! Put your name on it.  Paint it with your favorite colors!  Have fun!  Enjoy!

In real-life, some people buy “new cars” or a “new house” to celebrate and enjoy!  Others, just continue to grow but look for other exciting opportunities to keep their hunger alive!  While the really blessed ones gain satisfaction in utilizing their growing business to serve and bless more people.  They donate to charities.  They create a foundation to help bring opportunities to less fortunate people.  They share their success secrets to inspire other people to achieve even more. As Bo Sanchez aptly puts it, “the ultimate purpose of money is to serve other people.”

You’ve just learned 5 powerful business secrets you can readily apply to grow and expand your business! Go out and play the game of life!

Categories
Business Life Lessons Money Mindset Personal Finance

Building Rich Money Habits 101: My personal finance story

I have always thought there’s only one formula in making money.  That is work hard and at the end of each month, you get your paycheck.  Growing up in a family of farmers, I have seen what working hard really means.  I’ve experienced waking up early in the morning, go to the farm, plant or harvest rice until the sun sets in.  When you go home after a long day of working, the aching muscles says it all.  It is HARD work.  I’ve learned from my parents that if you want to have some money, you have to work  for it.  Often times, I’d go along with my mom to harvest tobacco leaves from a nearby town, and afterwards, she’d pay me for how much I was able to harvest.  That’s always been my training in terms of making money.  That was my first money habit – work to earn.

When I was in College, I wanted very much to help my parents pay for my education.  I was fortunate to have been granted a full scholarship, so that took care of the tuition.  Even then, making money from a far away province, and spending it in the most expensive city in the country is no easy task.  It is an uphill battle similar to walking up to a going down escalator.  So in my own little way, I also tried to make money by applying as student assistant to one of the university’s projects.  It doesn’t pay much since it is a government project but enough to pay some of my daily expenses and grow my confidence.

After graduating, I immediately started work as a mainframe programmer for a multinational IT company.  The offer I got then was around 16,000 pesos which was BIG money then for someone who’s fresh out of college and don’t have much working experience.  I worked very hard and was fortunate enough to be promoted almost every year.

As my paycheck increased, my appetite for consumption also increased.  I bought a refrigerator, a washing machine, gas stove, shoes, etc, ALL at the same time, EVEN when I didn’t have the money to pay for it.  I just used my new credit card!  That’s when my debt started to pile up.  The “easy” monthly payments never lived up to its promise.  No monthly payment was easy, especially when you only have your paycheck to rely on.  As my debt seemingly increased every month, I also had to worry about paying my monthly house rental, buying groceries, eating out with friends, and more.  There were times I was so out of money I even had to do “cash advance” on my credit card.  As some of you might know, you get to pay a hefty “fee” for doing a cash advance.  This is on top of the amount of money you actually “advanced”.  My already big debt, ballooned even more!  I was so ashamed of having to do cash advance, I promised right there and then, I had to pay for my debt no matter what.  It was like a having compound interest working against me.  I had to learn how money works.  I had to figure it out no matter what.  I had no choice.

While pondering my huge debt, I tried to look for ways to earn more money.  I tried doing some programming projects for friends.  I even entered the world of network marketing, tried selling wellness products and failed miserably.  I remember that my only “downlines” (a term indicating those you’ve recruited into the business) was my mother, my aunt, and a few of my friends.  It was a learning experience.  The thing that struck me most, was that my “need” for money, was being transferred to my “clients”, without me being conscious of it.  It was hard “selling” something you don’t 100% believe in and it’s even harder when your motivation is “making” more money without necessarily helping other people.  I think this mindset barrier is one of the reasons why I was not able to make it work.  Everyday, I had to battle with myself.  Am I here to really help other people?  Or is it just because of the money?

One time, while me and my friends were hanging out at a bookstore, I saw the book Rich Dad, Poor Dad by Robert Kiyosaki.  I heard my friend say it’s a great book, so I bought it, took it home and devoured the stories and financial lessons in the book.   The book opened my eyes to the world of money I never knew existed before.  That’s when I realized that the rich have different sets of money habits from the poor and the middle class.  For the first time, it finally made sense why I can’t seem to be making a dent on my credit card debt; why I can’t seem to sell anything at all.  Because I had the wrong money habits.  I had to learn rich money habits to achieve financial freedom.

After that, it got me excited to learn more about money. First, I signed-up for our company’s savings plan.  I started really small. At first, only about 2% of my paycheck is automatically deducted and kept under my savings account.  I don’t even get to hold the money.  After a month, I increased it to 5%, then to 10%. After a year of saving, I was able to set aside 20% of my paycheck without necessarily scrimping myself too much.  That was rich money habit #1 – pay yourself first.

With the savings, I had, I was able to pay my debt slowly buy surely.  More than that, it gave me confidence to know that I can do it, with the proper discipline and rich money habit.  When the opportunity came for me to be assigned to the US for a 6-month stint in my company, I was able to save even more and pay-off the rest of my credit card debt. That was rich money habit #2 – get out of bad debt as soon as possible!

I also started to take serious notice of the numerous calls I got from insurance agents offering life insurance.  Before, I would always make up numerous excuses just to avoid talking to them.  But now, I wanted to know more how I can use the different insurance products to protect myself and my family.  I also started reading more on business, money, investing and personal finance.  After a few years, I managed to save up for an emergency fund.  That’s rich money habit #3 – Get some protection!

I’m still a long way to go from financial freedom.  That is my goal.  I am in the process of learning how to build passive and semi-passive income, and I am loving every minute of it.  In this website, I will share whatever I learned so that you too can build your own rich money habits and ensure your financial success and freedom!

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Bonds Business Investing Money Mindset Personal Finance Stocks Truly Rich Club

Bo Sanchez's Truly Rich Financial Coaching Program (Day 1)

Last Friday and Saturday, my wife and I attended Bo Sanchez’s Truly Rich Financial Coaching Program.  The event is a two-day seminar showcasing financial lessons and tips from Bo Sanchez and his mentors on business, real-estate, stocks, mutual funds and internet marketing. In this 2-part series, I will try to share what I’ve personally learned from the seminar. This is part 1 which includes the insights I’ve learned during the first day of the coaching program.

The ARRIVAL

“The journey of a thousand miles begins with a single step.” – Confucius

We arrived at Valle Verde Country Club around 2pm Friday.  We were actually late because we came all the way from Makati and we still had to drop by our house in Mandaluyong, have lunch and take a taxi going to the venue.

When we arrived, the seminar already started.  We were just in time for the first talk of the day.  Thanks to the small note outside the room and a little luck, we managed to find which room the seminar was being held.   The funny thing was, we actually arrived at around the same time as the first speaker.  When the speaker entered the door, we took a quick peek inside and saw that the organizers and the other participants were already inside the room.  We registered right away, took our seats, settled down and prepared ourselves for a very exciting and interesting financial coaching seminar.

Online Stocks Investing

The first speaker was Juan ‘Juanis’ Barredo, the VP of CitisecOnline, which is an online stock brokerage firm in the Philippines.  He has 18 years of experience in the stock market.  What struck me about Juanis is the way he spoke very fluent English.  I thought – “this guy can speak!”.  The way he captures the right words to explain the most intricate subject of stock investing is excellent.

One of the first things I learned from his talk is that less than 1% of the Philippine population invests in the stock market.  Which is really very small compared to other countries like US, Hong Kong, and even for our neighboring countries such as Indonesia.  In the US, even cab drivers invest in the stock market.

The main idea of stock investing is – you buy “shares” of a company to become a part-owner.  That means you are actually investing on a business.  Just like in business, one of the strategies used to gain a profit is to buy “low”, then sell “high”.  The tricky thing about stocks is how to know if the company’s shares are being sold “low” or “high”.  Is it based on the “market price”?  Or is it based on the “actual value” computed from analysis of the company’s earnings and performance?  Or is it both?

I realized that investing in the stock market is a lot like buying a pair of jeans on sale.  How do you know if it’s on sale?  First, you need to know, how much is it truly worth?  That is, how much is it really selling for when it’s not on sale?  For jeans, usually it’s around 1,000 to 2,000 pesos.  Of course, you can buy cheaper jeans from Divisoria, or more high-end jeans from branded stores.  So if they say it’s 70% off, they’re selling the 1000 peso worth jeans for only 300 pesos.  Would you buy?  If it fits and you like it, why not?!  The same is true with stocks.  When a share of the company is worth 1000 pesos and they are selling it for 300 pesos only, would you buy?  If you like the company, and based on your analysis it is really worth 1000 pesos, why not?  Among other things, it should also fit you.  Is the company something you want to be involved in?  Do you and those people running the company share the same core values?  If you have all the money in the world, would you build the same business?

During the seminar, I asked Juanis which companies he personally invests in. Many people in the room laughed. I’m guessing because it’s a familiar territory almost similar to asking your classmate what the correct answer to a question on your exam is.  The main reason I asked is because I wanted to know if he is practicing what he is saying.  To me, more than the information that he shares, it’s the integrity he exudes that really matters.  When he shared what he personally invests in without hesitation, I knew he was someone who really walks his talk.

Business is about relationships

The second speaker was actually the owner of CitisecOnline. His name is Edward Lee.  Actually, I already saw him in one of Bo Sanchez’s videos for Truly Rich Club.  When I spoke to Bo during one of the coffer breaks, I said it was kind of surreal to be able to actually see some of the guys in person, where before we only saw them from the DVDs that we received as a member of Truly Rich Club.

Edward Lee has a very long track record of business success and he shared with us some of the key things he learned as an entrepreneur.  What struck me was that here was a man who’s very successful and wealthy.  But when he speaks, you can see the integrity and passion in his voice.  He’s really excited in sharing the lessons that he learned, occasionally sharing  some personal stories from which he derived most of his business success.

One very important thing I learned from him is that – business is all about relationships.  It’s building relationships with your people, your customers, and your suppliers.  As Bo mentioned later, “you buy from your friend”.  Upon reflection, I realized that “yes, I am like everyone else, I really buy from my friends.”  When I want to know something, I ask my friends.  When there’s something I want to buy, I try to find out who from my friends are into that business.

I realized we are just one piece of a big puzzle.  We do our share.  When we buy from our friends, what we’re really doing is sharing what we have to the world.  It’s the same thing when we sell.  Because we address a problem that our friends are facing, we’re making their life a little bit easier.

Business is about Integrity

The second thing I learned from Edward is that it’s very important to be very trustworthy and keep your word.  Even if it losses you money.  Even if it costs an arm or a leg.  This is a core value that rings very close to my heart.   I like to deal with those I trust.  I realized that when I don’t really believe in something, I hesitate to share it to my friends.  I am a silent man, but when I share, I want to make sure it is something my friends will benefit.  More than the money, it’s because they are my friends.  Friends look out for each other.  We want the best for them. Isn’t it great to give and be able to share something valuable with your friends?

Real Estate

The third speaker was Larry Gamboa, the author of Think Rich Pinoy.  He shared about the idea of franchising in the world of real estate.  Perhaps because it was something new and still in its infancy, I had a hard time following where the talk was going.  I guess because it is something that was still in the works, it was also hard for him to explain.  What I appreciated about him is that he realizes what people are going through.   He recommends learning while also earning at the same time to shorten the gap between dreaming and execution.

Internet Marketing part 1

Bo also shared some tips on internet marketing.  He mentioned that Kerygmafamily.com is making money through donations, all through the power of the internet and marketing. The website is actually making lots of money from those donations which all goes to the many programs that Bo is organizing to help those in need like the Anawim – a place for abandoned elderly, or the charity that aims to help pregnant women.  This is a very good example of showing that the ultimate purpose of money is to help and love other people.

This is only day 1 but there were already so many things I’ve learned. Watch out for the part 2 of this blog post where I’ll share personal insights I’ve learned from day 2 of the Truly Rich Financial Coaching Program.

Do you like to attend Bo’s Truly Rich financial seminars but you are based outside the Philippines? Here’s your chance!

Join the Truly Rich Club!
Join the Truly Rich Club