The idea of owning your own business has always been an enticing prospect for many Filipinos. In fact, a 2023 survey conducted by a local firm found that 78% of Pinoys aspire to become entrepreneurs. It’s easy to imagine why this would be the case. After all, having your own business means having full control of your schedule and essentially being your own boss.
That being said, starting your own business is no easy task. Not only would you need the capital to do so, you’ll also have to cultivate the right mindset so you can guide your business through thick and thin. If you want to be an entrepreneur in the future, then here are some habits you should start building now to set you on the right path.
Managing Your Finances Responsibly
A huge chunk of running a business will be about managing your finances. This includes gathering the capital needed to buy supplies or equipment, earning enough to both cover daily expenses and generate profits, and saving up funds to eventually back into your business. If you don’t know the first thing about money management, then any business you may wish to start in the future will just fall into dire straits.
Therefore, strive to build good financial management habits as early as possible. Start by setting and following a realistic budget, as well as keeping good track of your income and expenses.
Open a savings account where you can set aside money for future investments or emergencies. If you don’t have a savings account yet, an excellent way to get started is through a digital bank. They’re much more convenient to monitor through an app, while also promising better gains than traditional banks.
Maya Savings, for instance, can give you a base rate of 3.5% interest p.a. that can increase up to 15% when you use your Maya wallet to make purchases or pay bills. By learning how to manage your finances more closely, you also become more aware of your financial capacity and the opportunities available for it to grow.
Setting Clear Goals
Knowing how to set specific goals is a vital trait for any entrepreneur. Train yourself to always set clear goals with your finances, as well as in other aspects of your life. Learning a new language? Then pinpoint a specific level of fluency to shoot for. Want to travel abroad? Look up the total expenses beforehand so you’ll know how much you should save to afford the trip.
Relating this to money management, you can get into the habit of goal setting and proper fund allocation through Maya Personal Goals. This savings product from Maya lets you create up to five separate “envelopes” for distinct goals. You can place money in each account, where it can earn interest at a rate that’s higher than traditional banks.
These mindset and practices can benefit you greatly as an entrepreneur, putting you in a better position to lead your business in the right direction.
Embracing Opportunities for Growth
In connection with the previous point, you should also learn how to embrace the growth mindset. This is the belief that what you currently have now—from resources to your abilities—can be improved upon through effort and persistence. There’s also an emphasis given on how challenges and hardships aren’t setbacks but, rather, opportunities that can spur your growth. Running a business isn’t always going to be smooth sailing. Being your own boss, as glamorous as it may sound, can get highly stressful. The persistence and resilience that come from having a growth mindset are what will empower you to weather those bad days.
Getting into the habit of a growth mindset is a must for any aspiring entrepreneur like yourself as it opens up many opportunities for your future business to grow and expand. Moreover, this teaches you how to quickly adapt to challenges and view them from a learning perspective. You can then tackle them head-on rather than lose heart at the first sign of a hurdle.
Building Your Network
Building your network is more than just being friendly at social events. It also means actively seeking out mentors or peers who you can collaborate with for mutual growth. Get into the habit of striking up conversations and working on being comfortable in presenting yourself to others. Not only does it help you improve your communication skills, it also helps you build a strong network of people who could potentially become partners or customers of your future business.
Remember that being an entrepreneur isn’t a solitary venture—even if you start off alone, you’d still have to collaborate with suppliers, customers, and would-be investors. As such, building the habit of connecting with people and cultivating professional relationships can serve you well in the long run.
Keeping Yourself Fit and Healthy
They may seem like it’s not directly connected to running a business, but exercising, eating a balanced diet, and taking care of your mental health are just as important in becoming an entrepreneur. A healthy body and sound mind allow you to attend to your business’s needs with full attention. Being healthy also makes you more productive, as it allows you to tackle tasks with focus and mental clarity.
Reading Regularly
Last but not least, make reading a habit. This doesn’t only mean books, but also newspapers, online articles, and informational blog posts. The material you’re reading also doesn’t have to be about entrepreneurship only. Just the simple act of reading worthwhile material can enrich your mind to become more creative and innovative, which can then influence the way you think as a future business owner.
Becoming an entrepreneur requires building habits that can help you gain the right mindset in running a business and to keep up with the challenges that come with it. The ones listed in this article can be a good starting point for which habits you should nurture. This way, once you’ve fully decided on becoming an entrepreneur, you’ll find yourself fully prepared to take on that new chapter in your life.