Growth strategies for small entrepreneurs

GO NEGOSYO PILIPINAS

- ANGAT LAHAT! JOEY CONCEPCION

I am the eternal optimist. The latest reason is my third, and newest, grandchild, Emiliana Consuelo Concepcion Puno; Millie for short. It will have been a year and a month since my dad passed, so it's a kind of poignant reminder of life's renewal. Having a growing family needs faith in the future, and now I have more reasons.

Another reason is the increasing number of entrepreneurs seeking mentorship at our Go Negosyo events. I personally mentor during Go Negosyo events; it gives me a chance to get a feel of trends and the mood on the ground.

One young lady I mentored during our 3M on Wheels run in Cavite runs a 25-square meter kiosk in a small community mall where she rakes in seven-figure sales each month. What I found remarkable about this young entrepreneur was her understanding of what makes her product appealing.

Her cookies are baked on site. She purposely chose an open-air space so she can bake there and advertise her cookies through their freshly baked smell. She follows it up with attractive packaging, and then makes sure that her cookies deliver the taste that was promised by their sight and smell.

It's no wonder she ROI'ed in as short as six months. She is looking at opening more stores, but is understandably cautious. Expanding a business is a balancing act. Move too fast and you risk burning through your capital; move too slow and someone is bound to take your idea and run with it. Nevertheless, I told her that she has to move and expand.