B2B: The Easier and Faster Way to Make a Profit

The success of B2B start-ups demonstrates that it's easier to make a profit helping businesses as compared to consumer tech start-ups that rely on millions of users to make a fortune.  The article from Inc. magazine's October 2013 issue helps you visualize this success phenomenon by citing companies, such as Synapp.io, which is a B2B company that has become profitable with only 6 employees and 1,000 paying customers.  Likewise, Firefly co-founder Dan Schipper states that in some cases, you only need to sign up 10 or 100 companies to make your business viable.  Read full article on p.24 of Inc. magazine, 2013.

Women Are Spending, $20 Trillion Worldwide

It's worth taking seriously women's buying power today.  In the U.S. alone, women 

are responsible for $3.3 trillion in consumer spending, 80% of household buying, more than 50% of the wealth in the U.S., 62% of all car purchases and more than 50% of all business trips.  Here is a list of agencies in the U.S. that specialize in marketing to women:  http://www.thenextwomen.com/2008/10/02/list-of-marketing-to-women-agencys
In an Inc. magazine article, the Boston Consulting Group reported the that women are better than men in the following areas:  1.  in higher education , 2) in starting new businesses, 3) in earning power, and 4) in using Twitter  and Facebook.  Read the details on page 80 of Inc., April 2014.  Jennifer Alsever, the author of the article about how not to market to women, suggest ways to better market to women:  1.  Do not stereotype women.   2. Embrace the sentiments of women through your female customers, employees, and investors.  3. Put women in charge.  

Sell Your Product in Foreign Markets

There's an unexpected turn in the economy of Michigan -- one that is impressive.  Based on current findings, Michigan-based companies are five times more likely to be in the exporting business than the total of 30 million companies across the U.S.  This nice turn of events has been driven by the state's efforts in "enabling global connections."  To reach this goal, the Michigan Economic Development Corporation (MEDC) opened offices in Brazil, Canada, China and Mexico in order to build connections outside the U.S.  In addition, the Michigan State Export Trade Program was established for Michigan business in order to "offer assistance and grants for marketing, access to trade shows, and other export-related purposes" (p. 62, Inc. magazine, April 2014).  MEDC's Business Program also serves to connect Michigan-based companies to other businesses in the state as well as outside of the state.  There are two big corporations in Michigan, like Chrysler and Ford, that can do business with you if you are in the state.  But the program also connects Michigan-based companies to businesses outside of the state, such as Boeing and military contractor ManTech.  Read full article in Inc. magazine, p.62, April 2014.

Winemaking?

photo:  scienceinshort.wordpress.com

Are you interested in winemaking?  There's a small city in Washington state in the U.S. that offers a two-year wine program at Walla Walla Community College.  The college's center for Enology and Viticulture opened it's doors to wine students in 2003.  The number of students enrolled in the program is usually 30.  Students learn about crushing and grape selection, growing, harvesting, fermenting, barreling, blending and marketing.  When the course is completed, the students receive two internationally recognized certificates in viticulture and in enology.  Read more about it in Inc. magazine, p.60, April 2014.  In the U.S., there are some recommended winemaking schools in this list http://www.collegexpress.com/lists/list/colleges-with-notable-wine-making-programs/237/

A Hint About Money for Your Business

photo:  rainbowscuba.com

Getting investors for your business might be problematic because:

"Sometimes, money just hides the real problems..." in which case, the money will be wasted.  Also, looking for investors is time consuming, taking away valuable time from strengthening the foundation of your business.  And you can't ever be quite comfortable with taking money from investors.  It may bother you that you have to answer to somebody else each time you spend.  Without an outside investor, your experience could be less painful when you fail, you can move faster, and you can make decisions on your own.

Read the full article, Money Is Overrated, in INC. magazine, p.18, April 2014.

How To Promote

photo:  gulfnews.com

I found a very useful youtube video called How To Promote Your Blog for Free -- ways to use social media for any business, not just blogs.  Advise on when and when not to use your personal facebook or twitter account.  Here is the link https://www.youtube.com/watch?v=QkQIdUQJxtM

Opportunities in the Philippines

photo:  aqua-sport.com

My friend has a resource blog for Filipinos; or for immigrants in the U.S. or in other countries.  The blog invites immigrants to invest in their countries of origin.  You can learn about importing/exporting, financing, government resources -- all to attract you to invest in an easy way.  Visit the blog http://emdensingjr.wordpress.com/2011/02/22/available-financing-for-business/

How Rwanda's Only Ice Cream Shop Challenges Cultural Taboos

photo:  Lex Fletcher/Courtesy of LIRO Films

It was a way for women to get some income, in a society where drummers are males only, until now.  Read full article here:

http://www.npr.org/blogs/parallels/2014/04/10/301414587/how-rwandas-only-ice-cream-shop-challenges-cultural-taboos

Getting Rich from Bangus (Milkfish)

photo:  bayboatrentalslb.com

A former teacher, who went to work in Dubai as a hospital clerk, returned to the Philippines and discovered that she could make an excellent living selling bangus.  She started with only 20 pieces of fish, and then the business just grew and grew.  Read the full article here:  http://www.abs-cbnnews.com/business/04/12/14/how-pinay-ex-teacher-became-rich-bangus#.U0qV82snCGo.facebook

Examples of Social Media Promos that Succeeded
1.  Moe's Southwest Grill -- exploded watermelon, light bulb, etc, in microwave.  The video was a hit.
2.  Taco Bell and Old Spice had a combat conversation on Twitter.
3.  Website showing how a photographer primped and prepped a Quarter Pounder with Cheese for a McDonald's photo shoot.  The video was a hit.
4.  Dunkin Donuts' website showed the different varieties of donuts, like mochi-ring, Korean banana, Thai chicken-and-chile, etc.
5.  7-Eleven customers got to choose red or blue coffee cups to show their vote for Democrat or Republican during election time.
6.  Supercuts enlisted musicians in cities across the U.S. to talk about Supercuts on their social media accounts, reaching a total of more than 6.5 million fans.
7.  At Red Mango's facebook page, customers can suggest different flavors.
For full article, read p.132 of Entrepreneur, Jan 2013.

Get advice 

photo:  emergeintoyou.com

...seek out Entrepreneurs' Organization at http://www.eonetwork.org/Pages/welcome.aspx   for advice, if you are just starting out.  Ask all the questions you want.  They're supposed to be a good resource according to a succesful entrepreneur feature on p.123, Entrepreneur, Jan 2013.

Online Microlenders
"Kabbage is one of several online microlenders that offer short-term capital to young businesses."  (p.74, Entrepreneur, January 2013).  You can borrow $5,000, $10,000, $15,000, $40,000, $60,000.  

In addition, the SBA microlender program is a good source, so look up your local office or go to their website.  Read about SBA here:   http://www.ibj.com/microlenders-aim-to-help-businesses-grow-survive/PARAMS/article/38837

There is a top 10 list of microlenders from CNN but it's sort of dated but may still be useful.  http://money.cnn.com/galleries/2011/smallbusiness/1107/gallery.top_microfinance_companies/

Used Furniture
If you are short on funds, you can buy used furniture for your store or office at Tradein.com (p.66, Entrepreneur, Jan 2013).

Small Budget

photo:  en.wikipedia.org

Opportunity Fund is a nonprofit microlender, if you just need a small amount to borrow, like $1,000 or $10,000.  Opportunity Fund collects only when a debit or credit card is swiped for purchase of an item from your store.  (p.64, Entrepreneur, January 2013)

Business in "smaller" Economies

photo:  avorodisa.hubpages.com

Endeavor is a company that helps entrepreneurs in less developed countries, like my Philippines for example, or the example of Argentina in the mag (Entrepreneur p. 54, January 2013).  The company Endeavor provides venture capital, role models, "and supports them through intense mentoring."  If you know an entrepreneur that you can highly recommend, I suggest you contact the company.  Endeavor was inspired by the non-profit organization, Ashoka, that supports social entrepreneurs.

Don't be Afraid

photo:  en.wikipedia.org

First things first.  Don't be afraid of failure, according to the article Falling Upward that I read in Entrepreneur mag.  Failure, it says, is a blessing in disguise.  So don't be afraid of trying new ways of doing business that have no guarantee of success.  (Entrepreneur, p. 36, January 2013)

photo:  wuky.org

Introducing the blog I Like Business Wannabe

I've always been a wannabe when it came to entrepreneurship.  I feel like being a business person were a challenge to my talents and skills as an intelligent Filipino-American woman.  So I had the idea of starting a blog that was akin to my former job at American Express.  At the time, I had to prepare a daily newsletter that was called the Executive Briefing Project.  This time, you people, are my executives who need information about starting a business, but put in very succinct 2-liners.  The information will be useful hints for people who are afraid to get started because there are a million questions to be answered in the head.  The idea started when I began reading a copy of Entrepreneur magazine (January 2013).  Business owners spoke about how their small businesses unfolded, and gave advice and tips that I think will make people less unafraid and confident.  It is my hope that this blog will guide you on your journey of entrepreneurship.

This blog is for wannabes who are totally non-savvy when it comes to business, but would like to try out our luck selling a service or product, anyway, because it sounds like fun -- even though at the back of our head, we know that business requires a lot of work.  But we want to try anyway.  So I made the advice short and sweet and easy to understand.  Most of the early info are picked from the magazine Entrepreneur, so I highly recommend that you pick up a copy of Entrepreneur magazine, and start reading it.  It's a great magazine.  And I'm not being paid to say that.

Good luck, and if you have any suggestions about topics, or any questions you need answered, just let me know, and I'll do my best to answer.