Entrepreneurship has become such a multi-faceted concept that young firms, after swimming in a pool of countless business seminars, tend to forget that the blocks they need to strengthen a company are the same ones they used to build it.
In the forum ÒEmpowering SMEs for Global CompetitivenessÓ held at the Century Park Hotel on March 12, John Moore, project consultant of Envirofit Philippines, along with a roster of industry experts, discussed how small and medium enterprises can use the Geneva-developed Business Management System (BMS) system to improve their management structure.
BMS, a back-to-basics approach to running an enterprise, wants firms to imagine themselves operating in a virtual monopoly. By doing away with its redundant aspects, a company can negotiate better terms with its buyers and suppliers and tailor its functions and services to its target market.
"BMS seeks to simplify without being simplistic," says Rene Resurreccion, founder and director of Passion for Perfection, who went on to say that BMS boils down to transforming a firm’s resources into planned results.
To do this, a venture must make efforts to learn the consumption behavior of the segment it wants to tap, and point its business strategies to the same direction. "People donÕt buy products or services," said Steven Cua, president of the Philippine Amalgamated Supermarket Association. "They buy benefits."
Once identified, this market must be made visible to the company’s clients and stakeholders. Angelita Resurreccion, founder of the Philippine CEFE Network Foundation, says publishing houses can use their consumer profiles to target specific advertisers.
Firms, however, must first make sure that their target segment is substantially large for them to make a profit before they launch a product. Cinco Corporation director and CEO Jose Magsaysay, Jr. calls this a "critical mass" that’s big enough for a firm and its competitors to share.
More than the courage to take risks, Moonbake, Inc. president Rufino Manrique says entrepreneurs must also have the strength to accept possible failure. "When you go bankrupt, don’t blame others; blame yourself." But don’t give up too easily, either. "We should have the humility to go back to the drawing board and adjust accordingly," said Ms. Sison-Garcia. -- APGV
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