GUEST POST: Pursuing my entrepreneurial spirit in 2008

(Photo from Agence-France Presse)

By J. Randell Tiongson, RFP®
Personal Finance Educator

I was thinking of a New Year’s Resolution for 2008, something I can choose… then not follow, haha! In my hobby forum (www.reefphilippines.com), someone asked us about our New Year’s Resolution and one wittingly answered that he will only make one, that is not to make any resolutions — funny guy. Seriously though, this is a great time to reflect on what I want to do for 2008.

I want to pursue my entrepreneurial endeavors for 2008. I have been happy with my career these past few years. I have a job I really love and I work with a lot of people I really like. I am thankful for what I have now… how many people can really say they like being an employee? I actually sincerely do. If only I get that promotion, then everything will be perfect (I really hope my boss reads this, haha!).

Now if this is the case, then what seems to be the problem? Well, there’s a tiny voice in my head that keeps on telling me that I can also be a successful entrepreneur. I grew up in an family of entrepreneurs. I am the lone employee in my family. In a brood of about 45 cousins in my mother’s side, there are only about 10 employees, maybe even less. My siblings can’t comprehend the concept of vacation leaves! That voice that keeps telling me to set up my own business is somehow rooted in my subconscious. There are times that I am happy that I am employed when I see my siblings go through some business reversals but I still feel that I also have the smarts to be an entrepreneur too.

I tried to go into business when I was much younger but I lost big time in that business and I swore never to go back into business again. I don’t know if I am entering into some mid-life crisis but this itch is nagging me.

So for 2008, I have resolved that I will, once and for all, quench my thirst to give the entrepreneurial run a good try. I’m not sure if my many years in the financial services industry will be a plus or not. My years in insurance sales can be viewed as being in business, but somehow I don’t think that’s exactly the same. I started to lay the foundations of some business endeavors in 2007 and this year, I hope to see it bear fruit.

What was the catalyst that started the ball rolling? Let me tell you a story. I arranged for an interview of Francis Kong by Salve Duplito (of Inquirer.net) some months ago. During the interview, I kept on hi-jacking the interview as if I was the journalist (sorry Salve) and in one of my inquiries about the Francis’ success, he mentioned that it was because of leveraging that he got to where he is right now (Francis Kong was foremost a successful businessman prior to becoming a sought-after speaker and training expert). He said that he had great ideas but he lacked capital — leveraging allowed him to hook up with people who were willing to jump into business with him and the rest, as they say, was history. That fateful interview started to plant seeds in my mind.

Once I opened up my mind to the possibility, ideas gushed out and opportunities started to open up. I was overwhelmed. Rather than spend time over-analyzing things, I started doing something about it. My boss once told me it is easy to get bit by ‘analysis paralysis’. I started to think about getting into businesses about my passions in life and work with people I really look up to and/or share my passions with?

I can’t really talk about them yet as we are still in the process of executing our plans… but we’ve laid down the foundations and are about to start seeing our plans in action. I have three major endeavors planned… one is already running and another is about to start next week. The third endeavor, the biggest one of them should be a reality by the middle of the year, assuming things go as planned. I am overwhelmed with all these considering I hardly put up much capital. Francis Kong was right. Leveraging really works!

It took some time to realize the Lord really has a lot of things in store for me. All I needed to do was ask! Is it that simple? Yes, it is. Being surrounded by entrepreneurs also helps you think clearly… you start thinking of opportunities rather than doubts. I’m fortunate to be friends with good business people, their energies really rub on you. Our new forum http://www.income-tacts.com/ has so many discussions on business ideas aside from the usual financial planning and investment threads. I recommend that you go there and read the posts. They are well worth your time.

You might be wondering about my job. I’m glad to say that despite starting those endeavors, I managed to have an extremely productive year, hitting and surpassing all my objectives and have began embarking on bigger objectives in 2008. I’m having the time of my life as an executive and I don’t think my employers can complain with my output. Will I quit my job? I don’t think so — I love it too much! However, I can also find fulfillment in pursuing my entrepreneurial spirit. I hope I can have my cake and eat it too! With the help of others and the guidance from above, I think we can.

Here’s to a fruitful 2008!

* J. Randell Tiongson is a director of the Registered Financial Planning Institute and has been engaged in the various facets of the Financial Services Industry for nearly two decades. He is the co-founder of www.income-tacts.com with Efren Ll. Cruz, an inter-active site dedicated in the financial literacy of every Pinoy.

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