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CHAPTER I
THE PROBLEM AND ITS BACKGROUND
INTRODUCTION:
There are lots of aspiring businessman around the world but only few succeed. We searched for
ways and possibilities that may happen in their journey to success. Businessmen around Bulacan
help us conduct our research. There are challenges that Businessmen encounter in their way to
success.How did they face it? How did they overcome it? Is there any secret to their success?
There are. What are the hindrances in achieving ones goal of a businessman? Businessmen
struggle with time management their biggest enemy. Most often people who are jazzed up about
something just can work for hours. Most of them think if they will succeed or not. Habits may
affect them. Practicing daily habits should be done. Tips from successful ones should be heard.
Known Successful person or we call businessman have failed before they succeed. What are
those failure that they encounter? Can't Focus,lots of ideas, runs in circles. Struggling to be more
successful push them to be destructed. In the way they cant even think straight. Afraid to risk
everything he/she had work to build something that is uncertain. Having not enough savings for
establishing their goal leading not to stay in business for long. Competition in the industry is
another problem to be considered.
There are '7Great' Challenges Every Business Faces according to the experts. First of it is
Integrity, Businesses has never faced the type of moral challenges that it faces in todays global
economy. The temptation to cut corners, omit information, and do whatever it takes to get ahead
occur every day. People actually start to feel like lying a little, or stealing a little, or deceiving
others, is just a part of business. These practices erode the trust that needs to exist between
employers and employees, between business partners, between executives and shareholders.
Without trust, the business will not be able to compete effectively and it will eventually fail.
Second are Cash, Borrowing, and Resource Management and weve all heard this maxim and it
is more true today than ever before. A healthy profit may look nice on your financial statements,
but if capital expenditures or receivable collections are draining your cash, you wont be able to
stay in business for long. Too often executives and small business owners fail to focus enough
on cash flow generation. In order to head off this problem, businesses must either be adequately
capitalized and must shore up cash reserves to meet all obligations as they are needed and to
handle downturns and emergencies that may arise. Cash management becomes even more
important during recessionary times when cash is flowing more slowly into the business and
creditors are less lenient in extending time to pay. Third are Increased selection and competition
which never been easier to start a business. Gone are the days when it took weeks, months, and
years to get your business started. However, staying in business is a much more complicated
matter. While business expertise was once an expensive and time consuming, you can now find
experts online for many questions that you might encounter. Fourth are Marketing and Customer
Loyalty and along the same lines as increased selection and competition is the challenge to
market to potential customers effectively and retain your existing customers. Smartphones, social
media, texting, email, twitter and other communication channels are making it easy for
businesses and individuals to get their messages out. Figuring out the right marketing is key for
businesses to be successful in the future. Fifth is Uncertainty that all of us, and especially
business leaders find great discomfort in uncertainty. Because of global debt and economic
struggles, uncertainty is more pronounced today than in the past. The sad news is that uncertainty
leads to a short-term focus. Sixth are Problem Solving and Risk Management which is a major
challenge for all companies is identifying, assessing, and mitigating risks, including human and
financial capital, in addition to the macro economy. The lack of a sophisticated problem-solving
competency among todays business leaders is limiting their ability to adequately deal with risks
facing their businesses. Lastly is finding the right staff and Without exception, every business
executive I speak to says that one of their biggest challenges is staff finding the right staff,
retaining them, and ensuring they buy into the vision of the business. Ill freely admit that I have
no magic answers here. In fact, if someone could develop a formula for recruiting and engaging
the right team members, they would make millions. With these how can you aspiring ones can
face it? Well, lets see.
This research will inspire people who want to start a business even with a small capacity
he/she have. The ones that are having difficulty in pursuing their dream as a successful
businessman. Will help them build their perspective to build their own business. In how to
conquer all the hindrances that will face them. Even the ones that are in little business to be
guided to have a larger and a successful one. For them to be enlighten that even you failed once
or many times, there will always be a tomorrow. Inspired by many successful person in this
country or even the outside world and to learn from other peoples experiences.
A Research for a cause. To build strong businessmen that will run the economy. To Fortify the
countries economic future and position. To enrich the people of today of a brighter future of
tomorrow.Time is an illusion theres only now so now is the right time.
CONCEPTUAL FRAMEWORK
Independent Variable
Dependent Variable
Success in Business
1.1 Entrepreneur experiences
Frame 1 of the conceptual model shows the seven factors that makes good
Businessman.
Frame 2 refers to the success in Business which has been determined by the
Entrepreneurs experiences in their journey.
Time Management
1.2)
Connections
1.3)
Decision Making
1.4)
Experience
1.5)
Income
1.6)
Preparation Time
1.7)
Marketing
Executive : relating to the job of managing or directing other people in a company or organizaton
: of, relating to, or used by the people who manage or direct a company or organization :
responsible for making sure laws are carried out and for managing the affairs of a nation
Expenditure -an amount of money that is spent on something : an amount of time, energy, effort,
etc., that is used to do something : the act of spending money
Expertise - special skill or knowledge : the skill or knowledge an expert has
ENDNOTES IN CHAPTER I
Searched on January 16, 2016 @ 5:51pm from http://www.merriamwebster.com/dictionary/competition
Searched on January 16, 2016 @ 5:52pm from http://www.merriamwebster.com/dictionary/executive
Searched on January 16, 2016 @ 5:54pm from http://www.merriamwebster.com/dictionary/expenditure
Searched on January 16, 2016 @ 5:53pm from http://www.merriamwebster.com/dictionary/expertise