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ELECT 4:

ENTREPRENEURS
HIP
Gate 1-Preparation: Money, Model and Mentors
What is Personal Branding?
What is Personal Branding?
Personal Branding
It is the image of one’s self in the public’s mind from
previous choices made that will affect the future level of
personal influence, which is part of self-awareness and
self-mastery.

Before raising funds and as part of your authenticity,


ensure that your personal branding must be credit-worthy
and funding worthy.
Personal Branding
 Integrity issue
o Collection deposited to own account instead of company account.
o Transferring funds from company to personal bank account
o Charging personal expenses to the company
o Padding expenses
o Getting personal commission from company’s deals
o Borrowing or using lots of money without board approval
o Creating bogus board resolutions
Personal Branding
 Planning issue
o No alignment on where to take the business to the next level
o No alignment on how and when to take corrective action
o No financial plan for massive expansion
Personal Branding
 Priority issue
o Lack of accountability, acting like they work only for themselves
and not considering other partners
o Not spending enough time in a partnership business while using
company resources to build own image publicy
o Valuing loyalty over competency in promoting people to key
positions
Personal Branding
 Political issue
o Blaming others as non-supportive to save face while having no
remorse
o Delusional self-image
o Having a sense of entitlement by hanging on to power and position
o Changing agenda to avoid discussing real issues
Raising Funds
Raising Funds
▸ As a small businessman, you should know that money
can be raised in various ways.

▸ First of all, money can come from your own pocket.


This may be in the form of savings or proceeds from
sales of personal belongings, like a car, a house, and
jewelry. This money coming from the owner’s personal
resources is called the capital or owner’s capital.
Raising Funds
Simples Ways to Raise Capital
Funding from What are they?
Immediate Network
Savings Discretionary funds from unspent money earned
previously by the entrepreneur.
Partnership Includes investment from relatives, friends and
acquaintances.
Loans Money advances, which may be sources from
individuals, informal channel or financial
intermediaries like banks.
Customer’s Advances Terms of sales advantageous to the seller, such as
cash with order (CWO) asking for down payment
(DP), or collecting franchise fee upfront.
External Source of Funds
External Sources of Funds
There are wide range of choices for borrowing money. These includes:

▸ Pawnshops – You can get quick cash by pawning your jewelry and
other valuables.

▸ Credits cooperatives – These are popular and easy source of credits


especially in the rural areas. Usually, it lends an amount up to three
or five times bigger than the money a member has deposited in the
cooperative. Interest charges are often minimal.
External Sources of Funds
▸ Money lenders – These are people who lend quick without collateral,
but charge exorbitant interest rates. They are otherwise known as
“Five-six” “Bumbay-bumbay” operators, because they usually charge
about one peso interest per month for every five pesos they lend.

▸ Lending investors – These are business enterprises engaged In


money-lending operations. Considered a cross between money-
lenders and banks, lending investors extend short term loans quickly
to individuals and businesses with or without collateral. Interest
rates are higher than bank rates, but lower than those charged by
money-lenders- usually ranging from three to five percent a month
External Sources of Funds
▸ Money lenders – These are people who lend quick without collateral,
but charge exorbitant interest rates. They are otherwise known as
“Five-six” “Bumbay-bumbay” operators, because they usually charge
about one peso interest per month for every five pesos they lend.

▸ Lending investors – These are business enterprises engaged In


money-lending operations. Considered a cross between money-
lenders and banks, lending investors extend short term loans quickly
to individuals and businesses with or without collateral. Interest
rates are higher than bank rates, but lower than those charged by
money-lenders- usually ranging from three to five percent a month
External Sources of Funds

▸ Formal sources of credit – These include banks, financial


institutions, as well as certain government development agencies
and development-oriented, non-government organizations. They are
called formal sources of credit because they have the legal authority
or mandate to lend money to individuals and businesses.
External Sources of Funds
There are various types of credit available from formal lending
institutions:

▸ Short-term loans- Payable in one year or less.

▸ Intermediate loans- Intermediate loans or term loans provide capital


repayable in one to three years.

▸ Long-term loans- These are loans extended to enterprises assured


to exist over the long-term period of the loans-up to ten years.
Why Partners are Needed?
Why Partners are needed
 Inventory of Benefits of Having Great Partners
o Provide immediate feedback on strengths and weaknesses of plans
o Help give operational and strategic directions
o Provide additional funding
o Spread out financial risk
o Narrow your knowledge gap
o Offer immediate credibility to your company
o Open their network of contacts to you to lower cost of revenues
Why Partners are needed
 Inventory of Benefits of Having Great Partners
o Mentorship on a professional level
o Mentorship on a personal level
Endownment Effect and Loss
Aversion

▸ In order for investors to gain, a challenge of entrepreneurs is to avoid


the “endownment effect”, a supply-side thinking of overvaluing the
things they have, more than what they are actually worth in the
market.

▸ Loss of aversion where people typically place more importance on


potential losses than they place on potential gains.
Forming your Team
Forming your Team

▸ Entrepreneurs cannot create a business by themselves. They need to


work with other people and create an ecosystem. Three issues need
to be planned well.
 Choosing Partners
 Choosing Founding Team Members
 Choosing Mentors
Choosing Partners
Choosing Partners
Davao-based businessman Kelvin Gaisano and Basketball player
Chris Tiu were partners while taking their business internship in Ateneo
where they resold Krispy Kreme donuts in the Ateneo’s JSEC Mall. Since
they worked well together, they decided to partner again after college
and started Happy Lemon.
Kelvin and Chris’s approach to partnership was very logical. They
worked well in school projects, hence, friends may end up as enemies for
one simple reason – role confusion! Are they friends first or are they
partners first when one of them experiences crisis and the other has to
carry the weight or load of the business?
Choosing Partners
Respect and trust are indispensable as partners cannot be paranoid
working with each other. Without trust and respect, partners will not talk
to each other or will just argue, and without real communication,
conflicts will not be resolved.

It is important for partners to maintain collegiality with and respect for


one another as employees will feel any conflict arising from self-interests
instead of corporate best interests.
Choosing Founding Team
Members
Choosing Founding Team
Members
Ideally, entrepreneurs should also have partners who will do critical
tasks required at each gate-

 One as the idea person in the preparation stage


 One as the communicator person in the Marketing stage
 One as the operations person in the execution stage with a
fourth in charge of finance
 With all, reporting to one of the as CEO.

This ensures things get done with accountability identified.


Choosing Mentors
Choosing Founding Team
Members
A mentor is a trusted and experienced adviser who is
interested in the success of the mentee.
Mentors are not the same as people who just answer your
questions; they should ideally inspire the mentee with their
own credentials and successful experience in the business.
8 Qualities Expected from Great
Mentors
▹ Interested in the success of the mentee
▹ Invest time to listen and understand and different situations of the
mentee
▹ Provide advice, both business and personal
▹ Help mentees by tapping into the mentors’ network
▹ Open doors of opportunities
▹ Inspire the mentee
▹ Sincerely desire that the entrepreneur succeeds and be even better
than them
END

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