NARRATIVE REPORT:

WHAT WILL I DO
WITH MY
user
 January 15, 2021

Roxas City, Capiz, Philippines

Introduction to Entrepreneurship

Becoming an entrepreneur takes a lot of efforts, dedication, experience and

sometimes education. Everyone can be an entrepreneur but there is no singularity
on the type of success. There are no prerequisites in this industry. There is no
one-man banned in entrepreneurship although there are people that are meant to
become one. But even so, it’s all about carving and making your dreams into
reality.

As a young entrepreneur, I have encountered many struggles in marketing

my business given that I’m an introverted person. I don’t have a lot of friends and
acquaintances. At this age, I’m selling a variety of foods like embutido, spaghetti,
palamig and fried chicken in front of our house and also online. I must say it’s tough
but worth it. In a couple of months I was able to provide a laptop for myself and I
already have my own savings account. I started with just P 150 capital and I
expanded it until I reached this very point. But given the situation that I have a 1
million peso in hand today, what business can I start with it?

How can I become an Entrepreneur?

In becoming an entrepreneur, it doesn’t only need cash, you also have to

bear yourself and compose it. Now here are my simple steps to prepare myself
before planning what I will do with my 1 million capital.

Step 1: Know my interest. I need to ask yourself, what am I good at? I need to
find the right field that is not only profitable but is also my passion.
Entrepreneurship is hard so I must determine what you care about.

Step 2: Have the right knowledge. Education might be an option, but I can’t just
start without knowing how to do this or that. If I want to start a food business maybe
I should take seminars and lectures that can be valuable in my chosen field. Also,
some industries may require some type of education.

Step 3: Plan out. I need to have my own business plan to serve as your layout on
what are the things I’m planning and strategizing. Planning is important to measure
success.

Step 4: Know my target. Determine my target market or specific group of people

because not every business appeals to everyone. I must research people that will
be interested in my business.
Step 5: Network. I have to reach out to people that have the same interest with
me to gain skills and be my support while I’m just starting.

Step 6: Market. I have to introduce my business to my target by promoting it. I must

encourage them to try my business. I have to use powerful outlets such as social
media.

How can I use my 1 million pesos?

Now that I have already set up the reminders for myself, it’s the time now to
decide on what are the possible things I can do with my money as a young
entrepreneur.

Well practically, the first thing that I will do with my money is use it to clear
my debts. Clearly, I don’t want to have problems while starting my career. I want
to have peace of mind so I can think of better plans with the remaining amount that
will be left with me. Entrepreneurs always need to focus on valuable things, so I
guess eliminating other things in my mind would help.

The second thing is that I’m going to do is invest it. As the world goes far,
materials and basic things nowadays become increasingly high. Fish and meat are
now the same price. I'll probably invest it in a bank, but honestly, I’ll invest it in Doc
Chiyuto, because why not? In 30 days I can double up my money and I can use
this for better business opportunities. Also, I need to prepare myself first, so
investing might be the best option while I’m preparing myself.

Lastly, I will now be doing my business after growing my money. I’m always
interested in the food business since my mother owns a small carinderia here in
our barangay. I believe this business suits me the best because I love cooking and
cooking gives me life. Aside from the reason that it’s my passion, I believe that the
food business is profitable because it’s the basic need of people. I want to start
maybe in just like a small place first where people are near and I will market it
through online. I will also ask my mother for some skills and tips. The remaining
money that I’ll have will go of course to my savings and I want to treat my family
also.

As a young entrepreneur, I thought of myself as a resilient and positive

thinker. A good one, doesn’t drown himself with the problems, but instead, an
entrepreneur always looks for solutions and remedies. Also, we should not be
afraid of taking risks and failures because these will help us to grow as business
people. No business is perfect, but now, we can create one.