Updated: September 22, 2014
I recently stumbled upon an online contest that all budding Pinoy entrepreneurs out there might be interested to join – it’s called BDABOSS.
This is an entrepreneurial program by Sen. Manny Villar which hopes to encourage Filipinos to come up with business ideas for a chance to be win P25,000 start-up capital.
The contest opened for submissions last August 7, 2009 and will accept entries until September 4, 2009.
I know it’s been open for quite some time now but the deadline is still more than a week from now; that’s more than enough time to brainstorm for some good business ideas in my opinion.
So what’s in store for those who will join?
If your entry is chosen as one of the 10 finalists, you will receive P25,000 to help you start your business. Moreover, the top 50 semi-finalists will each receive P1,000.
This contest is open to all Filipinos aged 18 and above who are residents of Metro Manila and the nearby provinces. For more information on how to register and to read the complete mechanics of this program, you may visit the official BDABOSS website here.
So are you planning to join? Then let me give you some pointers to consider:
Think of a business idea that’s unique.
When brainstorming for your business idea, try to come up with something original – a product or service that does not yet exist in the local market. This will definitely give you an advantage. However, you can also choose improve or innovate on existing ones.
More help: Good Business Ventures and Opportunities
Keep it simple.
Some of the most successful businesses start out with just one great product or service. So I would suggest that you simply focus on one (or at most two) in your proposal. When you already have one, write down a production plan and see if it’s easy and simple enough to execute.
More help: Planning a Business Production System
Make a marketing plan.
You only have P25,000 to start with, so unless you know a very cheap commercial space that’s for lease, it seems that the most plausible business idea would be something home-based. And this means you need to have a good marketing plan to sell your product or service.
Remember to create value.
One of the things that the BDABOSS program is looking for is to see how your business idea will benefit not just you but others as well. And if you can take some time to create and present in your proposal your business mission, vision and value statements, then I’m sure it will definitely help the organizers in understanding the value that you’re trying to create for others.
To sum it up, if you want to be one of the 10 finalists in BDABOSS, then you should come up with a unique but simple business idea that’s easy enough to execute (produce, market and sell).
But also, have a product or service that offers good value to others. Remember that entrepreneurship is not just about making money. In my belief, it is first and foremost, about solving problems and giving solutions.
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