Updated: March 22, 2020
As an entrepreneurship and personal finance advocate, I’ve always been very generous on giving advice when it comes to these matters.
From simple business instructions to complex investing strategies – you can expect me to freely share tips to anyone who’d ask for it.
However, I’ve noticed that regardless of how much information and help I give, none of it really matters if the person doesn’t have the internal motivation to pursue their goal.
Take for example this friend of mine.
We were having coffee a few weeks back when out of nowhere, he tells me, “Gusto ko nang mag-resign sa work at mag-business na lang. Paano bang gagawin ko?”
I was a bit surprised when he told me that he wants to quit his job. And even more surprised that he’s asking me for advice on how he should go about it.
That’s because I can still remember him asking me almost the same question several years ago.
It was around 2008, and he just tendered his resignation from what he claims to be a “dead-end job”.
We were having dinner with friends one time, when he told me he’s planning to put up a business instead of looking for new work and asked if I could help him with it.
After that night, and over the next few weeks, we spent time studying his finances and doing a business plan for an eloading station that he wanted.
Our initial market research showed good income potential. But there will be a need for him to cut back on his expenses and lifestyle until the business can mature.
I think that scared him, because a little over a month later, he told me he found a new job and he’s not pursuing the business anymore.
Not wanting all our preparation work go to waste, I continued with the project and eventually opened the eloading station business, which is still running until today.
So now you can understand my surprise (and the bit of frustration towards my friend).
A lot of people want to change their lives, but only a few succeed. Why?
Because most lack that important ingredient for success… an unwavering and relentless motivation that comes from within.
People fail to reach their dreams because they’re half-hearted with their desires.
Remember that a spark of inspiration will get you started, but you need to fan the flames and turn it to a burning passion so strong nothing else seems more important.
Change can only come to those who are willing to challenge their limits.
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Photo credit: h-k-d
HI Fitz,
Just like you, i’m giving advices to the best i can to some of my friends and colleagues (but of course, not as good as you ). However, some will appreciate and start it while some will just day dreaming. Why they can’t understand the risk they’re presently taking? Let’s pray that they will change.
BTW, do you have tips on how to work on accounting (ledger, journal), OR, invoice and how to check my tazes? Just opened my small business and i need those as my req’t.
Maraming maraming salamat,
Roland
So true Fitz.. Apologies for not sending the article yet. a bit busy lately and preparing for my trip home. See you on the 6th.
@roland
Ask your local BIR about their tax seminars. Here in Las Pinas, it’s held every Friday, 2PM, if you’re willing to come here. They’ll teach you the basics of small business accounting and how to fulfill your tax requirements.
Thanks for asking this also, it’s a good post which I can write soon. I’ll attend that seminar again and take a refresher. Haven’t done my taxes for the longest time as my accountant handles all that for me.
@Claudine
No worries on the article. Will just wait for it. And thanks for signing-up on the workshop. Indeed, see you on the 6th! I’m excited to teach already! 😀
I need this 🙂 I am actually thinking of attending your seminar on the 6th. For now, I have some good ideas in mind, but I have to admit na I lack knowledge and motivation to pursue the business that I want.
Nice and I agree with your post. I commend you for still giving advices even though it’s pretty disappointing. See you on April 6th!
@Mica
Attend ka na sa April 6. You’ll have a concrete workplan as output which I know can help you.
@arianb
In the end, I realize I still do enjoy giving advice, because at the very least, it reinforces the learning within me. Thanks for signing up and see you on April 6th! 😀
Hi Fitz,
I hope you will have the time to share your inspiring message of living an EXTRAORDINARY LIFE with my fellow freemasons in Cavite City.
I was moved by that T&C advertisement.
Hi fitz,
I and my husband attended Seminar given by IMG Makati last Saturday. ‘Twas great but seems insufficient. Of course I understand it was just an snapshot coz it was free hehehe. They encouraged us to invest on health care and protection insurances but I think m not too eager abt these investments coz there are other groups also offering these type of investments in our office at a much lower cost. I’m more interested in Mutual fund and stocks investing whch according to them will be given in their more advance sessions that’s after registering of course as member of IMG at 3700php.. Sad to know they don’t offer seminars on forex which I’m also interested in. Sometime last year I read in your blog an schedule re: Forex trading seminar at 500php which i was not able to avail coz of tight skeds. Are there available skeds for Forex trading this april? Tnx more power and Godbless!
You are right Fitz, if we are half-hearted with our desires the tendency we lost of drives. Our drives help us to be motivated while working on toward our goal in life.
By the way, I can relate this great article and Mabuhay!
Hi Anie. Forex trading is a short-term active income venture, that’s why it’s not being offered in IMG, which focuses mainly on financial education and long-term investing.
Should you be interested in forex trading, yes the seminar is still available. Please sign up HERE
I think your friend didn’t know he can start the business while he is employed. It’s natural to be scared jumping from employment to being self-employed but he only lacks one thing: PASSION
He thinks entrepreneurship is an easy road to success but the reality there are many struggles and conflicts of being your own boss. When you are employed, your enemies are “other people” but when you are self-employed, “yourself” is also included.
Wanted to have a business… but still in search of reasons to desire fully, push and make it happen. I wanna attend the seminar on April 6.
Hi fitz,
Glad if you could share your thoughts on this. Im working as a government employee and I could say that im receiving a competetive pay. Out of this salary, i deduct my thites and the 20% savings for investments such as stocks. I give the remaining to my wife for our basic expenses including installment payments for a parcel of land payable for the next 2 years. After these deductions, barely is left for leisure. I was computing my earnings and i think it would take almost a lifetime before i could buy my family a home. Applying for a home financing is also a no for me because i dont want to be tied in debt. My dillema is, sometimes the thought of leaving the government and offer my services in private enters my mind for a potential higher income.However, my fear is the uncertainty that goes with it, kung walang taong pumasok wala rin kitang papasok. Which do you think is more sound, stay with my job or gamble outside? Thankyou.
@newbie – it’s hard to give advise on your question because I don’t really know you, your family and your lifestyle – but in my opinion, you should try to do both.
Stay with your job, but work on putting up that freelance service business during your free time. Ask your wife for help.
It will take a lot of work, but I’m sure later on – when your service business has grown – you can then train and hire staff which can duplicate you and scale it up for more profits – that is if you don’t want to leave your job.
But if you really want to resign, then please do so ONLY when your freelance service business is stable and earning almost as much as your regular job.