I Object!

When I was in college, my professors would always address the importance of business planning. Planning is the most basic of all managerial functions. Without it, the other functions such as organizing, staffing, directing and controlling are of no use.

Let’s take a small review on the basic steps in planning.

1. Define the business idea.

2. Establish goals and objectives.

3. Forecast cash needs.

4. Identify sources of funds.

5. Write a business plan.

(Source: Management for Filipinos)

Actually, my main subject matter isn’t really about a lecture on business planning. It’s about a book entitled “NEGOSYO Joey Concepcions’s 50 Inspiring Entrepreneurial Stories.” Ok, it’s still about business minus the planning (or maybe not).

Two week ago, my uncle barrowed this book, gave it back after a week and told me that he didn’t like it. Of course, I was a bit disappointed. Disappointed not because he hated the book but because of his reason for not liking it. I respected his opinion though. However, I could not agree with it.

He did not like the book for two reasons. First, the word “entrepreneurship” is present in all stories which he considered a tongue twister (I agree). Next, he was convinced that the entrepreneurs featured in that book are financially well-off. Therefore, it is not impossible for these people to succeed since they have the resources and probably government support too. For me, this is not arguable. On the other hand, it’s not just about money. The non-monetary factors are far more important.

Successful entrepreneurs who are already rich from the time they started their business may be considered very lucky. But I don’t think they become successful just because of the amount of assets they possess. It is their brilliant mind, hard work, patience and commitment that should be given more credit. And probably their great business plan too. The book is not created to make us envy but with a purpose of stirring up our business mindset. It also tells us that everyone is doomed to fail (in different ways) but our survival highly depends on our outlook and attitude in life.

My uncle and I may have different views on this matter nevertheless, we both agree that putting up a business is risky that is why business planning is important.

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Posted 9/14/07 6:05 PM

Photo grabbed @ sulit.com.ph