Startup with the Stars: Take a Cue from these Celebrity Entrepreneurs for Starting Your Business

Last August 17, Globe myBusiness in partnership with PEP.ph held Star Bazaar, which brought together some of the most successful and prominent celebrity entrepreneurs for a day of shopping and learning for current and future business owners. Held throughout the day at the Event Center of SM Megamall, customers and entrepreneurs alike came for the affordable and varied products, most of which were locally made, and stayed for the expert-led talks by some of the country’s most inspiring business role models.

Here are some of the best lessons we learned:

• Put time and effort into your business product.

As Grace Lee of Kko Kko restaurant shared, it’s important to choose the perfect item for your business to sell. She discovered that it wasn’t enough just to be able to cook, and it was a whole other challenge to actually make a business out of her food. She added that the criteria for making a business is wide: there’s the product itself, marketing, branding and other building blocks of the business that you have to take into consideration.

To work through these, she did a lot of research. She defined what she wanted to put up and the image she wanted for her brand, as well as identified her target market. She found something that makes Kko Kko unique and capitalized on that, so that her brand could have an easily recognizable identity.

• Businesses can help you build relationships.

Family businesses are prominent in the Philippines, because we are very family-oriented people. Examples of these family businesses include Grace Lee’s Kko Kko restaurant and Harlene Bautista’s restaurant Salu. When asked about what it’s like managing a business with family members, they admitted that while it can get a bit difficult at times, at the end of the day it builds trust and communication between family members.

In fact, communication was their first big tip when it came to working with family. They also added that there should be only one person who has the final say when it comes to decision-making, to avoid arguments. Finally, it should be said that even if there is more than one person running the business, if neither of them is business-savvy to begin with, it’s important to have a mentor or guide who can help run the business successfully.

• Know how to pitch your business.

The Final Pitch’s John Aguilar had the best tips for pitching an idea, be it to investors, clients, or future partners. Concisely, he presented the following steps:

1. 1. Know your audience. Know their motivations, so you can appeal to them.
   2. Begin the pitch with the end in mind. You should already know the result of your business, so you have a clear goal.
   3. State the problem before giving a solution. The world needs businesses that solve real problems.
   4. Know your numbers. Have factual proof and keep things transparent, especially in regards to where investors’ money will go.
   5. Have a visually appealing presentation. Keep your audience’s attention.
   6. Have a minimum viable product. Simply put, you need to have a sample or prototype for them to view.
   7. Don’t think that raising money is an accomplishment. In the case of investors, remember that a loan isn’t an asset, but a liability.
   8. Create a connection with your investors. Introduce them to your team to assure them that you have a good, solid group backing you up.
   9. End your pitch with the beginning in mind. Make it clear that you have a definite plan, and that you know how you’ll implement your idea.

• Learn from failure.

Very often, this becomes crucial to success. As John Aguilar and serial entrepreneur Neri Naig-Miranda shared, success is not possible without the element of failure. By persevering and improving with time, you progressively get better at work, through adversity, and in life.

Additionally, motivational speaker and business expert Chinkee Tan added that it’s best to learn not from your own mistakes, but from that of others. Pay attention to other people in your field, and understand how they went wrong. That way, you get to learn from them without risking your own money, time or effort.

• Focus on four Qs.

Chinkee Tan had additional tips that he presented in the form of a roadmap to success. He claimed that your business skills come from multiple quotients:

1. 1. Intelligence Quotient. Business begins with a concept. Whether it’s a product or service to sell or a problem to solve, your enterprise will always begin with an idea. From there, as mentioned in the points above, you should proceed to doing research, then coming up with a plan.
   2. Emotional Quotient. Putting time and effort means having an emotional attachment to your business right from the start. This is where your creativity and curiosity come in, and you start creating your product, working on your branding, and positioning yourself in the business landscape.
   3. Adversity Quotient. As mentioned earlier, failure comes with the job. At this point, you’re ready to start selling. Throughout this process, you will definitely come across some obstacles. What’s important is knowing how to adapt and change every time you fail, so you can keep improving.
   4. Financial Quotient. Finally, there’s financing. Keeping yourself afloat means sourcing your funds. However, Chinkee was quick to point out that a lack of money shouldn’t be the reason for being unable to start a business. If you have a really great idea and can get people to trust you, finding investors will not be a problem.

• Raising a business requires effort, love and passion.

Chinkee Tan and Pedro N’ Coi founder Shamcey Supsup-Lee capped off the event with the most important tip of all. As Shamcey stated, starting a business is like having a child. It needs to be looked after as though it has a life of its own, which you are responsible for. It takes a lot of hard work, and there will be struggles that come your way, but if you love your business and push through, that is the secret to being successful.

Entrepreneurs truly had a very eye-opening and entertaining time at the Globe myBusiness Star Bazaar. The tips that they learned from these respected business owners and experts are sure to lead them to great success in whatever industry they are in. Taking a cue from these celebrity entrepreneurs, they ended that day with bright smiles, full minds, and a hearty appetite for success.

If you missed Star Bazaar, don’t worry. Globe myBusiness has many more insightful and enjoyable events coming your way. Sign up to Globe myBusiness Academy today to know more!