This is a principle I learned from an interview with business guru Mr. Andy Ferreria.
In entering into business, one has to consider many things in order that the success rate will be higher. In the words of Mr. Ferreria, he called it “TRIPOD OF AN ENTERPRISE”. In business, there has to be three major legs that will make a business stand on its ground.
1. DEMAND
Is there a demand in the market for you service or product? If not, there’s no use for your business to exist, since no one will avail of it. Or can you make a demand out of it? The market is growing and changing as well.
2. PASSION
Do you have the passion to do the business whenever, wherever and however it takes to do business? It is the inner drive that motivates you to do business even at its lowest point. Business has its high and low times. And one’s passion and character is tested through the changing situation and uncontrollable circumstances a business can offer. And an entrepreneurs passion drives him / her to pursue the business amidst crisis.
3. CONTINUITY
Can you continue providing the service / product? The demand and passion may be there, but another aspect that will keep the business standing is the efficiency of the business to provide the product / service at the same quality, quantity, if not better.
Rey Belen