Pyramid schemes along with other money schemes such as Ponzi schemes are classified as “get rich quick” schemes that use different products to classify as a commodity-providing business when the truth of the matter is that members of pyramid scheme organizations get profit by recruiting new members. New membership fees make up for almost all of their profit and their products for sale are just a front.
Have a million-peso business idea but don’t have a million pesos to start it? Let’s admit it – almost often than not, aspiring entrepreneurs are not easily daunted by roadblocks, they’re in fact one of the most resilient people out there. However, there is one road block that only a few entrepreneurs are able to overcome; and it is also what makes or breaks their road to success: capital.
As business owners, we always want to ensure that our products and services are the best. With this, we spend countless of hours doing market research, product development, digitalization and assessment of our employees – this is all needed to make sure you continue to run a tightly coordinated well-oiled machine. However, we tend to forget one aspect of the business that should also be assess: how we manage it and run it!
The world of cryptocurrency and play-to-earn games have taken the world by storm in the past year. As is often considered the easier and modern way of investing and optimizing your savings, earning passive income and gaining huge profits, cryptocurrency or crypto and games that have incorporated it into their gameplay have allowed people of all ages to earn significant sums of money. With the pandemic’s severe economic effect on Filipino households, this avenue to earn could not have come at a more perfect time!
To the common Filipino, starting a business can be equated to gambling, it is seen as a high-rish high-reward opportunity that rests on chance instead of sound planning, investing and security. With more and more people deciding to start a business in the midst of the pandemic, it is time to bench the notion that starting a business is a gamble. Make no mistake, IT IS a gamble, but it is not based on chance – it is based on data, hard work and innovative ideas.
Studies show that small business takes a minimum of 1-2 years of operations to stabilize and start seeing a return of investment. Once that happens, you can begin to look into the next option for your small business, here’s a few things a small business owner can do to grow its presence and make sure it won’t be just a passing trend for your community!
Post-COVID-19 will be the time of economic resurgence. It puts back government funding that has been reappropriated for COVID-19 efforts temporarily back to its designated allocation, gives ordinary citizens economic freedom once more to spend without the fear of disease and the costs to treat it, and resumes the operations of several companies that has had to close down or reduce staffing this pandemic; giving back jobs to the jobless and lifting the Philippine economy as a whole. Now, as a business owner: it is our duty to take an active part in this economic resurgence.
Being an entrepreneur is a dream that select individuals have to be able to live and earn in their own terms doing the thing that they enjoy – it’s a role that we assume in our community and in society that not a lot of people are able to! However, being an entrepreneur is both a benefit we enjoy and a duty to be conscious of our contribution to society.