What is FinTech and How It Affects You (And Your Business)

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Hailed as a game changer, FinTech (otherwise known as “financial technology”) is seen to transform financial services in infinite possibilities. It has been many decades ago since there has been a real shake-up in the realm of the financial world. New and young players alike will experience its sweeping changes on how we manage finance […]

Hailed as a game changer, FinTech (otherwise known as “financial technology”) is seen to transform financial services in infinite possibilities. It has been many decades ago since there has been a real shake-up in the realm of the financial world. New and young players alike will experience its sweeping changes on how we manage finance and run businesses professionally.

What is FinTech and Why It Matters to You

FinTech can be best defined as technology that imparts disruptive elements (in a good way) to areas such as money transfers, mobile payments, fundraising, loans, asset management and even investment. In layman’s term, it is the thing that enables you to have access to various financial services from your own smartphone, tablet, laptop and other electronic devices.

Furthermore, FinTech is one of the hottest areas that receive massive investment from around the world. This accelerates its exponential growth. Whether you like it or not, FinTech is about to drop a bomb on everyone. It’s very important to know how it can change money practices that we think we already know.

FinTech: Threat or Opportunity for Business Owners?

While one may argue that FinTech is just a change of paces and phases, the truth is that it will not be that beneficial if one chooses to tackle it halfheartedly. From simple business owners to big corporations, all of them will be wondering what FinTech means for their businesses.

In the past, anyone would tell you to look for a bank or an investor in order to get the funding to establish your business and company. The emergence of FinTech simply means that you will be able to get your funding beyond your own town or country. The power of crowdfunding is self-evident when people with big, bright and bold ideas are able to acquire much-needed funding quickly and easily from the people they have never met.

In terms of speed, one does not spend months of negotiating and talking with the investors when it is possible to secure the funding in a matter of weeks. This can be achieved with greater efficiency while eliminating the annoying or time-consuming bureaucratic red tapes that are just unfavorable in a rapid-growth market.

The major challenge of FinTech to all business owners is more on its uncertain risks. Since FinTech has been expanding rapidly, there will be a problem of regulation in matching with its pace. In other words, it emerges as the potential “Wild West” that attracts criminal activities as well as malpractices. As history has shown, regulation tends to be one step behind the march of innovation. Caution should also be taken on legal loopholes that current regulations and traditional protocols are yet to detect.

Any drawback is not so bad because it actually lies more with the mindset, strategy and execution rather than FinTech itself.

If you embrace the change just for the sake of changing without a clear strategy and backup plan, chances are that you will not be able to reap much benefits from FinTech. Your business will be suffering from the usual problems of poor adaptation to all-new digital environment. Not just that, you are burdening your business with unnecessary technical complications.

What About the Consumers?

Despite its so-called disruptive effect, FinTech spells good news to consumers. With the rise of mobile and on-demand economy, the readiness of people to get engaged in managing money and business online is also a positive factor that encourages the growth of this sector. Our long-standing frustration with old-fashioned banking practices has been the festering wound that causes us to lose faith and trust in these monolithic financial institutions. The arrival of FinTech has made various financial services and tools to be seamless, efficient and personalized.

The high rate of mobile penetration and the growing numbers of smartphone users also mean that FinTech will be getting a huge opportunity to further revolutionize the financial ecosystem. FinTech also simplifies transferring money across the borders. Traditionally, transferring money from one country to another can be very expensive and slow. Peer-to-peer money transfer changes this, with money crossing different borders with minimal cost and even with an automated investment service advisor.

Being More Informed is Your Own Protection

FinTech presents the same problem in terms of cyber security and regulation. It will take some amount of time before the law can catch up with FinTech and criminalize wrongdoing. It also opens potentially new problems in tracking and tracing money trails. Moreover, it also makes issues such as identity thefts and stolen credit card details to be more dangerous than ever before.

The rather untapped potential of FinTech encourages non-financial players from tech backgrounds such as Facebook, Google and Apple to make further inroads in it. Therefore, FinTech will be presenting a brighter future for everyone who chooses to embrace it.

***

This post was written by Aaron Tam from iPrice Group.

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Every business starts with an opportunity. Your online or cyber business idea has to be rooted to a real-world problem that a group of people are dealing with. In short, you’re selling a solution. You have to think about a particular problem, and then figure out what type of business you’re in. Broadly speaking, there are 3 categories of online businesses: service-based, knowledge-based, and product-based. Here’s a video we’ve prepared to give you a short introduction: Service-based online business This is the easiest type of online business to launch. Just by being online, you can reach out to potential customers – people or other small businesses – who need your service. There are many job sites where you can get projects from. Or you can even just promote your service right on social media, maybe a friend of a friend has an urgent requirement for your skill. Writing, designing, and coding are some of the most in demand skills that you can offer via the Web. Selling your services is also a good way for building the skills and experience that you need if you plan to transition to a new career. Knowledge-based online business If you have expertise or […]

Controlling Your Business Finances with Smart Planning

Profit is what defines business success. But to be more successful, profit needs to be reinvested in your company’s development. This is especially important when it comes to small businesses, including online businesses, since it’s often harder for them to overcome market challenges imposed by big corporations. There are many ways how cyberpreneurs can control business finances in order to save more money and grow their business with it. Here are some tips: Pay attention to financial statements For controlling your finances, you need to use different kinds of financial statements. These help you articulate your profits and losses, and make them more transparent. Transparency will enable you to create detailed financial plans and forecasts. For a start, make sure to prepare these important financial statements: P&L Statement. It summarizes your revenues and expenses in order to create clear picture on company’s profits and losses. Cash Flow Statement. It provides you information on cash amount and sources, as well as how you spent money for a certain period of time. Balance Sheet. It analyzes your company’s assets and liabilities, and tracks changes in a segment that happened in a certain period. Although it’s similar to your company’s market value, it […]

Kim Lato: How to Start and Sustain an Online Business

Starting a business isn’t easy, and sustaining one is even harder. How did Kimstore, an online marketplace for gadgets started by Kim Lato in 2006, grow from a humble Multiply outlet to one of the pioneers of e-commerce in the Philippines? Kim Lato talks about the challenges of starting and sustaining a business. Before Starting a Business When asked if she knew from the beginning that she was going to be an entrepreneur, Kim answered, “I came from an entrepreneurial family, so it was normal for me to see my parents running their own businesses. Then when it came time to start my own, it was easy for me to welcome the idea.” Multiply, which was where Kimstore started, was used mainly as a social networking website. So how did she think of using Multiply as a marketplace? “I had a pool of friends on Multiply, which at the time was the fastest-growing social network. Usually, people just blogged on it, but I thought, ‘Hey, I have friends on Multiply, so why not sell in this community?’ “So I started selling cameras, lenses, and other accessories. Then, people who bought cameras from me were also looking for phones and tablets, […]

Art of Business: 4 Tips to Guide Designers

“Developers should code, while designers should study business.” Makes sense? Internet businesses, like every other company, simply couldn’t function without designers. In the digital landscape, visuals can make a business stand out. With the need for quality designers constantly on the rise, they need to focus on what they do best. Being skilled at coding might be one of the requirements for today’s designers. But it’s not a completely reasonable demand since there are a lot of people who have mastered coding without any major success in the field of design. The most successful designers are those who can see the big picture, and the only way to get there is to closely study business. 1. See the big picture When they first get hired, most designers just get a task (or several ones) with a vague explanation of what’s expected of them. Read: they’re to do miracles. Even though there are some exceptions, most designers, although obsessed with their work, seldom ask the question of “why am I doing this, and to what end”. Some may laugh at this thought, and even call such questions unnecessary and redundant. Don’t forget though that an understanding of a specific industry can contribute and drive design in many productive ways. 2. Stay relevant The most innovative companies in […]

Harnessing the Web for Market Research

What does it take to turn someone into a paying customer? More importantly, in the face of competition, how can you make customers loyal to your business? Getting the answers to these million-dollar questions would pave the way for your business to grow. Big businesses commission market research to learn such information. From its results, they can decide which trends, expectations, and segments to pursue. Having access to such insight can greatly improve products or services, and help affirm which has the most profit potential. As defined by Investopedia, market research is a way for businesses to “discover who their target market is and what these consumers think about a product or service.” For many budding cyber businesses, there’s usually no budget for formal market research. Good thing is, by just being in front of you computer screen, you already have access to a wealth of data that’s as helpful as any expensive FGDs or UAI studies. With a trained eye for detail, here’s how you can do market research with a shoe-string budget. Crowd-source for appeal With crowd-sourcing, the general idea is to follow the wisdom of the crowd. Platforms such as Kickstarter can help you test your innovation. With no money spent, you could […]

How Good Web Design Can Help Your Business Thrive

The first thing your potential customer will probably do is visit your website. From that single visit, your customer will form opinions about your brand, product, or service. According to a Stanford Persuasive Tech Lab study, nearly half of all consumers (46%) said that a site’s design is the number one criteria when people are deciding whether a business is credible or not. If there is too much scrolling and clicking, or if the site is not well organized, the average consumer will navigate away after 60 seconds tops. Anyone can build a website these days, but it takes a skilled specialist to build a site that looks polished and professional. One glance could turn someone into a loyal customer, or force a person to click away. If your company is looking into the possibility of designing a new site, here are some of the ways it will help your business grow. Digital presence is everything A survey from Visible Logic found that almost 90% of respondents take a look at the website of every new product they purchase. People will turn to the Internet to research your brand and formulate their opinions – sometimes even long before they make a direct contact […]

Running a Successful eCommerce Business: What It Takes

There have been substantial changes in the global marketplace over the past decade. It has undergone a major shift, and businesses today are not limited by geographical location or borders. The only things that count are the amount of willingness and creativity in adapting to new technologies, and finding new ways for using them to your own advantage. Business owners and entrepreneurs who want to launch an eCommerce business should know something about the eCommerce industry and what it takes to achieve and maintain success in it. The eCommerce Industry There appears to be no essential limit to strong and steady business growth in the eCommerce industry. In the past decade, all vital metrics in the eCommerce field have increased, and with a broader reach and lower startup costs, more and more entrepreneurs are switching to online retail. According to facts presented by BusinessInsider, people aged 18 to 34 remain to spend more money online than any other age group, and the majority of online shoppers tend to have incomes higher than typical (above $75,000). If you have an idea for starting an online eCommerce business or launching an eCommerce branch of an existing brick-and-mortar store, the time to do it […]

7 Reasons Why the Internet is VERY Important to Entrepreneurs

The rise of the Internet age has given us far more than just the capability to connect with friends or upload selfies online. It has also given modern entrepreneurs capabilities not possible several decades ago. As an online marketing consultant, one of the perks of my work is that it gives me a front row seat on the evolving landscape of business, and how the Internet is helping businesses who take the initiative of incorporating online elements in their operations. It also makes those that don’t obsolete in a matter of years and even months. Whether you have a primarily online or offline business, chances are Internet tools, widgets, plugins, apps and features play an important role in ensuring the success for your business. The following are some concrete examples: 1. Cheaper start-up cost The Internet has made starting a business simple and cheap. With just a website or even a fan page, you can already start a multitude of businesses – such as a bakeshop, an apparel store, or a bookstore – without the need for a brick and mortar office or shop. This also makes it very easy for you to test the validity of your business idea.  […]

7 Business Tips from Marvin Germo

Apart from being a reputable stock trader/analyst, Marvin Germo is many things: entrepreneur, blogger, book author, newspaper columnist, and registered financial planner. All these, however, are just his ways and means of fulfilling his ultimate goal: financial freedom for every Filipino. Now, that might sound like a lofty dream (and indeed it is), but if Marvin’s life is an example, nothing is impossible. From completely ordinary beginnings, Marvin is now one of the leading finance experts in the country. He represents Registered Financial Planners (RFP) Philippines, an independent self-regulatory professional group educating and gathering financial planners in the country. He writes regular columns on stock investment for the Business Mirror and MoneySense Magazine. Marvin, who often appears in TV and radio interviews, also shares financial knowledge as a keynote speaker in various events and seminars. Here are insights on how he was able to carve his own path toward financial freedom through entrepreneurship. 1. Being an entrepreneur is a decision. Marvin wasn’t born to a particularly wealthy, business-minded, or financially-savvy family. His father, for example, was a long-time employee of a top multinational pharma company up until retirement. Marvin himself seemed destined for the same, safe path, having started out […]

5 Social Media Marketing Tips For Your Food Business

In today’s vibrant online market, it’s not enough to create content for your customers and audience through your website or blog. There needs to be an interaction done to establish your brand as a thought leader and as a trustworthy creator of yummy treats. But how do you reach your audience effectively at social media? Here’s a low down of some tips that you can use: 1) Take great photos of your products. The first impression you make using your products will be the first step of convincing potential customers to buy it.  This can be done by hiring a professional photographer to take art-directed shots of your food to make it appetizing on social media. For a more budget friendly approach,  you can get inspiration from food photographers online and take your own shots. Many free photo editing apps are available for smartphones to help you post-process your shots in an instant. This is also convenient since you can upload it immediately upon shooting and post-processing. 2) Follow influencers, media, and potential customers who fall under your target market. Doing this can not only make these people notice your brand, it can also help you gauge what type of content they like […]

Creating Likeable Content: 5 Tricks from Craft Masters

To get your cyber business found online, you need likeable content. The challenge is that there’s really no formula that can guarantee if your content will ever reach its ideal users or deliver on its purpose. If you need inspiration on how to start, we’ve expounded on popular statements from some of the most prominent brand gurus, bloggers, and content marketers: We’re not in the Mad Men era anymore. Expensive campaigns from advertising agencies are routinely trumped by amateur content for most impact. Seasonal campaigns won’t cut it for today’s generation. Your customers are connected 24/7, and are from all over the world. To be convincing, you have to address their unique interests, pain points, and felt needs. Going viral (the good kind) with your content is more a matter of chance than careful execution. Pulling PR stunts won’t work. People can detect what’s contrived, and they may even hijack your message. Start with a good reason for creating content. If you care enough about your message, the right people will eventually find and appreciate your content. They’re the ones who will contribute to your bottom line. When have you ever actively searched for an ad? If you’re like most […]

5 To-Do’s in Your Social Media Calendar

Whether you’re posting on your social media accounts once a day or a few times each month, planning and plotting your activities in a social media calendar is a life-saver. A social media calendar gives a snapshot of when and what kind of content gets into which channel. It not only helps in publishing and tracking content, but serves to remind as well of business goals, target audiences, and expected outcomes. For the actual posting, you can easily automate the process using tools such as Hootsuite. Some businesses maintain a weekly social media calendar with details prepared in advance. They identify themes and organize posts around it. For others, a monthly social media calendar—with periodic and flexible updates—can be enough. Here are some basic rules when putting up your calendar. Post at the right time Any upcoming event (or trending topic) that your post could piggyback on? For ordinary days, what’s the best day of the week to engage your audience with the type of content you’re posting? “Monday” and “Friday” spell a huge difference in people’s psyche. People check Facebook 14 times on average and spend 30 minutes on it each day with peak times at bed time and […]

3 Ways Your Cyber Business Can Benefit from APEC

With the theme “Building inclusive economies, building a better world”, the 2015 APEC Summit that’s currently hosted by the Philippines puts emphasis on sustainable and resilient businesses. This extends to cyberpreneurs, who stands to benefit from APEC’s renewed push for liberalizing service industries. Gathering 21 member-economies from across borders of the Pacific Rim, Asia-Pacific Economic Cooperation (APEC) is where almost half of the world’s total trade happen. At first glance, it may seem that APEC is all about corporations, regulatory bodies, and economic ministries. But the importance of MSMEs (micro, small, and medium enterprises) in the region cannot be discounted. As highlighted by APEC’s Small and Medium Enterprises Working Group, MSMEs comprise over 97 percent of all enterprises and employ more than half of the workforce in the region. As many MSMEs move to the digital front, how can you benefit from APEC? 1. Join APEC start-up challenges Started in 2013, the APEC Start-up Accelerator Initiative is on a mission to match tech start-ups with possible mentors and funding opportunities. It offers hands-on business consulting among start-ups engaged in key innovation areas (such as interactive learning). The initiative has since sponsored six Asia-Pacific start-ups to participate in competitions held in Silicon Valley, helping […]

5 Ways to Have Fun While Working from Home

Who says that you cannot have the time of your life while working from home? Working from home is undoubtedly fun! With more than six years as a cyberpreneur, I’ve had my share of ups and downs. But nevertheless, about 70% can be linked with F-U-N. True story. So yeah, here’s my list of things to do or things to think about to have the best-est days as an online entrepreneur. 1) Define fun What does “fun” mean to you? Get clear with it and work from there. We surely have various perspectives, so what might be fun for me might be different from you. I might envision fun as curling up with a nice book or you might consider heading to the beach to spell “fun”. Mull over this for 10 minutes. Right down your answer. 2) Integrate passion with fun What is it about passion that makes people tick? And how is it connected with fun? Well, passion is all about what excites you. It’s all about what keeps you up at night without complaining at every bit of it. Whatever that is, keep at it. You’ll be amazed that work, when considered your passion, becomes stress-free. Passion […]

Digital Influencers and Startup Founders Gather for “Cyberpreneur Philippines” Book Launch

“Are Filipinos ready to do business online?” With innate talent, hard work, and determination, the consensus is that entrepreneurship in the country is poised to move to cyberspace. But awareness and Internet speed remain to be critical issues though. “The transaction part is there, the skills are there. It’s just a matter of awareness that these online business opportunities exist,” says Fitz Villafuerte, co-founder of 199jobs.com and a leading financial literacy advocate. “We are confident that this book will help in the realization of our dream of spurring online-based start-ups, services, and other innovative and up-coming products in our country,” notes Senator Bam Aquino in his foreword to the book. This was among the points discussed by some of the country’s leading online freelancers, startup founders, and e-commerce experts during the book launch of Cyberpreneur Philippines: Online Business Start-up Guide. The event was held on a standing room-only crowd last October 25 at Fully Booked in Taguig City. Cyberpreneur Philippines is a book on how to become an online entrepreneur. Edited by Ray Calbay, Marv de Leon, and Paolo Lising, the multi-authored book contains practical tips, insights, and expert advice on topics ranging from cyber business planning, social media marketing, […]

Winning Virtual Teams: When Working Alone Doesn’t Cut It

Being a cyberpreneur need not be hard. Considering the vast array of tools and techniques available to us web professionals, nothing can go wrong as long as we know the tricks of the trade. What could be that “little secret” to keep our online businesses flourish through time? The Power of “We” Having started my freelance writing career in 2009, I ventured onto the unknown path of a web content writer then. I racked gig after gig – writing over 5,000 words a day for a meager sum. Little did I know that there’s more to what I have been doing during that time. I would spend an average of six hours a day writing until my hands were sore. Well, not to worry, I thought, for by the end of the week, I would fill my heart’s desire – through new books I’d buy from the local bookstore (all from my hard week’s writing work). Months passed, and I realized how tough it really is to be a freelance writer. It took perseverance, commitment, and passion to weave through words. Months passed, and I realized how tough it really is to be a freelance writer. It took perseverance, commitment, […]

My Unexpected Journey As An Online Freelancer

Truth be told, the thought of making a career shift – from the office cubicle to my home desk – as a freelancer/cyberpreneur has always lingered in my mind ever since I learned about the concept some years ago. I’ve felt that working from home was an ideal setup. At least for me though, a shift that’s not in the immediate future, but after x number of years. With that in mind, I had a plan – not properly drawn out, but all there nevertheless. Building the foundations For the past 3 years or so, I began to establish the foundations of that possible next career phase. I looked for writing contributions, both unpaid and (especially) paid ones. I completely overhauled my old blog, as I migrated the site to a new domain and a new hosting service. I did so, for my site to have ads for some additional revenue. Then early this year, I made the move to get myself registered with the Bureau of Internal Revenue (BIR) as a part-time freelancer. Or as the BIR would classify freelancers, a professional. It was originally intended to fulfill the requirements of some publications that freelancers like myself should have official receipts to issue. But I was mindful at the same time that I would […]

Cyberpreneur Philippines Book Launch @ Fully Booked, BGC

Cyberpreneur Philippines: Online Business Start-up Guide, the latest title from PageJump, is your answer if you want to become an online entrepreneur. Edited by Ray Calbay, Marv de Leon, and Paolo Lising, the book contains practical tips, insights, and noteworthy suggestions to start your venture. Startup founders, top freelancers, and company CEOs contribute chapters about the many online business opportunities that enterprising Filipinos can take advantage of. Topics range from skills assessment, business planning, to important Web skills such as search engine optimization and social media marketing. Readers are encouraged to log on to the book’s companion website (www.cyberpreneur.ph) for more content or discuss in social media using the #CyberpreneurPH hashtag. “We are confident that this book will help in the realization of our dream of spurring online-based start-ups, services, and other innovative and up-coming products in our country,” notes Senator Bam Aquino in his foreword to the book. The book launch is set on October 25, 4:30 p.m. to 6:30 p.m. at Fully Booked, Bonifacio High Street branch. Those who will attend have the opportunity to interact in an open forum with the book’s contributors. The event is open to the public. close Want more expert tips? Get a […]

What I Learned From Marketing To Facebook Groups For My Cyber Business

So, if you are confident about your products and services and you don’t want to waste your time, take these learning into consideration and market wisely. close Want more expert tips? Get a copy of Cyberpreneur Philippines from leading bookstores, or order from us!

10 Reasons Why You Shouldn’t Use a Personal Profile on Facebook For Your Business

A lot of local businesses are opting to use personal profiles as their business’ main marketing account in Facebook. This is very risky and ultimately counterproductive. Here are several reasons you shouldn’t do it: Reason # 1 This is against Facebook’s terms of service. Your account might get DELETED anytime. They have already deleted many of these the past couple of years. If you’re using your account to represent something other than yourself, you could permanently lose access to your account if you don’t convert it to a Page. via Facebook Reason # 2 Friend limit is only up to 5,000. Local pages can have 10,000 fans or more. Reason # 3 There is no engagement insights in your personal profile. You won’t be able to analyze how many people see your posts, the age range or location of most of your fans, the best time to post, the best content to post, and the like. Reason #4 Advertising features are very limited in personal profiles. You won’t be able to ramp up your business exposure, if so. Reason #5 Additional tabs are only available in Facebook Pages, such as business event calendar, top fans tab, quiz tab, polls, and more. . […]

Which Pinoy Tech Founder Inspires You?

Filipinos are some of the most entrepreneurial people in the world. Many of our tech founders met international recognition, despite limitations in the local market. Find out which legendary Pinoy founder is your inspiration! close Want more expert tips? Get a copy of Cyberpreneur Philippines from leading bookstores, or order from us!

Startup Idea Checker: How Crowded is Your Market?

Could your startup idea thrive despite the market competition? You need to check if there’s opportunity to gain ground in your area. See how you’re likely to fare, based on Philippine Roadmap for Digital Startups data! close Want more expert tips? Get a copy of Cyberpreneur Philippines from leading bookstores, or order from us!

5 Common Ways to Fund Your Startup

Where would you get the money to make your cyber business happen? The answer will depend on the nature of your project, your business model, and your tolerance for risk. For a quick review of possible options, here are 5 models that you can use to fund your startup. Bootstrapping This means you’re using your own money for your business. This could also imply asking for investments from family and friends. A great majority of startups are created using this model, including eBay and Facebook. The challenge is, can you (or your immediate network) afford to use hard-earned personal funds in putting up your project? And support it for any number of months without guarantee that the business will break-even? It’s advantage is that you get maximum leeway with your vision without others getting involved or interfering with your direction. The challenge is, can you (or your immediate network) afford to use hard-earned personal funds in putting up your project? And support it for any number of months without guarantee that the business will break-even? Crowdfunding You pitch an idea, and then wait and see if a community will back it up. With online platforms like Kickstarter, it’s easy to make your case […]

Learning Your Way to Success: 5 Quotes from Business Visionaries

As you become more hands-on in your cyber business, you’ll sometimes feel unequipped to tackle some areas. You may be weak on managing your funds or mastering a new tool. Rather than feed the “impostor syndrome” that cripple many budding cyberpreneurs, consider it as a learning opportunity to master new skills and ideas. Get inspired with words of wisdom from some of the greatest business leaders. What you were taught in school could be soon outdated. Then there are new trends that are fast shaping the future. Learn more, or get left behind. The learning process is difficult, but you’ll appreciate how it makes you a better prepared cyberpreneur in the long run. Sure, you might encounter bumps and even fail as you apply learning into action. But don’t be discouraged, and instead treat it as a great opportunity. Your mistakes are a great source of learning. Pay attention to what your customers are saying, and turn their pain points into your competitive advantage. At the end of the day, you can never go wrong with furthering your education. Not only will you deepen your understanding of the world as a cyberpreneur but as a person as well. close Want […]

Start-Up Business Bill: What You Need to Know

The Philippines is getting serious in promoting startups as a way to grow the economy. Through Senate Bill 2217 or the “Start-up Business Bill”, the government hopes to set a favorable business environment for budding entrepreneurs. Before you get too excited, there are some caveats to the program since it’s designed for those new in entrepreneurship. The start-up business bill was filed on May 2014 by Senator Bam Aquino and is currently awaiting passage into law. Indeed, it’s a very positive step in recognizing the contributions of startups in: Job creation Production Innovation Trade What’s a “startup”? According to the bill, “start-up enterprises” are newly registered businesses either in industry, agribusiness, and/or services. Digital startups are covered under this broad definition, which also spans offline and more traditional sectors. It includes all ownership types – from sole proprietorship, cooperatives, partnerships, to corporations. What does the bill mean for you? As a cyberpreneur, you’ll be exempt from paying taxes in your fist two years of business! It covers both national and local taxes. A tax break! How cool is that? You get to keep your earnings and reinvest it to grow your startup. It also gives you time to organize, develop, and learn what works for […]

5 Tips to Effectively Communicate with Clients Online

I’m a Filipino based in Taiwan, while my client is a Ukrainian located in France. We meet for the first time over a video call. I greet her with a “Good afternoon!”, and she thanks me for staying up late to meet with her. In my years of freelancing and working with multinational companies, I’ve dealt with clients in many parts of the world – the United States, China, and the Middle East – strictly online. Technology has eased barriers in communication across cultures. But we’re still fallible to misinterpret, misjudge and mistrust one another. The distance and time zone separation, the complexity of the work involved, and personal preferences make it harder to connect without the face-to-face dimension. So it’s really important to keep communications at a professional level. Try these 5 tips: 1. Have a work plan “What gets measured gets done” – especially if it involves billable hours. Spell out what your expected roles are, as well as your client’s responsibilities. It could be a short agreement or a detailed project plan complete with multiple milestones and deliverables. This sort of work plan protects you from out-of-scope requirements, sudden reshuffling of priorities, and other arbitrary demands. Have this plan signed […]

How to Assess If You Got What It Takes To Be a Cyberpreneur

You may be a programming geek, a tech enthusiast, or a millennial with a dozen social media accounts. Or maybe it’s the other way around. Are you the type who can’t figure out what a hashtag does or how to log in to a secure WiFi network? As underwhelming as this sounds, cyberpreneurship isn’t so much about what you know or what you don’t know. The playing field, rules, protocols, and whatnot may be very different and boundless compared to a brick-and-mortar store, but cyberpreneurship is still anchored onto the basic qualities of being a successful entrepreneur. Let’s start by asking yourself three basic questions: How passionate are you to learn? What are the things you’re willing to risk? Are you committed to conquer challenges ahead? But wait. If you have answered these questions pretty well, don’t jump the gun just yet. Although they’re basic questions, it wasn’t meant to be that simple. Here’s what you need to do next: Dip your fingers in Most successful entrepreneurs didn’t only start young. They started small. Entrepreneurship, like creativity, can be a strand in people’s DNA that are more dominant in some people, surprisingly turning the ordinary into an enterprising opportunity. A case […]

OFWs as Cyberpreneurs: Why It’s a Great Fit

Ask what an OFW wants to get after his or her return. It’s very likely to get these two big answers: their dream house and a big capital for a profitable business venture. For the latter, OFWs can save a big amount of money in a span of 10+ years, and then come back home to start their dream businesses. This is the part of the story where we stop and call it a happily-ever-after. The reality for some OFWs may be this: After investing their life savings on capital-intensive businesses (for example, a restaurant franchise or a fleet of taxis), somewhere along the line, they make a wrong turn. They might have misjudged the market demand or trusted the wrong persons. Everything crumbles and the ex-OFWs go back to the job market for another overseas opportunity. If you’re an OFW really into starting your own business and still see yourself retiring in the Philippines, cyberpreneurship can help you get started. Here are some of its advantages. It teaches you the fundamentals of running a business Why should you wait until your contract expires or that X amount of savings before you find out if running a business is for […]

6 Common Reasons for Not Sharing Knowledge And How to Fix It

Maybe you couldn’t get a straight answer from a client, or a team leader won’t send you a project document as promised. For all the benefits it brings to the company, there are still many people who resist sharing knowledge. At the heart of the resistance is the fear of change: what would happen if I share my knowledge – and more so, if I depend on another person’s knowledge? As Thomas Davenport notes in Ten Principles of Knowledge Management, “Sharing and using knowledge are often unnatural acts.” To make things more complicated, sometimes people won’t even admit or show resistance openly. Not wanting to share knowledge speaks a lot about the interests (sometimes conflicting and competing) of people in your company. Understandably, people have various reasons for resisting knowledge sharing as much as they have different stakes. Here are some common reasons for resisting knowledge sharing and the troubleshooting tips to address them. 1. Insecurity “I don’t want to share what I know because it may reduce my value or jeopardize my job security.” Guarantee that sharing knowledge won’t diminish anyone’s value – on the contrary, it would increase respect and trust. Your company could assign knowledge-sharing objectives to each employee’s […]