Money. I have read so many entrepreneur books and heard speeches from several successful entrepreneur. They were saying the same thing, money is the least problem during the business encounter. You never need to find sources because there are so many.
But still, money is the number one reason why many are afraid to go on entrepreneurship. Getting a loan is a popular source but it always needs collateral.
Lack of knowledge and skills. Never know how accounting and marketing works? Well! Life is a continuous learning experience. Read books, attend seminars or hire someone to do the job instead.
Negative thinking. Afraid of failure, afraid of having less and erratic budget supply while starting. The weak heart and poor determination.
Born to become employee. When I was young, father always told me to study hard so I can be a regular of big company. When we was oriented regarding our course, the speaker told us that food technologists can be a Quality Assurance Officer, Chemist, Researcher and Development Staff, Professor, Restaurant Manager and so on. However, less emphasis was given on food technologists as successful entrepreneurs.
So many permits needed. It need the following permits: 1) the barangay clearance, 2) DTI business name registration, 3) mayor’s/business permit, prerequisites are Bureau of Fire Protection permit (BFP), sanitary permit and cctv system, 4) BFAD/FDA License to Operate (LTO), 5) BFAD analysis and clearance of each product, e.g. you need to register 10 items if you have ten product lines, 6) Bureau of Internal Revenue registration (BIR), need for issuance of official receipt and paying of taxes, and 7) Sometimes permit from DENR,
Prepare lots of pain relievers when getting those. Transacting with government offices is a no laughing matter. You need the set of pain relievers every year.
Expensive product packaging and labels. Cost of decent jam bottle is approximately 15 pesos per piece but low volume can only be bought in Quezon City. What if your location is in Mindanao? Juice laminated pouch may cost as low as 25 centavos per piece but the minimum order volume is 600,000 pouch. Acquiring own bottle design requires a fortune. Pay for the bottle mold and minimum yearly volume.
Marvin is the lead chocolate maker of Ben and Lyn Chocolate Inc. Has strong background in food research and development. Occasionally conducts training and lectures. Lecturer of Cocoa Foundation of the Philippines. Do coaching and consultancy services on his free time.