Developing Business and the Technology it Requires

Every business needs development and technology, learn how and why;

• Build on a dream. "I don't design clothes, I design dreams."

     Ralph Lauren, fashion magnate

• Focus on what you love. "All the things I love is what my business is about."

     Martha Stewart, home living magnate.

• Remember the power of the customer. "There is only one boss: the customer. And he can fire anybody in the company from the chairman on down, simply by spending his money somewhere else."

     Sam Walton, founder of Wal-Mart

• Location, location, location. "Our bistro officially opened in October 2006. it could seat 70 people inside and accommodate 30 more outside. Putting the bistro at The Fort has proven to be a wise move, for our biggest problem before was that people knew us but didn't know where to find us. today, because of our location, we have more foot traffic, and we now have 26 staff to handle our bigger client base."

     Chef Rolando Laudico, owner Chef Laudico Bistro Filipino

• Accidents happen for a reason. "The demand for our broken-glass products today is such that we now even buy broken glass from junk shops."

     Loly Gomez, co-owner of Philippine Treasures, discussing how the accidental smashing of her son Anton's car window inspired one of their bestsellers.

• Preserve the heritage of your brand. "We do this to protect our family's name, which mommy (Laura) always wants. We need to have some control over the business."

     Cucuy Elorde, daughter of the late boxing great Flash Elorde, on having a member of their family as an equal partner in any company that franchises an Elorde Boxing Gym.

• Plan for the future. "We know what we wanted to do, so we went about implementing the plan. A good thing about that move was that we had the existing backbone to support it, so we only had to buy the license to distribute anti-virus and security software and to secure the lines we needed for the VoIP service."

     Tanny Syfu, CEO of Tri-isys internet which needed to shift its business to corporate services with the rise of broadband and prepaid internet.

• Use technology to reach more markets. "Upgrade your production technologies. in the case of ideal, our automated machines helped the company attain consistency and achieve greater efficiency. Among other advantages, this enabled us to meet the strict product standards of restaurants, thus further expanding its pasta market."

     Henry Lim, vice president of Ideal Macaroni and spaghetti Factory Corp.

•  Automate your business. "Automation and systematizing the online business is a great way of making it generate a steady income stream. As soon you discover your niche, you basically program the business to run itself. At the end of the month, you'll be surprised how much you've made even if you spend barely an hour or two on the web each day."

    Joel Christopher Remandaban, founder of masterdistributor.com

• Haggle for your customers. "Yes, people are surprised that our mark-up is really very low. My job is to talk to foreign publishers to give us a low price. I have to explain to them why I'm squeezing their necks for low price. I tell them our people can't afford their books. And I add, 'Wait until Filipinos are a little richer, and I will not have to bargain with you. In the meantime, you have to help us.' That's my trade secret."

    Socorro "Nanay Coring" Ramos, co-founder of National Bookstore

Source: Entrepreneur Magazine