# Starting a Business ## Build an All Star Team * Your team will be the foundation of your business. * Airport Test before hiring them. Imagine you and your teammates are stuck at the airport, what’s the conversation like? ## Location > Budget * Unlike online business, traditional businesses require good location. * When I visited Bantayan Island, there's this place called MJ Square. It is a hub for all restaurants. I bet the rent there is high coz of the foot traffic. That's the important thing though: "foot traffic".\ \ Restaurants outside of MJ Square don't have much customers. * "Balance budget and market" ## Perfect the Product First * There are businesses who focus on aesthetics first before making the product perfect and doing market research. ## Scaling * Scale only when you are profitable. * Scale when people are already looking for you in another area. * If you have sufficient budget for marketing. * Fill one cup at a time ## How to Price? * If it's a product people use daily, maybe 10% to 20%. * If the product is limited edition, sky is the limit. Like Jordan shoes, it can retail for as low as P5,000 but you can sell at P15,000 easily. * For services, it should be 200% to 300%. ## Debt is Not Bad * High net-worth individuals want their money to grow, they are willing to invest it on talented people who can multiply their investments. * Say the interest per year is 6% but it will yield you 100x the initial investment, that's still a huge win. * Always compute for the returns so you'll have purpose. * Know the break-even points such as 100 cups of coffee or milktea per day, 1000 loads per day for laundry shops. ### Sources: * Reymond Delos Reyes (Paano yumaman ang baliw?)\ * Reymond Delos Reyes (Wag mo papayagan na wala kang pera)\