To all those Ateneans out there who has been enrolled during the school year 2006-2007, we witnessed the establishment of SOM Mall - a business lab handled by students mostly coming from John Gokongwei School of Management.
My group and I were one of the first to establish business in the said mall. Our business is the infamous Picky Eaters and along our batch is One Big Flame, Chinky Chicken, Matcha, and Bodhi. Before, plenty aspiring student entrepreneurs inquired on renting a lot at SOM mail before its completely built. Many were dismayed by the fact that rentals of each stall range from 9000-15000 excluding the electricity and water usage fees. Because of these huge costs, many became hesitant to rent.
Even our group doubted if we can reach enough sales to cover all related costs. But, I encouraged the other group members to pursue our plan. WHY? One reason why I know our business will prosper in that area because of substantial market research. Another reason is that being a food fanatic, I strongly believe in our selling product which is to serve customizable hamburgers - Quarter Pounders and Half Pounders.
Even though professors doubted our research, meaning they gave us a failing grade because they did not believe on our business plan. We know factors such as the population of the market (number students in the campus), their buying power (how much money are they willing to spend for food), and their interest on the product.
With just a starting capital of 42,000 pesos. In four months of operation, we earned a net sale of more than 500,000 pesos - the most number of sales during our time. Picky Eaters trampled other food stalls. Even Mcdonalds and Jollibbee in Katipunan were threatened and came by looking at our stall.
I know all of these stuffs because I was the Chief Financial Officer of our company.I also contributed in Market Research, Marketing, and Operations of Picky Eaters.
With our success, I really learned that business is all about taking risks. If you really have done your homework in researching your target market, then you must not be daunted by negative feedbacks of closed-minded people.
Hahahaha. That’s net sales. Most of our income has been distributed na.
Posted by rayespanol at November 1, 2008, 11:53 pmSa pitaka ni ray! Haha joke
Posted by domesticatedman at November 2, 2008, 7:39 pm
Haha mas maganda yung sa iyo may pictures! Walang pictures yung sa akin! Nanakawin ko tong post mo at mag-rereply ako sa blog ko. Hahaha 500k ba tayo nun? San napunta?
Posted by domesticatedman at November 1, 2008, 8:13 am