For many successful entrepreneurs, financial missteps are part and parcel of the job—at first. And retail shop owners Jim Bacarro of Linya-linya and sisters Roma and Maan Agsalud of Common Room shared in RCBC Boz Sessions that they had to learn it the hard way.
‘Those epic fails were also the foundational parts of who we are as a company today,” Bacarro shared.The Linya Linya founder cited issues with cash flow and business capital as “bloopers” that eventually became “incredible lessons.”Bacarro admitted that they were like “kids in a candy store with our cash” during their beginning years. “Sales meant celebration, right? Wrong! We pulled out cash without thinking twice.
In their YouTube video “Three Mistakes When Scaling Up Your Business,” Agsunod and Agsalud shared the lapses they committed that prevented them from leveling up sooner. “When Common Room was just starting, kami ang breadwinners ng family namin, so lahat ng earnings naming napupunta sa panggastos ng pamilya. Hindi namin alam na dapat paghiwalayin ang personal bank account sa business bank account. Pag hindi niyo sila pinaghiwalay, mabagal ang growth ng business,” they shared.
For Agsunod and Agsalud, accepting the mistakes allowed them to make the necessary fixes and changes. “So, to all aspiring entrepreneurs out there, embrace your mishaps, learn from them, and maybe get a little help,” they said. Bacarro advised being in the know when it comes to new tools and technology for business owners as these could significantly make their lives easier. “Don’t be afraid to try new tools to help grow your business,” he said.