Being an entrepreneur is never just about having an ingenious concept or product that the market

will surely love. Being an entrepreneur means more – it is about having a business with an
aspiration, a goal, and one that will be sustainable.

In his business book,  marketing expert Josiah Go  discusses the core five tasks that an
entrepreneur must accomplish in running a business. “The We Entrepreneur: Understanding the
Five Tasks and the Five Treasures of Every Entrepreneur”, the 11th book authored by Go and
his wife, Chiqui Escareal-Go, shares valuable lessons about entrepreneurship and the things that
really matter.

“This book is not for entrepreneurs who just want to survive and be just one of the many faceless
people in the market place. It is about understanding the critical building blocks of
entrepreneurship to attain significance – on a business level as well as on a personal level,” writes
Go, chairman and chief executive officer of Waters Philippines and chief marketing strategist of
Mansmith and Fielders, Inc.

Divided into two parts, Go discusses the Five Tasks of an Entrepreneur while Chiqui shares her
insights on the Five Treasures of an Entrepreneur. Located in the center  of his cross-like diagram
is an exciting vision and mission surrounded by enduring cash flow, compelling value proposition,
manageable execution issues, and attractive profit.

All five tasks, according to Go, “require attention simultaneously without compromise” as they
will affect the business both in the short term and long term.

Task 1: Vision and Mission

“Vision is what you want to be. It is inspirational and is a positive affirmation. The content of the
vision statement must be important, meaningful, and challenging in order to be a relevant vision,”
Go says.

Vision, according to Go, must be much bigger than you at the moment that it actually makes you
excited and proud.  “All good leaders have an exciting vision for themselves and their
organization, which they articulate to their people,” Go adds.

Mission, on the other hand, is the reason for your existence for others. It is not about gaining more
profit but about you sharing your profit with others.

“Think not just of what business you are in at present but what business you want to be in. What
will make you a top guy and give you happiness at the same time?” Go says. The vision puts the
business on track while the mission is the heart of the business that gives its existence a purpose.
As Go puts it, without vision and mission is like running without a destination.
Task 2: Compelling Value Proposition
“A value proposition is a combination of product, service, and price offered to your target
customers and consumers,” Go notes. “It is the initial step in formulating the entire marketing
program and is within the control of the entrepreneurs.”

Product and price are fundamentally inseparable to the consumers that if you keep talking about
the price, they are bound to ask about the product, while if you keep talking about the product,
the consumers will eventually ask about the price.

A compelling value proposition convincingly answers the question “Why should consumers and
customers try and keep buying our products?”

“It must be able to change their preference in your favor in a sustainable manner, hence the need
for constant adjusting, updating, and reviewing of relevance versus direct competition and
alternatives available,” Go says.

Task 3: Attractive Profit

Profit is a requisite in business. Consistent profit generation is a manifestation of the confidence

of the consumers and customers, as well as the distributors toward the company’s products and
services.

“Basic finance orientation teaches us that to maximize profit, it is best to increase volume as well
as set the best price that would result in both revenue-maximization. But it must also be coupled
with a cost that is manageable for greater bottom line impact without sacrificing the marketing
investment needed to grow your brand,” Go says.

A business without profit is illogical.

Task 4: Enduring Cash Flow

There is a concept known as the wealth creation model that all entrepreneurs must internalize.

“Imagine three components on each corner of a triangle – cash, inventories, and receivables. An
enterprise starts with cash or at least the equivalent of cash (like land or properties), then the
cash is converted into inventories ready for sale and to complete the cycle, a third component,
receivables, is introduced after the sales are made,” Go says.

To make a profit, an enterprise needs to make enough margins selling enough inventories above
their fixed cost, then, it must ensure that receivables are collected promptly; after all, sales are
not completed unless accounts are collected.

A business that is not liquid is on the verge of serious trouble. If there is a problem with the cash
flow, ways must be formulated to have access to cash in order to meet one’s obligations.
Task 5: Manageable Execution Issues

There are three sides to a business opportunity – idea, money, and people. A compelling idea is
the starting point for the entrepreneurial venture which will be funded by the money. The people
will get the job done and accomplish the marketing objectives.

“Execution involves having the capabilities to get the job done. In Mansmith’s implementation
workshop, we call this the 3Cs of capabilities – coordination, competency, and commitment. This
helps in solving company’s obstacles by replacing traps with tools,” Go says.

A common problem in execution, Go adds, is when people create assumptions that someone else
in the company will do certain tasks and when it turns out that no one has done anything, crisis
results and fire fighting occurs.

“The time spent in fire fighting could have been used in coordination meetings to pinpoint
responsibility, to agree on timetables, to create planning charts, and to monitor progress,” Go
says.

Go suggests in investing in a good network and learning to anticipate in order to avoid wasting
valuable resources, especially time, which is irreversible.