Entrepreneurs In The Philippines
A typical entrepreneur in the Philippines is one who is engaged in small to medium scale businesses. Studies have shown that up to 99% of business ventures are composed of SME (small to medium enterprises) and micro-businesses. Because of present up and downs in Philippine economy, most people who want to engage in business find it easier to set up a smaller one, one that needs a small capital outlay, easy to sustain, faster ROI (return of investment), and less pain when the business fails. So how much does a Filipino investment worth in terms of the type of business he intends to engage in? Investment in small enterprise is worth up to 15 million pesos, while a typical medium enterprise entails an investment of up to 60 million pesos. What is more popular nowadays is the rise of micro enterprises, mainly because of the small capitalization requirements to be in business (up to 150 thousand pesos only). Many micro businesses did not originate from office tables or formal meetings. In fact, a lot of them steam from ideas that are found anywhere: school senior projects, kitchen cooking hobbies, concepts from foreign magazines, a spark of idea coming from casual talks and stories at the dining table, handicraft works with a touch of creativity and innovativeness, anything!
With limited capacity in starting a business, Filipinos are very creative when it comes to maximizing what is at hand. Resourcefulness and hardworking, these entrepreneurs use whatever small capital they have raised to start their business with the minimal materials and assets that they can acquire, and combining luck and prayers, they manage to slowly gain momentum and reach a sustainable level of business operation. If money is limited, they would turn their garage or a portion of their homes into an instant office or stockroom. What they lack in materials assets, they make it up with their skills and workmanship. The Filipino culture of close family ties also plays it role, where family members would help each other, and would even ask the help of relatives in marketing their products and services. The Filipinos, even in times in poverty, are never left behind in fashion, craving for foods, and other things that would help promote health and beauty in the midst of daily problems and crisis. In a country where people idolize celebrities locally and foreign alike, it is easy to come up with fads that can go on for a long while. That's why Filipino entrepreneurs continue to do good business as long as their goods and services cater to these needs. This spirit of Filipino entrepreneurship is not only felt locally, as they have started delivering products on a global scale, eager to grab a fair share of the global market. |