Pinoy: Are You Up To The Entrepreneurial Challenge?
| Posted by Carina Roncesvalles in Business Articles,Business News,Business Tips on 7th March 2007 |
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Marlo Sanchez, a specialist in entrepreneurship education and author of books on entrepreneurship, for his part, said a lot of work needs to be done to promote entrepreneurship among Filipinos.
“Information campaign is nil. Though there is radio, television, and print media who do special topics on entrepreneurship, it does not reach many Filipinos. What is needed is to teach Entrepreneurship in Elementary and High School to change the culture that everyone must find a job to become successful. Paradigm shift is needed: from Job seeker to Job creator,” Sanchez said.
And since the budding entrepreneurs are always in a dilemma of starting their own companies which mean giving up their regular salaries, against staying employed and working for other people, Sanchez has this piece of advice:
“Dream Big! Your dreams will make you find ways to buy those dreams. It will lead you to realize that you can fulfill many of your dreams if you start your own business. Start a part time business and if you start to make two times your salary in your part time business, then you can quit your job and go full time in the business.”
Berino noted that starting entrepreneurs need not quit their jobs right away. “They can remain employed and start up a business part-time first after office or during week-ends. This will make them get their feet wet, experience how it is, give them confidence. After a particular period, especially if they do well, it will be easier to make the leap of faith,” he said.
Berino further noted that for employees who work eight hours a day, entrepreneurship does not necessarily mean having more free time for leisure. “It’s not true that you will have more time if you have your own business. It’s possible that it may even demand from you a 24/7 schedule. But the biggest motivation is being owner of your own enterprise and charting its own growth and performance. For couples, one can venture into business while the other can remain employed so there is a fallback. If the business becomes successful, it will be easy for the employed to resign to help manage the business full-time,” he said.
Berino also said that there is no rush to go big-time right away. “Its okay to start small – the biggest taipans now are proud of their humble beginnings. Sipag at tiyaga are still the best ingredients for success. If you look for short cuts, it will also give you short success. Sustained results are obtained when you give your share of time, dedication and effort to your enterprise,” he said.
Berino further spelled out big advantages of being entreprenurs or one’s own boss against staying as salaried employees of big corporations. “There is the potential to earn more, flexibility in time, chance to provide employment to others, pass on the business to kids.”
The lack of formal business education and family experience are additional roadblocks to the road to entrepreneurship.
Sanchez noted that practice has led many entrepreneurs who never finished elementary or high school to success. “Practice makes perfect. If you fail, pick up the pieces and start again. On average, successful businessmen failed 3.6 times before they finally had a long time successful business,” he said.
“Start small, so that if you fail, it won’t hurt too much. If you succeed, it is easy to make your small business become a large one. People will now be willing to lend you money for expansion if you have a successful track record as a small enterprise,” Sanchez added.
Macasaet said while formal education is important, it is not a substitute to the classic horse sense. He noted that budding entrepreneurs should develop consumer and business insight through critical observation about what consumers really want and how to provide these needs.
“Write your business plan. It doesn’t have to be as sophisticated as textbook business plans. Plan not only to start a business but to consequently succeed. Enter a venture where you can use your knowledge, skills, experience, and connections. Improve your social capital by networking with the right people. You’ll never know when you will need them. Start small and focus on your business. You have to be fanatically involved especially during start up,” Macasaet said.
The innate creativity and will to succeed in the Filipinos should not make it difficult to venture into small businesses. And while the clock keeps ticking, the academicians noted that time is important in making the first step to the road to entrepreneurship.
Tags: Philippine Business, Filipino Entrepreneurs, Philippine SMEs, Philippine Business Tips
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About Carina Roncesvalles: Carina Roncesvalles is a Journalism graduate from the University of the Philippines in Diliman. Carina has worked as a Reporter for BusinessWorld. She is nowworking as a full-time writer for a Makati-based public relations company.
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Very Interesting Article.. Thanks for sharing…