Thoughts on Filipino Entrepreneurs
There are numerous common characteristics shared by successful entrepreneurs. It is possible to learn most of them with practice and by developing a winning attitude. All that needs to be done is to identify one’s goals and to achieve those goals in incremental and measurable stages, through strategic planning. It is usually said that creativity, passion, organization, or leadership skills are the characteristics that make someone a successful entrepreneur. Along with these, the qualities that make an entrepreneur successful also have to do with planning, acting and thinking strategically, or being able to anticipate things. Successful entrepreneurs know how to get a bird’s eye view in order to get a new perspective, to observe the existing situation and to decide what needs to be done. Some of the common traits of successful entrepreneurs are said to be good health, enthusiasm and passion for what they do, self confidence, sense of urgency, realistic outlook, attraction to challenges, ability to manage stress and solve problems by making appropriate decisions.
One of the reasons that drive the entrepreneurial spirit in the Philippines is the aspiration that one can overcome poverty. Due to unemployment coupled with the pressure of providing for one’s family, the Filipinos look for any possible way to earn an income. Even women hold a significant position in Philippines such that 51% of entrepreneurs in Philippines are female. The Filipino entrepreneurs, however, face several problems such as the lack of research and development, inadequate access to technology, lack of marketing advice and logistical problems. The problems faced by most of the Filipino entrepreneurs also have to do with financing as they usually have difficulty in acquiring capital. The Philippines government plays a great role in solving these problems for the Filipino entrepreneurs as these efforts will increase the economic growth, improve living standards, and build a worldwide market for Philippine products. Therefore, they welcome foreign investors and offer incentive and support by lowering tariffs, opening its entire economy, including land ownership and “free trade”.
Although the Philippines is said to be a highly entrepreneurial country, all of these businesses are small to medium scale enterprises. In fact, they account for 99% of all business establishments and 60% of all exporting firms in the country. Still, only a few can claim to be a success. Despite all these hardships, the people of Philippines are creative and energetic with innovative ideas. They have what it takes to be successful and thus, many successful Filipino entrepreneurs have shown up. Many successful Filipino entrepreneurs have shared their success stories with the rest of the nation which has proved to be an effective way of igniting further efforts in entrepreneurship. It has helped many Filipino entrepreneurs to work with determination, intelligence, find a solid niche to fill, and see the business through the tough times as well as the good times.
According to a successful Filipino entrepreneur:
“Success is always there at the horizon. To get there, know how to chart the surest path, and follow it no matter what happens along the way.” –RAFFY DAVID, Pilipinas Teleserv