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Why Filipinos Should Develop An Entrepreneurial Mindset

The document discusses reasons why Filipinos should develop an entrepreneurial mindset and highlights 8 things that hinder the success of Filipino entrepreneurs. It notes that many Filipinos feel financially trapped in their current jobs and careers despite their hard work and education. It emphasizes that developing an entrepreneurial or investor mindset through taking risks and pursuing opportunities for passive income can lead to greater financial freedom and stability. Some of the key hindrances identified for Filipino entrepreneurs include excessive bureaucracy, poor public services, lack of financial support, ineffective management, inability to innovate, and lack of self-growth.

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Michael Susmiran
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75 views

Why Filipinos Should Develop An Entrepreneurial Mindset

The document discusses reasons why Filipinos should develop an entrepreneurial mindset and highlights 8 things that hinder the success of Filipino entrepreneurs. It notes that many Filipinos feel financially trapped in their current jobs and careers despite their hard work and education. It emphasizes that developing an entrepreneurial or investor mindset through taking risks and pursuing opportunities for passive income can lead to greater financial freedom and stability. Some of the key hindrances identified for Filipino entrepreneurs include excessive bureaucracy, poor public services, lack of financial support, ineffective management, inability to innovate, and lack of self-growth.

Uploaded by

Michael Susmiran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Why Filipinos should develop an Entrepreneurial Mindset

•Realization

These and other realizations might have been bugging you for a long time. You might
reason out “I’ve worked hard all my life”, “I studied well in school” or “I have several jobs
to start with”. The thing is, you can’t still avoid the thought of being “trapped” in your
current situation.

– Why am I not rich and successful?


– Why is my income not enough for my family’s basic needs?
– Why can some afford a house, a car and luxury travel?

No matter how many extra hours you’ve spent in the office or how outstanding your
metrics are in your department, you still cannot avoid borrowing money to pay for your
child’s tuition fee or pawning several possessions to make a down payment in the
hospital.

Truth is, you are definitely not alone.

•The Secret

Most Filipinos feel this way. Many of us might have been conditioned by our elders to
get a degree in order to land a high-paying job and be successful. This may be true for
a few people but in reality, finishing a 4-year course isn’t a guarantee to financial
stability.

In his book, “Rich Dad, Poor Dad”, Robert Kiyosaki emphasized the importance of
financial freedom by understanding what passive income means. This concept is based
on his Cashflow Quadrant. If you really want to live comfortably or have a secure future
ahead, then you would have to take the entrepreneurial and/or investor route. And let
me tell you, it isn’t an easy one.

This ideology is also being supported by a noted university president in the country.


Former Ateneo de Manila President, Fr. Bienvenido Nebres, said that Filipinos were
more inclined to become employees rather than entrepreneurs.

•The Differences

If you live in the Philippines where a few yet extremely powerful elite rule, you may be
led to think that you’re hopeless. We did inherit from our Spanish conquerors a social
system that protects the interests of the oligarchs. Succumbing to this set-up (for
example, working abroad for greener pastures, settling for jobs you never liked just
because the pay is decent) is not only disappointing but very draining. What really
separates the working class and the dominant few is “Attitude”. Successful
businessmen are relentless risk-takers.
Putting up a company may sound brilliant but it is not a child’s play. Many flourishing
businesses of today had their own share of ups and downs in the past. A well-known
tycoon may be seated comfortably inside a business center but he has been through a
lot of struggles for years before amassing such great wealth today.
If you wake up one day and realize that you’re sick and tired of working for someone,
then congratulations — you just entered the first step to financial freedom. Anticipate
though that gaining an entrepreneurial mindset is a long process, regardless of your IQ
or educational attainment. It may help to read about success stories of the likes of Mark
Zuckerberg, Henry Sy or Tony Tan Caktiong.

8 Things that Hinder the Success of Filipino Entrepreneurs


Entrepreneurship is cool, challenging and fulfilling. However, it is also hard to succeed.
And in the Philippines, aspiring Filipino entrepreneurs face even harder challenges than
their counterparts from the other parts of the world. There are many external and
internal factors that hinder entrepreneurs in our country in their journey to
entrepreneurial success. The following are only some of those things:

1. RED-TAPE
Despite of the Anti-red tape law in the Philippines, too much bureaucracy in the
government is still palpable. Business owners and entrepreneurs are still suffering from
expensive and time-consuming business registration and compliance processes. Many
entrepreneurs dream of having a duly registered business and wish to have income tax
returns but the government is making it hard for them to realize their dreams because of
red-tape.
What to do?
Despite of red-tape, entrepreneurs should still work harder and produce more patience
to comply with the government’ requirements. Remember to comply first before you
complain.

2. POOR PUBLIC UTILITY SERVICES


Entrepreneurs in the Philippines, especially in the provinces, are continuously annoyed
by brownouts and slow internet connection. These poor services do not only destroy the
efficiency of their business operation but also cause them a lot of stress.
What to do?
Consider buying a generator or better use solar power which is a more environment-
friendly source of electricity. For the slow Internet, if a reliable Internet connection is vital
to your business operation, try to find a better location where internet is faster.
3. LACK OF FINANCIAL SUPPORT
For startup owners who are not yet earning operating income, getting financial aid from
the government or obtaining a loan from banks in the Philippines seems to be
impossible. To get a loan, you must have a collateral or show some years of operating
income. It seems that the ones who can borrow money are those who don’t need to
borrow. We can understand the banks because it’s their business but for the
government, I don’t get it.
What to do?
Get financial help from your family or from your close friends who can lend you money
with zero or little interest. Start a professional service business where you only sell your
talents and skills and don’t need big money to operate it.

4. LACK OF MARKETING SKILLS


Entrepreneurs need to sell, build good customer relationships, earn lasting profits, and
continuously grow their business. But many aspiring entrepreneurs in the
Philippines don’t spend enough on marketing campaigns. They rely too much on their
product while forgetting the other elements of marketing, such as place, price, people
and promotion.
What to do?
Learn the fundamentals of marketing and practice your marketing skills. Also consider
hiring a marketing strategist or outsourcing a marketing firm to delegate the important
marketing tasks that your business needs in order to succeed.

5. INEFFECTIVE MANAGEMENT
Many entrepreneurs have passion for business, but don’t have a passion for
management and leadership. Managing and organizing things inside a business is a
tough job. Leading people is an even tougher job. Without the ability to motivate
employees and build stronger teams in their companies, entrepreneurs cannot succeed
and grow their business.
What to do?
Practice your management and leadership skills. Attend seminars and workshops to
champion the leader in you. Learn how to be compassionate and how to make other
people happy. You have to make your team happy, motivated and more productive.

6. INABILITY TO INNOVATE
Technology evolves rapidly, so as the people. New business processes and marketing
methods emerge. For example, online channels like search engines and social media
are now vital for business promotion. Without adapting to these new strategies and
changes, entrepreneurs cannot become competitive.
What to do?
Know your competition. Spy on your competitors. Don’t be left behind and lose your
competition. Understand that technology is not a problem but rather an opportunity or a
power that you should harness to advance your business. To start adapting to new
technologies, start from the basics. You don’t need to know it all at once. Read a book,
read a blog, or get a mentor to teach you.

7. LACK OF CUSTOMER CARE


Businesses need to consistently satisfy and make their customers happy. Without giving
satisfaction to customers, a business cannot survive in a long run. Many entrepreneurs
focus on earning money rather than earning loyal customers. Consequently, their profit
doesn’t last for long.
What to do?
Listen to your customers to understand their current and future needs. Get feedbacks
by putting a suggestion box in your store of office. Interact and answer your customers’
questions and inquirers online and offline. Moreover, you can also be a customer of
your own business to understand its strengths and weaknesses.

8. LACK OF SELF-GROWTH
Finally, what hinders the success of some Filipino entrepreneurs is the lack of  personal
development. They lack self-control to concentrate on their core goals. They lack self-
leadership to lead others. They also lack patience, compassion and some love to
always make their customers smile. Without good habits and personal qualities, an
entrepreneur cannot advance. Without self-growth, an entrepreneur cannot also achieve
business growth.
What to do?
Have enough time to spend alone with yourself. Use this time to meditate and reflect on
things that will help you understand yourself better. Think about your past mistakes and
learn how to correct them so that you can learn from them and become a better person.
Don’t forget to ask advice from your friends, parents and life coach.

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