Although the entrepreneurial drive of the Filipino people is well-known, not all of them undertake business endeavors. Some people are still hesitant to launch their own business, despite having the ability and ambition to do so. In this blog post, we’ll look at the top 5 barriers that prevent Filipinos from starting their own businesses and provide solutions.
1. Lack of Time: "Madami pa akong inaasikaso"
Lack of time is one of the main barriers preventing Filipinos from starting their own business. Many people are busy with full-time work, caring for families, and other commitments. Starting a new business while juggling all of these obligations can be difficult. It’s crucial to prioritize your goals and effectively manage your time if you want to overcome this difficulty.
2. Lack of Skills: "Hindi ako marunong mag-business, baka masayang lang pera ko."
Filipinos also refrain from starting their own businesses because they believe they lack the requisite abilities. They might not have a background in business or they might not have the skills and knowledge necessary to manage a successful enterprise. It’s crucial to keep in mind though that abilities can be acquired and improved through time. To develop your talents and acquire the knowledge you need to succeed, think about attending courses or looking for mentorship.
3. Lack of Money: "Mag-iipon muna ako. Kulang ang pera ko."
Not everyone has the financial means to invest in a new venture, which requires funds to get started. Many Filipinos experience financial hardship and find it challenging to accumulate enough money to launch a business. However, there are other funding possibilities, including grants and loans, that can assist you in getting started. It’s important to examine your options and select the most suitable financing for your need. Chinkee Tan provides financial tips and strategies to help individuals save money.
4. Lack of Connections: "Wala akong kilala masyado."
For a business to succeed, having a solid network of relationships is essential. But not everyone has a huge network of contacts they can draw from. It’s critical to start developing your network by going to industry events, joining organizations for professionals, and getting in touch with potential mentors or partners if you want to overcome this difficulty.
5. Lack of Interest: "Hindi para sa akin yan"
Finally, some Filipinos genuinely lack motivation to launch a business. They can like concentrating on different facets of their lives, such as their family or profession. It’s crucial to keep in mind that not everyone should pursue entrepreneurship, and it’s acceptable if you don’t feel passionately about doing so. Instead, concentrate on your personal happiness and sense of fulfillment.
To sum up, there are a variety of reasons why Filipinos might be hesitant to launch their own enterprises. It’s critical to recognize the obstacles and work out solutions, whether they are caused by a lack of time, knowledge, resources, cash, contacts, or enthusiasm. Anyone can be successful in business with willpower, a commitment to work hard, and a readiness to learn.