Common reasons why Filipinos don’t go into business
Last updated on October 3rd, 2023 at 06:13 pm
2 minutes readIn the Philippines, where the entrepreneurial spirit thrives, not everyone takes the plunge into business ownership. Despite having the drive and potential, some individuals remain hesitant to start their own ventures. In this blog post, we’ll explore the top 5 barriers that hold back Filipinos from pursuing entrepreneurship and offer practical solutions.
1. Lack of Time: "Madami pa akong inaasikaso"
Many Filipinos are juggling full-time jobs, family responsibilities, and various commitments, making it challenging to start a new business. To overcome this, it’s crucial to prioritize your goals and manage your time effectively.
2. Lack of Skills: "Hindi ako marunong mag-business, baka masayang lang pera ko."
Some Filipinos believe they lack the necessary business skills and knowledge. It’s essential to remember that skills can be developed over time through courses and mentorship.
3. Lack of Money: "Mag-iipon muna ako. Kulang ang pera ko."
Financial constraints can be a significant deterrent. Alternative funding options like grants and loans exist to help aspiring entrepreneurs get started.
4. Lack of Connections: "Wala akong kilala masyado."
Building a robust network is essential for business success. Actively expand your network by attending events and reaching out to potential mentors or partners.
5. Lack of Interest: "Hindi para sa akin yan"
Not everyone is passionate about entrepreneurship, and that’s perfectly fine. Focus on your personal happiness and sense of fulfillment.
In summary, recognizing these barriers and finding solutions, whether related to time management, skill development, financial planning, networking, or personal fulfillment, is essential for those aspiring to start their own businesses. With determination and a willingness to learn, anyone can find success in the world of business.
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