The Philippine climate for businesses is suitable compared to its neighbors only that, to achieve success means to exert a great deal effort especially when it comes to competition and acquiring resources. The rampant growth of competitive businesses varying from small to large operating industries increases its demand for skilled and qualified entrepreneurs.
What processes are involved in entrepreneurship?
When you act towards economic goods through transformation of finance and business insights, you are assuming entrepreneurship. In the Philippine setting, this process is very much recognized.
- Exploration of opportunities – entrepreneurship probes opportunities and potentials in the market place. Discovering a certain kind of industry that could deliver quality services to the public as well as job opportunities is part of the searching process.
- Planning and organization - it also arranges the opportunities discovered for an expanded time of benefits employing the process of analysis thus putting order on the drafted plan and implementation thereafter.
- Risks are solely managed in the accomplishment of monetary earnings.
According to the World Economic Forum which released the rankings of “Global Competitiveness Report” for 2007 to 2008, the Philippines rank 71 out of 131 countries. Although its neighboring countries such Malaysia,Vietnam and Thailand took a higher place, you can still see entrepreneurs in the country.
What are the pieces of evidence?
Due to less restriction, a number of business establishments line up the roads in Manila. Small to Medium Scale (SMS) enterprises such as food stalls; small-operating groceries and internet cafes are just a few of the brilliant innovations for such competency.
Driving force of entrepreneurship in the Philippines
Before reading this section, you might have an idea on what drives people towards entrepreneurship. Take a look at the following:
- Poverty – due to lack of available jobs for the under qualified people and their needs to survive the daily struggles, innovations in creating economic good to suffice their daily needs motivate them to enter entrepreneurship. Filipinos views on the positive side. And with such trait, aiming for a satisfied living deems no bounds for their exerted efforts. They believe that the pathway to economic growth and prosperity is entrepreneurship.
- Answer to opportunities – being classified as a “Developing Country”, the Philippines has the potential in uplifting its current status.
The enormous challenge in entrepreneurship
The greatest challenge in the field of entrepreneurship that requires immediate action is corruption within the government. Government funds wind up into the pockets of corrupt officials. Such vice generally affect the business community and the public.
- Only few infrastructures are built
- Limited access to technology
- Poor access on financing/ lending capital
- Inadequate funding for education
Filipinos indeed have remarkable innovative ideas to success. Although creative and energetic, only a portion of entrepreneurs succeeded due to this obstacle they encounter in the government. On a view point, from the government is the culprit behind entrepreneur’s failures.
In the Philippines, entrepreneurship is a great opportunity considering that it gives jobs to a number of people and eventually, it will lessen the unemployment rate in the country. Poverty can be resolved with the partnership of the citizens and the government, with change in governance will have a great impact in the corporate community of the country.