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.