Entrepreneurship In The Philippines Essay

The Philippines is a highly entrepreneurial country. The main reason that drives its entrepreneur spirit is its poverty. Small and medium-sized enterprises (SME) account for the largest share of Philippine entrepreneurs. SMEs, including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. SMEs currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic volume sales. Women hold significant leadership positions in national and local government, universities, business corporations and family business enterprises in the Philippines. 51% of entrepreneurs in Philippines are female. Challenges for entrepreneurs in Philippines include a lack of research and development, inadequate access to technology, financing—most entrepreneurs starting small business in the Philippines have difficulty acquiring capital, a lack of marketing advice and logistical problems. The Philippines government sees that Entrepreneurial efforts will help ignite economic growth, improve living standards, and build a worldwide market for Philippine products so they welcome foreign investors and offer incentive and support by lowering tariffs, opening its entire economy, including land ownership and â€Å"free trade. † Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. According to the Department of Trade and Industry, SME’s currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic sales volume. Among the current problems that Filipino entrepreneurs encounter today are the inadequate access to technology, financing capital, marketing advice and logistical problems in setting up and maintaining their competitiveness in their community. For this reason, the Philippine government has identified the need to foster entrepreneurial spirit to jumpstart our lagging economy. To further emphasize the importance of developing entrepreneurship education, a recent study by the Center for Asia Pacific Studies reveals, â€Å"out of every 100 children enrolled every year, 66 will complete elementary education, 42 will finish high school and only 14 will earn a college degree. † A study by Smart Communications adds, † only 7. 7% of graduates get employed†. This means that out of 100 children that goes to school, only one will end up getting a job. This has led LET’S GO to ask – What happens to the rest? Students who do not graduate or cannot find decent employment in the country usually fall into the trap of joining the unemployed population, or resort to dealing with illegal drugs and crime as a means of living. The scarcity of jobs has further contributed to the exodus of skilled workers abroad, where 2,000 Filipinos leave the country everyday to seek higher income and greater opportunities in career advancement. With this in mind, LET’S GO believes that a viable solution to overcome these challenges today is by promoting Entrepreneurship and giving Filipinos the proper knowledge and tools in start their own businesses. Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. According to the Department of Trade and Industry, SME’s currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic sales volume. Among the current problems that Filipino entrepreneurs encounter today are the inadequate access to technology, financing capital, marketing advice and logistical problems in setting up and maintaining their competitiveness in their community. For this reason, the Philippine government has identified the need to foster entrepreneurial spirit to jump start our lagging economy. To further emphasize the importance of developing entrepreneurship education, a recent study by the Center for Asia Pacific Studies reveals, â€Å"out of every 100 children enrolled every year, 66 will complete elementary education, 42 will finish high school and only 14 will earn a college degree. † A study by Smart Communications adds,† only 7. 7% of graduates get employed†. This means that out of 100 children that goes to school, only one will end up getting a ob. What happens to the rest? Students who do not graduate or cannot find decent employment in the country usually fall into the trap of joining the unemployed population, or resort to dealing with illegal drugs and crime as a means of living. The scarcity of jobs has further contributed to the exodus of skilled workers abroad, where 2,000 Filipinos leave the country everyday to seek higher income and greater opportunities in career advancement. I therefore believe that a viable solution to overcome these challenges today is by promoting Entrepreneurship and giving Filipinos the proper knowledge and tools in start their own businesses. What better age to start planting the seeds of entrepreneurial knowledge and skills than among the youth. One is never too Young to be an Entrepreneur The importance of developing an innovative and entrepreneurial culture is a crucial part of the Philippines developed state future. Entrepreneurship directly leads to more business, more job opportunities and better quality of life. Starting and running a business can be a real option for young people, offering an alternative means of achieving both financial and personal independence. There are 24 million youth in the Philippines today and counting. Of these 24 million, 39% or 9. 36M are part of the labor force while 40% or 9. 6M are living below the poverty line. Encouraging young people to consider business ownership as a viable option is becoming increasingly important given the current trend towards globalization. Supporting youth entrepreneurship can benefit both the Filipino Youth and the economy.