The Philippines is considered as one of the country which gain a lot of investor’s but these
investors are not from our locality nor a Filipino but they are foreign investor’s such as
from the giant economy like China, Taiwan, South Korea, USA and the like. But why?,
when many natural resources are almost present in our country, and engaging into
businesses be it small or big, macro business or micro it would really help a lot for a
middle and average income family as it will help provide jobs and opportunities and also
the creation of more products, and high demand of other service’s. So considering all of
these Filipino’s are still afraid of engaging into businesses and here are some of the
reasons.
So first reason is that documents make it harder and inconvenient for Filipino people,
these are business registration, licensing permits and other documents needed. These
documents takes month to be process and also costly since it requires registration fee,
licence fee, taxes and many more, and starting Filipino entrepreneur have became highly
discouraged due to these required and costly document’s. Registration processes from
the DTI, SEC (for partnership and corporation) Mayor’s Office, BIR, SSS, PhilHealth, Pagibig, and other government offices are just few of the documents needed.
Second reason is that we Filipinos chose more the typical way to earn money which is
through employment because we see that employment helps us to be more secure in life,
since employment provides secure income, unlike business which may be a fail or
success, and we are not that risk taker knowing that we have a lot of priorities as a Filipino.
And the third reason is the lack of lack financial capital to start their business. Knowing
all the poverty rates and unemployment here in our country, looking for a business without
capital, investors and other source of money to start your business is indeed hard. Capital
is indeed important from the processing of the documents, to land use or property, to
purchasing of the desired materials and design, to machinery and equipment and many
more. So basically without sufficient capital we will not venture into business.
Then next reason is the lack of skills and experience to manage a business. Filipinos are
not that skilled in running a business instead we are skilled in being a human resource
such as being employed, or working for other people such as being a overseas worker.
The lack of experience is also related to our chosen path and courses and taking business
courses are not common in the past but it’s starting to be known these days. And last
reason is that the business culture here is not that strong compare to other countries. We
are not business minded, we lack of skills and experiences on being a boss or to start a
business, we chose a fixed job and we are afraid of taking a risk.
While in contrast to these traits of Filipino’s. One of the tiger economy in the world and
one of the largest importer, and exporter in the world which is also the number one country
with the highest number of population and entrepreneur, and this is China. At the early
age, Chinese parents already teaches their children on how to manage business, they
are taught to be a risk taker and acquire all the necessary skills and experiences that an
entrepreneur must have. China government also have a entrepreneurial and business
curriculum instill in their education thus every students learn it since the elementary until
they graduated from highschool, and the trait of being business minded also runs in their
blood that’s why they are more willing to engage in business and not afraid to take any
risks.