78% of Pinoys prefer to be entrepreneurs

MANILA  -About four in every five Filipinos prefer to own their own business if they could, citing a number of benefits such as being able to manage one’s time.

This is according to survey conducted by analytics firm OCTA Research for Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship, which found that 78 percent of respondents aspire to become entrepreneurs.

The results of the survey—conducted last March among 1,200 Filipinos who are 18 years and older, across all socioeconomic classes—also showed that 31 percent of them want to be able to manage their own time and schedule, with this becoming the top reason for going into entrepreneurship.

Having no boss to report to or get along with was cited by 30 percent of respondents as a top factor for wanting to have their own business. Others cited unlimited profit potential (16 percent), the need for daily income (12 percent) and the desire to work or earn elsewhere (11 percent).

Support needed

Asked what government support would be needed by small entrepreneurs, 72 percent cited capital, 13 percent said mentorship and the remaining 11 percent said knowledge.

“We welcome OCTA’s findings that more Filipinos are considering entrepreneurship. If there is one sector that has been active and striving during the pandemic, it is the [MSMEs or micro, small and medium enterprises], and they are the ones poised to lead the Philippine’s economic development, especially as we recover from the pandemic,” said Go Negosyo founder Jose Ma. Concepcion III.

According to data from the Philippine Statistics Authority, MSMEs make up around 99.5 percent of businesses in the country, making them the backbone of the Philippine economy.

Of these, about 90 percent are micro enterprises, or businesses with less than 10 employees.

Majority of these MSMEs are engaged in wholesale and retail trade, motor vehicles and motorcycles repair, food services and manufacturing.

“The growing number of Filipinos willing to explore entrepreneurship means that our advocacy at Go Negosyo is getting across to all Filipinos from all the socioeconomic classes and all over the country,” Concepcion said.

The Go Negosyo official said the organization has been promoting this advocacy for almost 18 years now, continuing to reach out to both aspiring and active entrepreneurs across a wide range of sectors.

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https://business.inquirer.net/382516/go-negosyo-taps-pcci-members-as-entrepreneurship-mentors