Filipino Entrepreneurs Are Getting Younger And Younger
By Alyanna Therese Tagamolila
Why is it that entrepreneurs here in the Philippines are getting younger and younger? We are starting to see even self-sustaining minors and numerous online sellers in the past few years and it’s giving the youth the financial freedom and knowledge that we never thought we could achieve!
Before the boom of online businesses and modern business strategies that have allowed young individuals to achieve their goals as students or fresh graduates, businesses were stereotypically owned by those around their mid-30s with the most experienced being well past the Philippine retirement age. As the youth emerged, the shift in the relationship of businesses with the Philippine economy also took a positive turn as more stakeholders and more sources of economic stimulation made for a healthy economy. Wherever you look we see no significant negative repercussion to having the youth succeed as such a young age – it begs the question, how were they able to do it?
1. No loyalty to traditional business concepts
The youth, unlike their seniors, do not follow a strict do’s and don’t’s with their decision making. Because of this, these successful young entrepreneurs have been able to think of strategies and ways to cope with the problems they face as they started their business. The word “No” was simply not an option for them as they quickly abandoned notions and decisions once they realize it won’t work and adapted more effective strategies. For the youth, leaving their pride at the door and welcoming open criticism and advice has been a positive change to the business mindset.
2. No Limit to Imagination
One thing that all these young successful entrepreneurs have is their skillful combination of their imagination and reality. While the generations before us stuck with traditional business concepts, the youth diversified the market and paved the way for innovative ideas and trendy products. A factor as to why they are so successful is because each of these young entrepreneurs have somehow found a way for their product or service to be completely unique – no idea to outrageous and everything is marketable as long as you think hard enough! With the diversity that the youth brought, consumers nowadays enjoy a convenience never known before.
3. Connected to the Community
Arguably the best development in the trend of how businesses operate is the welcoming change to the environment that these young entrepreneurs brought. Most often than not, successful young entrepreneurs value customer satisfaction and employee welfare – they’re not just here to make a quick buck. Because of this connection to their community, word of mouth, awesome reviews, customer loyalty and even employee satisfaction heavily contributes to establishing permanence in their community; the key to a business’ success. These young entrepreneurs know that a business is more than just developing and marketing a product or service, it is as much about the people as it is about what they offer.
Along with the welcome change in the environment that young entrepreneurs bring to the ball game, the difference in work strategies and resilience seems to have shortened the journey to success too! Looking into the hard work of these entrepreneurs, you can see that they have traits that the older generation do not possess that contributed to their success.
With this, RBMC encourages all aspiring entrepreneurs to move forward with their visions and to apply some of the traits and strategies young entrepreneurs have adapted:
a. Think outside of the box – no idea is a bad business concept.
b. Be resilient. Move forward continuously despite the challenges
c. Know when to ask for help. Accept limitations and consult experts when needed.
d. Value your work-life balance! Entrepreneurs nowadays are making sure they have time for other aspects in their life and it’s just contributing greatly to their success!
e. Don’t work too hard – work smart instead. You don’t have to work long hours, just find the most effective business strategy even if it only takes you an hour or two and you’re good to go.
Seeing how the youth has been able to open up the economy with their outrageously amazing business concepts, fresh ideas and determination just goes to show that the youth have a lot to offer – that we are indeed the future of our country. These traits will help you become the young entrepreneur you want to be, an image of success at a young age and an image of a better environment of business-handling in the Philippines. With this, RBMC lauds all young entrepreneurs striving to make their dream country regardless of age or where they are in life right now. To give tribute to the capabilities of young entrepreneurs everywhere and to encourage more and more young individuals to enter businesses, tune in to RBMC’s different social media platforms to hear the stories of several young successful entrepreneurs as we launch EntrePinoy, — a web-series exclusive to RBMC to tell the stories of amazing young entrepreneurs here in the Philippines. Get a peak into the first episode here Romero Business Management Consultancy – YouTube
EntrePinoy acknowledges the amazing work done by the youth in the Philippines and wants to empower the Filipino youth to embrace their age and uniqueness and use it to fuel their drive and their passion. Catch us on the RBMC facebook page for our first episode featuring the 23-year old CEO of Zero to One Construction Corporation to know more about how you, an aspiring young entrepreneur can reach your dreams!
Introducing Engr. Aurel Agcaoili, the CEO and Founder of Zero to One Construction Corporation!
EntrePinoy Series: Episode 1 – The 23 Year Old Founder of A Construction Company – YouTube