Exploring the Perception of Entrepreneurship in the Philippines

Entrepreneurship is a buzzword in the Philippines, specifically in the current situation of the economy. For most Filipinos, it is a way to escape the cycles of poverty and unemployment, and it is believed that by starting their own business, they can succeed and provide a better life for their families. This perception of entrepreneurship has been fueled by the government’s initiatives and programs to support the sector, the success stories of small- and medium-sized enterprises, and the accessibility of resources and information through technology.

However, the reality of entrepreneurship in the Philippines is complex and challenging, and it entails more than just having an idea and taking a leap of faith. The Philippine economy is highly competitive, and it is dominated by big corporations, multinational companies, and established brands. Furthermore, the bureaucratic red tape, the lack of funding, the limited market, and the socio-cultural barriers pose significant obstacles to aspiring entrepreneurs.

One of the main factors that contribute to the perception of entrepreneurship in the Philippines is the media coverage and the pop culture references. Reality shows like “The Apprentice Asia” and “Shark Tank Philippines” showcase the glamour and excitement of entrepreneurship, which is somehow misleading. These shows overlook the struggles, failures, and hard work that are part of the entrepreneurial journey, and they create an image of instant success and fame. Likewise, movies like “Heneral Luna” and “Goyo: Ang Batang Heneral” portray the historical figures as brilliant strategists and risk-takers, overlooking the socio-cultural and political issues that they faced.

Another factor that shapes the perception of entrepreneurship in the Philippines is the education system. The traditional approach of the education system is geared towards preparing students for employment, rather than equipping them with the skills and mindset needed to start and run a business. The lack of entrepreneurship education in the curriculum and the absence of role models and mentors discourage students from pursuing entrepreneurship as a viable career option.

To change the perception of entrepreneurship in the Philippines, there is a need for a holistic approach that addresses the root causes and the systemic issues. Firstly, there is a need for a comprehensive awareness campaign that showcases the realities of entrepreneurship, including the risks, challenges, and opportunities. Secondly, there is a need for an inclusive ecosystem that provides access to funding, networks, and mentorship for all aspiring entrepreneurs, not just the privileged few. Thirdly, there is a need for an education system that fosters creativity, critical thinking, and entrepreneurship mindset and skills.

In conclusion, the perception of entrepreneurship in the Philippines is a complex issue that requires a multidimensional approach. While it is encouraging to see the government, the private sector, and the civil society organizations working together to support the sector, there is still a long way to go in terms of changing the mindset and the culture towards entrepreneurship. By taking a holistic approach and addressing the root causes and the systemic issues, it is possible to create an ecosystem that empowers all Filipinos to pursue their entrepreneurial dreams and contribute to the socio-economic development of the country.