Starting a business is a dream for many Filipinos. This is actually proven true because according to a survey conducted by analytics firm OCTA Research for Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship, 4 out of 5 Filipinos want to start their own business¹. The idea of being one’s own boss, creating something from scratch, and potentially reaping financial rewards is undoubtedly appealing to most.
However, despite these attractive prospects, many Filipinos are still hesitant to take the leap into entrepreneurship. The top reasons often cited for this hesitation include a lack of capital, insufficient skills, and inadequate support². Let’s explore these barriers in detail and discuss how Personal Collection Direct Selling, Inc. (PC) offers solutions to overcome these challenges.
1. Lack of Capital
One of the most significant barriers to starting a business in the Philippines is the lack of capital. Many aspiring entrepreneurs do not have the funds or savings needed to invest in their business ideas. Access to credit is also limited, especially for those who lack the collateral required to secure loans from banks and other financial institutions. This financial hurdle prevents many from even attempting to start a business.
According to a report from Business Tips Philippines, many Filipinos opt to work abroad to save enough money to start a business, thus delaying their entrepreneurial plans indefinitely³. This highlights the extent of the capital challenge and its impact on potential business ventures.
How PC Can Help:
Personal Collection addresses this issue head-on by offering flexible credit terms to its dealers. With PC, there is no need for a significant initial capital outlay. This flexibility allows aspiring entrepreneurs to start their businesses without the financial burden that typically accompanies new ventures. By removing this capital barrier, PC enables more Filipinos to pursue their entrepreneurial dreams.
Need to know more about direct selling and how it’s a good way to earn like a manager? Read this: What is direct selling and how this can help you earn money – Personal Collection
2. Insufficient Skills
Another major obstacle is the lack of qualified skills and experience. Many potential entrepreneurs feel that they don’t have the business acumen to manage and grow a business successfully. This lack of confidence in their abilities can be a significant deterrent.
A study by the Philippine Institute for Development Studies (PIDS) found that entrepreneurship in the Philippines is often hindered by limited knowledge of business management and operations¹. This lack of expertise makes the prospect of starting and sustaining a business seem difficult and daunting to many.
How PC Can Help:
Personal Collection provides comprehensive training and support to its dealers. This training covers essential business skills, including sales techniques, customer service, and product knowledge. By equipping dealers with the necessary skills and knowledge, PC ensures that they are well-prepared to run their businesses effectively. This support system not only boosts confidence but also increases the likelihood of their business success.
Want to know how to start a small business with one of the best direct selling examples in the Philippines? Read this: How to Start a Small Business with Personal Collection – Personal Collection
3. Lack of Support
The lack of support from family, friends, and society represents one more significant barrier to entrepreneurship in the Philippines. Many potential entrepreneurs face discouragement from those around them who prefer the perceived stability of traditional employment. This societal mindset can cast substantial doubts and stifle entrepreneurial ambitions.
Research indicates that the business culture in the Philippines is not as robust as in other countries. A study highlighted that many Filipinos are more attracted to the fixed and secure salaries offered by employment, rather than the uncertainties of starting a business¹.
How PC Can Help:
Personal Collection fosters a supportive community for its dealers. By joining PC, dealers become part of a network of like-minded individuals who share their entrepreneurial aspirations. This community provides encouragement, motivation, and practical support, helping dealers overcome the societal discouragement they might face. Additionally, PC’s continuous mentoring and guidance ensure that dealers never feel alone in their business journey.
Want to know a PC dealer’s success story? Read how Erly Payoyo overcame financial trials with the help of her fellow dealers: Personal Collection, Negosyong Kasosyo sa Pag-asenso – Personal Collection
The barriers to starting a business in the Philippines, including lack of capital, insufficient skills, and inadequate support, are significant but not insurmountable. Personal Collection provides a compelling example of how businesses can empower aspiring entrepreneurs by addressing these challenges directly. By continuing to address these barriers through both private initiatives and public policies, we can foster a more vibrant and dynamic entrepreneurial ecosystem in the Philippines. This, in turn, will contribute to economic growth, job creation, and a more prosperous future for all Filipinos.
Direct selling with Personal Collection is a great small business idea that can turn into a profitable venture. With little capital and flexible credit terms, regular training in sales and recruitment skills, and a supportive community, you have nothing to lose. Let PC help you turn your entrepreneurial dreams into reality. Sign up to be a PC dealer today!
¹ 78% of Pinoys prefer to be entrepreneurs | Inquirer Business
² 6 Reasons Why Filipinos Don’t Start a Business in the Philippines | Business Tips Philippines
³ 10 Reasons Why Filipinos Don’t Succeed in Business | Business Tips Philippines
