Filipinos’ interest in entrepreneurship is growing amid Go Negosyo’s study

A new study indicates that micro, small, and medium enterprises (MSMEs) comprise up to 99.9 percent of registered companies in the Philippines, and more and more Filipinos are interested in becoming one of them.

Professor Ranjit Ray of OCTA Research revealed that 81 per cent of adults in the country want to do business, “which gives them enough knowledge on how to do it.”

In their latest survey, of 1,200 respondents ages 18 and older, he concluded that “desire is still high at 80 percent among Classes A, B, C, and D and 74 percent among Class E.”

The report also found that more than half, or 53 percent, were familiar with Joey Concepcion and his work at Go Negosyo.

The non-profit movement he founded in 2005 is seen as either a partner or supporter of MSMEs by 52 percent of Filipino adults, or as a business learning movement by 47 percent of them.

“I am glad that the work we have done over the past 17 years is still paying off. A recent survey by our friends at OCTA Research found that a large percentage of Filipinos want to go into business, and more than half of the respondents are aware of our call Me and the Go Negosyo team,” Concepcion said.

“It is very important to build MSME optimism and willingness to engage in the economy,” he added.

Getting into action

For the entrepreneurial czar, the study indicates the positive impact of Go Negosyo and its push towards an entrepreneurial mindset on Filipinos.

Since its inception, this advocacy has promoted entrepreneurship as a way for people to lift themselves out of poverty.

“There are about 26 million Filipinos still living in poverty, unable to meet their basic food and non-food needs. This represents nearly a quarter of our entire population,” Concepcion said.

“By providing access to the three essential elements of successful entrepreneurship, i.e. mentoring, access to markets and money or capital, we can increase the number of Filipinos who can build successful businesses, and thus employ more of our compatriots,” he explains.

Go Negosyo founder said that with MSMEs accounting for more than 62 percent of job generation, helping them grow will bring in more jobs nationwide.

correct steering

President Ferdinand R. Marcos Jr. appointed Concepción as the Jobs Cluster Leader of the Private Sector Advisory Council, which includes business leaders.

As the government’s top advisor on entrepreneurship, he’s considered a pretty decent fit, it seems, as Go Negosyo’s mentorship programs have benefited tens of thousands of active and aspiring entrepreneurs over the years.

Among its initiatives are the highly successful free promotion in the shopping center “3M on Wheels”, a training organized for active entrepreneurs in collaboration with the Ministry of Trade and Industry and the Ministry of Agriculture, and its Facebook Live Go Negoshow show offering free mentoring via the social media platform on the Go Negosyo page on Facebook.

The advocacy group recently renewed its Kapatid Angat Lahat program to promote the transformation of MSMEs by including small businesses in the value chain of large enterprises; In addition to giving them access to mentorship, money, and markets; process and production improvements; Sources; business models; digital innovation capacity building; and new technologies.

For Concepcion, micro, small and medium enterprises have been negatively impacted during the pandemic, but digital technology has enabled some to pivot and find new ways of doing business.

“With the pandemic now under way, and even with the current headwinds facing the global economy, I am confident that 2023 will be an even better year for our entrepreneurs,” he said.

“I think our growth is going to continue, and I think that, maybe by the second quarter, we’ll hit a tipping point where commodity prices will come down. Interest rates will certainly come down, hopefully by the second quarter and maybe the third quarter, interest rates will go down and it will be the same with energy prices. He stressed that barring any further escalation between Russia and Ukraine, we may already have seen the worst.

Image credits: contributing image

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