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Gearing for the worst amidst the global financial crisis

Small entrepreneurs must strive for the best and think, act, speak prosperously

The inception of the year of the work animal ox in the Chinese lunar calendar brought hope and prosperity consciousness not only to the Chinese community but to the Filipino entrepreneurs as well amidst the global financial meltdown. 

Amidst the happiness and prosperity greeting the year of the ox, Labor Secretary Marianito Roque noted that 15,000 overseas Filipino workers (OFWs) were laid off from electronic factories of Taiwan and South Korea. While 19,000 have shortened working hours due to their companies' cut-rate product orders from abroad.

Business slowdown worsens the country's unemployment as business owners are forced to cut down on their labor force or close shop. Job losses will be first felt in all trade and investment enclaves in the country, both manufacturing and business process outsourcing (BPOs), and then by the few Filipino firms exporting to the US and other markets reliant to the US economy.

"But crisis brings ordinary Filipinos to entrepreneurship, to keep their families afloat in these trying times. Others, especially the women, resort to buy and sell basic necessity items to tide them over. Simple lifestyle and buying only essentials, the passion-driven Filipino entrepreneur easily adapt to the call of the times and grab opportunities where others do not, even in hard times," said Sikap Buhay Entrepreneurship and Cooperatives Office head Dr. LaRainne Sarmiento.

According to Sarmiento, who also convenes Quezon City government's Anti-Poverty Integration Task Force (APITF), the ever-resilient Filipino entrepreneur is known for its disciplined willingness to sweat and sow, reaping the fruits of its labor. 

Dr. Sarmiento cautioned that rather than relying on fate and luck alone, one must do good deeds to others in need even if business is facing rough sailing. Likewise, a sensible entrepreneur continuously studies, reads books, attend seminars and workshops like accounting for non-accountants for example to be hands-on and be in tight control of your business. 

She said that one must be kept updated as well through the internet, and seek sound business advice from experts, friends and relatives. She also said that laws and regulations must help existing entrepreneurs to grow and expand to help them strengthen their economic stamina against malaise brought upon by the global economic shrink.
 
Hence, Dr. Sarmiento warned budding entrepreneurs not to commit money mistakes. Living and spending within one's means, save some to pay off debts, write a financial plan and undergo financial education, and value time like gold. "During tough times, one must be money smart," she added.
She advised them to be always positive. Think, act and speak prosperously. For if you think you will achieve, you will attract energies that will make this happen, she concluded.

The Sikap Buhay Entrepreneurship and Cooperatives Office (SB-ECO) is the City government’s livelihood nurturing program aimed at building up the entrepreneurial capabilities of people by linking them to government and non-government training institutions for courses in business development, marketing and promotion, leadership and personality development, basic accounting and management and entrepreneurship.
Its core programs are focused on three areas:

  • Facilitating access to capital loans for small entrepreneurs among the City’s informal sector
  • Expanding entrepreneurship training services and
    Promoting cooperativism

For more information on how to avail yourselves of any of Sikap Buhay’s programs, you may inquire at 9246314 or 9246306. scroll back to top
 
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