Exploring the Perception of Entrepreneurship in the Philippines: Understanding Cultural and Societal Influences
The Philippines has been a hub for entrepreneurial activities for a long time. In the past few years, the perception of entrepreneurship in the country has been changing. People are starting to recognize the importance of startups and small businesses in the country’s economic development. But why has this change occurred? In this article, we will explore the perception of entrepreneurship in the Philippines and understand the cultural and societal influences that have shaped the way people view this field.
The Traditional Perception of Entrepreneurship in the Philippines
Traditionally, people in the Philippines have had a negative perception of entrepreneurship. They believed that starting a business was too risky and that it required a lot of money and resources. Furthermore, they preferred to work for established companies, including the government, as it was deemed more stable and secure. This mindset was further reinforced by societal pressures, such as the emphasis on getting a college degree, which meant better-paying jobs in established companies.
The Rise of Entrepreneurship in the Philippines
In recent years, there has been a shift in the perception of entrepreneurship in the Philippines. Young entrepreneurs are emerging, starting businesses and making significant strides in the local market. The rise of technology and social media has facilitated this new trend. Social media platforms have made it easier to showcase products and services, while technology has allowed entrepreneurs to create innovative solutions, build networks, and reach new customers.
The Influence of Cultural and Societal Changes
Cultural and societal changes have also played a role in changing the perception of entrepreneurship in the Philippines. One key factor is the rise of the millennial generation, who prioritize independence and flexibility over stability and security. They are more open to taking risks and embrace entrepreneurship as a viable career path. This generation is also more invested in social issues and is using entrepreneurship to create socially responsible businesses.
Furthermore, the government has recognized the importance of entrepreneurship in the country’s economic growth. They have slashed corporate taxes and introduced initiatives to support entrepreneurs, such as providing startup capital and mentoring programs. This support has been critical in enabling more people to take the plunge and start their own businesses.
Conclusion
In conclusion, entrepreneurship in the Philippines has come a long way, from being negatively perceived to becoming a significant contributor to the country’s economy. The rise of technology, the influence of the millennial generation, and government support have been instrumental in shifting the perception of entrepreneurship from a risky venture to a viable career path. As more people recognize the benefits of entrepreneurship, we can expect to see more innovative businesses and solutions emerging from the Philippines.
