FROM THE MARGINS
Entrepreneurship is crucial to economic growth. Not only are micro-small-and-medium enterprises (MSMEs) the backbone of the economy. Small businesses also serve as incubators for innovation and creativity, especially from entrepreneurial millennials and Gen-Zs, with their disruptive mindset and digital savvy. Slowly but surely, young entrepreneurs are shaking up industries and changing the business landscape.
According to the United Nations Population Fund (UNFPA), the Philippines today has the largest generation of young people in its history, with 30 million youth between the ages of 10-24 accounting for 28 percent of the population. With the right policies and investments, we could reap the benefits of a “demographic dividend” – the economic growth potential that can result from shifts in a population’s age structure, when the share of the working-age population is larger than the non-working age share. So, we need to support the young people who can lead the country to new heights of development.
There is nothing more inspiring than stories of young people successfully starting their own businesses and serving as catalysts of change in their communities or jumpstarting social causes. As these young entrepreneurs’ businesses grow, they hire more people and inspire others, further stimulating economic growth and positive change.
I am dedicating my next series of articles to young entrepreneurs – individuals who are changing the way we see and do business. There are lessons we can learn from their struggles and victories, and I hope sharing their stories will encourage other young people toward entrepreneurship.
Pursuing one’s passion
We know that the most successful start-ups are founded by people who are passionate about what they do. This is certainly the case for Ciriaco Villagonzalo Jr., a 27-year-old entrepreneur from Mabini, Davao de Oro. He has a thriving motorcycle repair and spare parts business, which is a dream come true for this young man.
“We are very simple people,” he shares. “My mother raises pigs to help my father, who is a farmer. They raised us with their hard labor.”
Ciriaco has always dreamt of starting his own business. He counts as a blessing a friend’s invitation for him to study at the CARD-MRI Development Institute (CMDI) in Tagum City, where he took up B.S. Entrepreneurship with a specialization in Microfinance.
“I chose this course because it aligned with my interests,” said Ciriaco. He worked at a motorcycle repair shop while studying, but never lost track of his dream of owning a business.
According to Ciriaco, he learned from school the importance of having a clear mission and vision when starting a business. “These serve as my guide and inspiration,” he says.
He also valued how he and his classmates were required to apply what they have learned in developing and marketing products in one of their courses. He explains:
“From this experience, I learned how important business planning is – from market analysis, product development, costing, marketing strategies, and proper business management.”
Ciriaco later quit his job to concentrate on his studies. He made plans to start his own shop, as he knew that there was a high demand for motorcycle parts, supplies, and repair works in their area. Due to his hard work, he won a scholarship program which enabled him to complete his course in 2023 even while starting a small business in 2022.
His business is off to a good start. From his ₱70,000 capital, Ciriaco now earns a monthly net income of ₱25,000. He admits that running a business is hard, especially since he has many competitors. However, he believes in his business plan. He is confident that he has a market niche with the quality, price and services that his shop offers.
Message for other young entrepreneurs
“I learn from every step I take,” says Ciriaco. He believes that struggles are learning opportunities and hard work is essential to succeed. His message to young entrepreneurs:
“Believe in your dreams. Pursue your interest, and scope out the competition. Prepare for the unknown, and plan your finances. Share your blessings with the community.”
Ciriaco stresses the importance of good planning and prudent financial management. “Financial preparedness is crucial in any business,” he says, clarifying that savings are needed both for expansion and as a safety net for unforeseen events. He also upgrades his skills by attending trainings.
“I want to expand my technical knowledge to provide better service to clients,” he explains. He also shares what he learns with his colleagues. He leverages technology to reach more clients and improve his services, using e-payment apps and social media for marketing.
Ciriaco dreams of opening another branch within five to 10 years, recognizing the growth potential of many tourists now touring the area on motorcycles:
“They will surely need repairs and parts, and my shop will be ready to serve them.”
* * *
“In youth we learn; in age we understand.” – Marie von Ebner-Eschenbach
(Dr. Jaime Aristotle B. Alip is a poverty eradication advocate. He is the founder of the Center for Agriculture and Rural Development Mutually-Reinforcing Institutions (CARD MRI).)