Lessons from young entrepreneurs (Part 3)
FROM THE MARGINS
Young people’s energy and creativity never cease to inspire me. My last two articles featured three young Filipino entrepreneurs from poor families who succeeded in establishing their own businesses. Many young people from diverse backgrounds are now choosing to become entrepreneurs rather than job-seekers. They become employers and serve as inspiration for more young people to venture into entrepreneurship.
Alvin Joseph Dequito
Alvin’s entrepreneurial journey began at 19. He sold solar emergency lights while still studying at San Beda College. After graduation, he partnered with friends to put up Lukkas Barbers. Though they suffered during the pandemic, Alvin did not close the business and even helped his employees. Now the business is thriving with more than 20 employees. Using his learnings from his BS Entrepreneurship course and the insights gained from attending franchise expos, Alvin has even ventured into other businesses. At 26, he runs not just the barber shop, but The TapsiShop restaurant, D’ Auto Spa car care shop and a franchise of the Sea Oil gasoline station in San Pablo.
He offers this advice to aspiring young entrepreneurs:
“With a good business plan, you can approach financial institutions to help with capital. You need to be hands-on with your business as it has risks and would require time and effort on your part. Lastly, keep on reaching for your goal. If the plan doesn’t work, change the plan, but never the goal.”
Filmin Joseph Torres
Filmin (Toyto to friends) is a graduate of Hotel and Restaurant Administration from Lyceum and Culinary Arts from Enderun Colleges. His journey from college to successful entrepreneur began with short courses on how to start a business. At the age of 22, he opened his coffee shop, Cafelandia, and four years after, he opened a restaurant called PUB 91.
To keep his cash flow going during the pandemic, Toyto focused on take-outs and deliveries. The use of digital platforms allowed him to bounce back and even grow his businesses. Cafelandia expanded to three branches in San Pablo and Los Baños, Laguna. He also started a new coffee supply distribution business. His employees have increased, from just eight to around 80. He wants to expand further in the future.
Important lessons
In this age of Business Unusual, the young entrepreneurs I wrote about have important lessons to share with those who also want to set-up their own businesses. Let me list them down:
1. Do not be afraid to dream. We all saw how Ciriaco, Gene and Lovely did not let poverty define their destiny. They came from poor families and were forced to work at a very young age – as motorcycle repairman, server, cleaner, factory worker, tricycle driver. Yet, they dreamt big. They struggled to get scholarships, became working students, and eventually, realized their dream of having their own businesses. Having big dreams cultivates a growth mindset. By working hard with the support of their families and MFIs, they prove that the possibilities as an entrepreneur are limitless.
2. Pursue your interests. Toyto started Cafelandia because he enjoyed staying at cafes and bars when he was still a student. Alvin pursued his childhood dream and started his own business at 19. Ciriaco put up his own motorcycle parts and repair shop because he enjoyed working on motorcycles. Gene started Primo Coffee Shop from a kiosk that was a hit in their school bazaar. These young business owners pursued their interests, learning about the business and scoping out the competition. Their passion fueled the growth of their business.
3. Work hard. And then work harder. Be willing to hustle long hours. Lovely worked until midnight and woke up early in the morning when her business was just starting. Toyto’s restaurant and Alvin’s barber shop suffered during the pandemic but they worked hard so their business could bounce back. Entrepreneurs know that running a business is a round-the-clock commitment.
4. Keep on learning. Innovate. Genelyn did product-testing before marketing her coffee. Ciriaco attended seminars to improve his knowledge so he can provide better service to clients. Toyto is always customer-focused, continually improving his business by asking about clients’ preferences. They all take advantage of technology, using social media and e-payments for efficiency and convenience.
5. Share your blessings, grow your circle. Our young entrepreneurs understand the value of giving back. They help their employees. Their vision for expansion or diversification is tied up with the dream of helping their communities. People love young entrepreneurs who want to change the world. Their optimism and energy are contagious and make people support their businesses.
Success is about perfect timing, seizing opportunities and, of course, support — from family, friends, government, and other businesses. We should all do what we can to encourage the next generation to become not just employees or OFWs, but entrepreneurs and business owners.
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“All that we are is the result of what we have thought.” - Buddha
(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).)