Young entrepreneurs in the country face significant challenges, particularly those outside Metro Manila, according to a study released recently. Limited access to funding and lack of focus on regional development stifle their potential.
“Young entrepreneurs cannot survive on their own capital as they often lack the savings needed to tap into to fund their own business ventures,” an International Trade Center study, titled “Entrepreneurship Ecosystem in the Philippines: Network Analysis and Mapping of Institutions Supporting Youth Entrepreneurship,” stated.
“With little financial resources available, bright, and equally passionate young entrepreneurs often quit early as they see few opportunities to scale up and receive financial support,” it added.
To foster a thriving entrepreneurial ecosystem, it is crucial for the government, private sector, and individuals to collaborate and address these issues.
Government initiatives should include decentralizing funding programs. The state should establish funding programs specifically targeting young entrepreneurs in the provinces or the rural areas. By decentralizing resources, the government can ensure that aspiring business owners in the countryside have equal opportunities to access capital.
Another key step is infrastructure development. Investments such as reliable internet connectivity and transportation networks, are essential. Improved infrastructure will enable entrepreneurs to operate more efficiently and reach broader markets.
Educational support is another vital measure the government must pursue to boost youth entrepreneurship. Implementing entrepreneurship education in schools and universities around the country can equip young people with the skills and knowledge needed to start and sustain businesses.
Additionally, offering mentorship programs can provide guidance and support. In this aspect, Go Negosyo has taken the lead and set an example. Late last year, it launched the “Youthpreneurship,” a mentoring program designed for Filipino youths that attracted 17 schools from the National Capital Region and hundreds of senior high school students.
On the part of the private sector, its corporate social responsibility (CSR) programs should include initiatives that focus on supporting young entrepreneurs. This could include providing grants, mentorship, and training programs to help them develop their businesses.
Large corporations can partner with local businesses to create supply chain opportunities for young entrepreneurs. This collaboration can help small businesses grow and integrate into larger markets.
Capitalists and angel investors should look beyond Metro Manila and invest in startups from other regions in a bid to diversify the entrepreneurial landscape and promote regional growth.
Individuals, on the other hand, can make a significant impact by choosing to support local businesses. This not only helps entrepreneurs financially but also encourages a culture of entrepreneurship within the community.
Experienced professionals can volunteer their time to mentor young entrepreneurs. Sharing knowledge and expertise can be invaluable for those starting their entrepreneurial journey.
To help young entrepreneurs in the countryside, it is crucial to raise awareness about the challenges they are facing to drive public and private sector action. Individuals can use social media and community platforms to highlight success stories and advocate for necessary changes.
By working together, the government, private sector, and individuals can create a supportive environment that empowers young entrepreneurs around the country. This collaborative effort will not only drive economic growth but also foster innovation and resilience in the entrepreneurial community.