Entrepreneurs have been regarded as agents of change. This is because they develop bold ideas into businesses that can shake up the world. With their concepts and the means to turn them into innovative products or services, entrepreneurs can make a great difference to the world we live in. Because of this, many seek entrepreneurship as a career.
Furthermore, choosing a career in this field allows you to ditch the nine-to-five job and achieve financial freedom by being your own boss. Therefore, it’s worth considering whether becoming an entrepreneur would be right up your alley. Aside from the flexible work setup, the opportunity to start a business given the current economic status is another factor you can consider when deciding if entrepreneurship as a career path is for you.
That said, Colliers Research reported 8.3% economic growth in the first quarter of 2022. This means that the country has to buckle up for higher foreign direct investment (FDI) inflows. More importantly, this shows that now is a perfect time to start a business, given that the economy is making a great comeback after over two years of the global pandemic.
So if you’re starting your own business or wondering if entrepreneurship as a career is a great choice, this article will help you to weigh your options and better decide if this path is for you.
Why Pursue Entrepreneurship as a Career?
It’s undeniable that the Philippines is starting to rise again with its economic growth. Hence, it’s wise to start a business this year. Why? Because of less competition, economic recovery, rise of ecommerce, availability of expert professionals, and ever-growing customers. Aside from the five reasons that make starting a business a sound decision, below are important factors a career in entrepreneurship is worth considering:
1. You are your own boss.
Being an entrepreneur means being your own boss. You don’t have to adhere to the rules or orders from anyone in a regular job setup; you just have to be the “creative you,” the “fun you,” or the “innovative you.” That being said, being your own boss involves taking responsibility for how your business grows and thrives. This means you need to oversee how your business operates—from production to finances to customer relations. This is the freedom you can enjoy by pursuing this career.
2. You can work at your own time and pace.
Another advantage of entrepreneurship as a career is the gift of time. You get to run at your own speed because you have power over your schedule. You’re not constrained by a nine-to-five structure because you can plot your own schedule any day of the week, depending on the demands of your business on a given day. You can make use of this flexible time to work on any aspect of your business without any time constraints and rules as to how you’re going to execute it.
3. You get to be creative and innovative.
The sky’s the limit when it comes to the ideas of an entrepreneur. You have the chance to display your creativity and innovativeness, and you can make your unconventional ideas come to life and create something that will live on in the years to come. As an entrepreneur, you get to explore business ideas, test if they are worth funding, and turn them into a marketable and profitable product or service.
4. You gain personal satisfaction.
Passion is one of the strongest attributes of successful entrepreneurs. Being able to do the things you feel strongly about can give you personal satisfaction in your career. You don’t just do it for the money; you do it because you love doing it.
5. You can achieve financial independence.
Entrepreneurship, when done right, can give you financial freedom. Unlike a regular job, you don’t just earn a fixed monthly salary. Instead, you have better opportunities to increase your profit margin and return on investment depending on your sales. Plus, when you can effectively manage your cash flow, it helps your business achieve stability.
How to Start Your Career in Entrepreneurship
Just like with any other thing that you want to learn, being a master of one thing requires rules and laid-out plans. In this section, we’ll show you essential tips when targeting entrepreneurship as a career.
1. Study an entrepreneurship-focused course.
In any chosen profession, there’s no more powerful weapon than education. You can start entrepreneurship as a career by taking a Bachelor’s Degree in Entrepreneurship. Formal education gives you a leg up in the industry because you already know the best practices while your competition is still figuring it out.
2. Find your niche.
Knowing your specific niche or profitable skill is important in building your business. Give yourself time to identify what skills or specialization you want to put your efforts and energy into. Make time to explore the areas that will give you the passion to pursue your business in the long run. Ask yourself, “What is the skill that I am great at, and how can I expand this to make it big?”
3. Plan your business.
Planning is the blueprint of any undertaking. By getting a clear vision on what you’re building, who your target audience is, and what brand that you want to market, you’ll have more clarity and focus in establishing your business.
4. Build your network.
The famous quote “no man is an island” is true in every aspect. Likewise, cultivating a network is essential, especially when you’re going after entrepreneurship as a career. You have to create a culture of trust with your market to make people support and believe in the brand you’re creating.
Thankfully, the rise of digital entrepreneurship has paved the way for entrepreneurs to build their connections in today’s modern society. Social media has given business owners a great platform to create their brand and showcase it to the whole world. This leverage is a game-changer in the way you can grow your own network.
5. Raise money and scale your business
It’s true that entrepreneurs need to have capital to start their business. Some people use their savings, while others apply for a loan, and still others look for investors who would provide the capital they need. Whatever the case may be, a well-built financial plan is the backbone of entrepreneurial ventures. This is how you can expand your business.
Common Industries for Entrepreneurship Professionals
Entrepreneurs in the Philippines have a wide variety of industries to consider. The possibilities are endless, as any skill can be the start of a business. To help you weigh your options better, here are the top industries you can consider when choosing entrepreneurship as a career.
Since we’re living in the digital age, we have also come to the era of technopreneurship. A combination of the words ‘technology’ and ‘entrepreneur’, technopreneurs use technology to create and improve goods, services, and manufacturing processes. These range from IT businesses such as data mining, robotics, and mobile app services to the IT-BPO industry. Hence, technopreneurship has climbed to become one of the top contributors to the Philippine economy.
The pandemic caused a great shift in the country’s preference from buying from physical stores to shopping online. In fact, GlobalData’s analytics stated that during the pandemic, e-commerce transactions in the Philippines increased by 11.8%, valued at P229 billion. Moreover, e-commerce value will continue to grow at a compound annual growth rate (CAGR) of 17% from 2021 to 2025.
The retail market size in the Philippines is set to a 10.42% year-over-year growth in 2022. The Philippine economy is expected to recover this year, as consumer spending on retail products increases due to a slowdown in unemployment along with the gradual recovery of the tourism industry.
Real estate is one of the few recovering industries in the Philippines amid the onslaught of the pandemic. Colliers expects big opportunities for real estate for the rest of 2022. The residential market is expected to make an economic comeback due to the return to office protocols of different companies.
In its latest updating of the list establishments, the Philippine Statistics Authority (PSA) reported that more than 1.08 million establishments were in operation in 2021, which amounted to a total of 8.57 million jobs. Small business enterprises dominated the count of establishments with 977,670.
Dubbed as the important influencers for growth in the Philippine economy, small businesses have increased due to the ease of which their various products can be marketed on social media.
Develop Your Entrepreneurship Skills at CIIT Today
Entrepreneurship has undeniably flourished in the country despite the challenges it faced, and it’s still growing even more with the key factors that we have discussed in this article. Now with the million dollar question, is entrepreneurship as a career path a rewarding one to take? The answer is YES!