How to be an Entrepreneur in the Philippines (2024)

How to be an Entrepreneur in the Philippines (1)Entrepreneurship is not only about escaping from your office cubicle, starting a business, making some profit, and becoming your own boss. Being an entrepreneur requires more than just courage, more than just getting rich, and more than just creating a unique product.

To be a real entrepreneur, one must have a combination of passion, ingenuity, leadership, intelligence, patience, diligence, persistence, and the undying love to serve people. This genuine type of an entrepreneur is what our country needs to grow socially and economically.

There are already a number of famous Filipino entrepreneurs and business people that have shaped our nation.They’veinspired us through their rags-to-riches stories. However, we still need more entrepreneurs to better shape our country. We still need more entrepreneurs to create quality jobs, grow our economy, and boost the wealth of Filipino families. But how can a Filipino be a real entrepreneur?

If you want to be a real Filipino entrepreneur, you have to save our country and do these heroic feats for the Filipino people and the rest of the world.

1. Create a solution

To be a real entrepreneur, you don’t just create a product in order to make a profit. Well, if you know some math or accounting, it’s easy to increase your sales or decrease your expenses to make a profit. But what makes an entrepreneur an entrepreneur is not just the ability to produce a mere product that will make a profit. Real entrepreneurship is the ability of creating a product that will solve a lot of people’s problems. A Filipino entrepreneur should not just focus on making money for himself, but he should concentrate on creating and revolutionizing a product that will solve the problems of many Filipinos.

2. Make sacrifices

In order to provide quality products or solutions, an aspiring entrepreneur should sacrifice things, such as his precious time, great effort, and even money or opportunities to make money. Starting as an entrepreneur is tough, especially if you were not born and raised by a rich family who could provide you enough fund to invest as a capital for your startup company. As you start your enterprise, you will face various challenges, mentally, emotionally, and financially. You also have to invest personal sacrifices to build great virtues and qualities to become a successful entrepreneur. These qualities include patience, diligence, selflessness, self-control, and persistence.

Remember that entrepreneurship is not only venturing into the business world, but it is also venturing into oneself to achieve personal development and be a better person. You have to be stronger to resist temptations and distractions to stick to your plan and mission. You have to control yourself to overcome greed, pride and dishonesty, which can eventually cause your failure. There are even times that you need to pass through financial troubles, poverty, and even starvation just to continue your entrepreneurship. You have to sacrifice many things in order to become an entrepreneur.

3. Create quality jobs

After developing oneself, an entrepreneur should also develop other people by creating a team and be a good manager to them. Entrepreneurs should help their own country by providing more quality jobs to decrease the rate of unemployment in that country. Hiring people should not only be done to help a business boost its productivity and generate more revenue, but it should also be done to help these people grow their lives professionally and economically.

Entrepreneurs should help their workers have better lives and build a better future for their family. By helping in building more progressive workers or employees, as well as their families, entrepreneurs can also help in building a more progressive country. Remember that to develop a nation, we have to develop every family and household in that nation.

4. Bring honor to your nation

A Filipino entrepreneur should strive to build a world-class enterprise. He should be creative, unique, revolutionary, and topnotch. In other words, he should not just create a product or provide a service that can compete with the best in the Philippines, but also in the world. Furthermore, a successful entrepreneur doesn’t only provide an outstanding product, but he should also practice an outstanding way of managing people, marketing a product, running the whole business, and building relationship with the community.

5. Influence people

Finally, an entrepreneur should not only be a person of great vision and goals, but he must be a person of actions and results – and these results should be those that could inspire many people. A real entrepreneur has to create a product that contains a solution – a solution that brings honor – an honor that transform people. A genuine entrepreneur could transform people and even the world because he was able to transform himself in the first place.

Again, remember that entrepreneurship is not all about money, fame or recognition. But it is all about transformation – a positive, powerful, and helpful transformation that could build not only the wealth of one or few persons, but the wealth of the nation. This transformation should begin from you.

How to be an Entrepreneur in the Philippines (2024)

FAQs

How to be an Entrepreneur in the Philippines? ›

As a rule, foreign individuals, corporations or other entities are allowed to engage in business in the Philippines, except in activities or industries that are reserved for Filipino citizens, as provided in the Constitution and existing legislation.

What are the requirements to be entrepreneur in the Philippines? ›

Requirements for Starting a Business in the Philippines
  • Deciding the business structure: ...
  • Tax obligations: ...
  • Registering the business name: ...
  • Selecting an office address: ...
  • Opening a bank account with a minimum deposit: ...
  • Obtaining EIN: ...
  • Business permits and licenses: ...
  • Compliance laws:

How can I start my own business in Philippines? ›

Steps Involved in Starting a Business in the Philippines
  1. Choose a Business Name. ...
  2. Register with the Department of Trade and Industry (DTI) ...
  3. Register with the Securities and Exchange Commission (SEC) ...
  4. Obtain a Mayor's Permit. ...
  5. Register for Taxes. ...
  6. Social Security System (SSS) and Employees' PhilHealth and Pag-IBIG Fund.

Can a US citizen own a business in the Philippines? ›

As a rule, foreign individuals, corporations or other entities are allowed to engage in business in the Philippines, except in activities or industries that are reserved for Filipino citizens, as provided in the Constitution and existing legislation.

How do I start being an entrepreneur? ›

7 Steps to Becoming an Entrepreneur
  1. Build Your Skill Set and Knowledge Base. No matter what, you want to start and stay curious. ...
  2. Build Your Network. No one ever succeeded alone. ...
  3. State Your Idea, Claim Your Niche. ...
  4. Find and Understand a Market. ...
  5. Design Your Business and Idea. ...
  6. Secure Finding. ...
  7. Build Your Business.

Can a foreigner own 100 of a business in the Philippines? ›

Navigating Foreign Investments: Equity Limits and Business Structures in the Philippines. Anyone, regardless of nationality, can invest in the Philippines with up to 100% equity.

Which business is most profitable in Philippines? ›

Here are 10 small profitable businesses in the Philippines, each with great business ideas waiting to be transformed into a thriving venture.
  • Establish a mobile sari-sari store. ...
  • Street food or merienda business. ...
  • Selling home-cooked meals. ...
  • Car detailing business for car lovers. ...
  • Offer Virtual Assistant services.
Jan 16, 2024

How much does it cost to start a business in Philippines? ›

The cost of starting a business in the Philippines can vary depending on the size of the business and its location. In general, startup costs range from $10,000 to $25,000. However, there are a number of factors that can affect this cost, including the type of business, its marketability, and its location.

How much does it cost to register a small business in Philippines? ›

BIR Registration: The basic registration fee is PHP 500, and there might be additional costs for documentary stamps and other BIR requirements. Bank Account: Initial deposits for opening a business bank account can range from PHP 1,000 to PHP 25,000 depending on the bank.

How much property can a US citizen own in the Philippines? ›

Foreigners are prohibited from owning land in the Philippines, but can legally own a residence. The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos. If you want to buy a house, consider a long-term lease agreement with a Filipino landowner.

What business to start with 10k in the Philippines? ›

If you enjoy cooking, you can start a homemade food business by selling your delicious dishes. With ₱10,000, you can buy ingredients and equipment such as cookware, utensils, and packaging materials. You can sell your food products online or in your neighborhood, and even offer catering services for small events.

Can a US citizen live permanently in the Philippines? ›

In short, yes - you can move to the Philippines for a long-term stay. And if you choose the right visa (such as the retirement visa, for example), you can stay indefinitely. You can choose one of a few different routes into the Philippines as a US national, depending on your circ*mstances.

How much money do you need to become an entrepreneur? ›

Small business owners spend an average of $40,000 in their first full year of business. But the costs of starting a business vary greatly and depend on many different factors, like the industry you're operating in, your business model, the size of your team, your cost of goods, and so on.

How do I start an entrepreneur with no money? ›

Consider the following options:
  1. Small Business Grants: These grants provide money to support entrepreneurship, and unlike a loan, it doesn't need to be paid back. ...
  2. Crowdfunding: This option allows people to contribute money to campaigns in small amounts in order to help entrepreneurs launch their businesses. ...
  3. Microloans.

Is 25 too late to become an entrepreneur? ›

It's Never Too Late To Start

There is no "best" age to be an entrepreneur as success can come at any age. Some successful entrepreneurs started young while others started later in life. Starting a business requires a certain level of maturity, experience, and financial stability.

What are the 5 basic requirements to start business in the Philippines? ›

Barangay Business Clearance
  • Filled application form.
  • DTI Certificate of Registration (for sole proprietors)
  • Two valid IDs.
  • Proof of residence.
  • Community Tax Certificate.
  • Certificate of Incorporation from SEC (for partnerships as corporations)
  • Lease Contract.
  • Business plan.
Sep 2, 2022

Are there any requirements to be an entrepreneur? ›

While there are no strict educational requirements for becoming an entrepreneur, obtaining a degree may help you reach your goals. Earning a degree helps entrepreneurs expand their knowledge and learn key concepts that they use every day as an entrepreneur.

How much is the salary of BS entrepreneurship in the Philippines? ›

₱40K. The estimated salary for a Entrepreneur is ₱40,000 per month in the Philippines area. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

How many years is entrepreneurship in the Philippines? ›

The Bachelor of Science in Entrepreneurship is a four-year degree program which center on how to start and manage a business by combining management, accounting, finance, and marketing principles.

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