What it Takes to be a Successful Entrepreneur in the Philippines

• Main Author: Conchada, Mitzie Irene P.
• Format: text
• Published: Animo Repository 2017
• Subjects: micro, small, and medium enterprises; MSME; Philippines; Entrepreneur; Business; Entrepreneurial and Small Business Operations
• Online Access: https://animorepository.dlsu.edu.ph/res_aki/132; https://animorepository.dlsu.edu.ph/context/res_aki/article/1134/viewcontent/vol_x2_policy_brief_june_2017.pdf
• Institution: De La Salle University

For a developing country such as the Philippines, entrepreneurial activities play an important role in providing alternative sources of income. As of 2012, there were 940,886 registered micro, small, and medium enterprises (MSMEs) in the Philippines (99.6% of the total establishments), majority of which are in the retail and wholesale industry. The Global Entrepreneurship Monitor (GEM) 2014 survey also reflects that most of the types of businesses are in the retail industry, particularly retail sales of food and beverage items and other basic essentials. This is reflected in the vast number of sari-sari stores or retail stores and food stalls in the country. One of the reasons behind their popularity as a start-up business is the small capital required to start the business and the accessibility because it could be set-up at home.