April 10th, 2012

You Just Ran Out of Excuses Not To Start a Small Business

The need for financial freedom. The need to indulge in your interest. The need to be original or different. The need to breakaway from corporate slavery. The need to address social and environmental issues. The need to innovate. The need to create. The need to define your own path. Whatever keeps you interested in putting up your own business, the time to start your entrepreneurial journey has come. And there is not one excuse you can give to procrastinate again. Here are the six reasons why:

1. The fact that you’re a Filipino gives you more right reasons. It turns out that 4 out of 10 Filipinos, aged 18 to 64, are engaged in business, according to the The Global Entrepreneurial Monitor (GEM). There’s about 40% chance that the person beside you in the office is already an entrepreneur.

2. As surprising as it may be, we were named by the World Bank as one of the Top 10 countries for ease of doing business. Meaning, we have the right environment that fosters entrepreneurial activities.

3. United Nations Development Programme (UNDP) ranked us as the Top 2 country for creating business. This reflects that Filipinos like trying out new businesses to find something that truly works.

4. HSBC has predicted that we will become the 16th largest economy by 2050. Mind boggling, but not for an economist. In a presentation made by Dr. Bernardo Villegas to the members of the Philippine Marketing Association, I learned that we will experience a possible growth rate of 7-10% for the next 10 years as the result of 25 long years of reforms in our country. Simply put, the 5 previous administrations have prepped us for this economic surge. So, no matter how much you hate any of our recent presidents, we owe it to them for putting up and keeping on this master plan.

5. In the same presentation, I also learned that the increasing amount of savings and the decreasing amount of investments in the past 20 years has accumulated around 80 billion in USD of reserves. This means that our banks have a lot of money in their hands right now. The banks need borrowers now as the country needs more investments. So for the first time in my life, I actually heard an expert say, “the banks are begging that we borrow.” Priceless.

6. If you don’t like banks, or vice versa, you still have a choice. You can borrow from a social media-based company named Lenddo. Their innovative take on loans was inspired by the traditional micro-financing system usually implemented in provinces, where the community serves as your guarantor. Lenddo determines your loan-worthiness without using traditional bank credit scores by examining your social network through a unique algorithm. Now you can bootstrap that small business you have in mind without going through the tedious bank application process. It’s who you know, you know.

by Ryan Jay Crisostomo
Brand Commando of Thrive Tactics