Easy to Start a Business in the Philippines
Three top entrepreneurs were guest speakers at the Entrepreneur Magazine Philippines Booklet Launch at PowerBooks, Greenbelt 4, Makati City. Tito Jose of Brothers Burger, Christopher Tan of Ideal Minds Corporation and Jean Gonzales of MTC Academy gave their insights on entrepreneurship.
When asked about the business climate in the Philippines, all three entrepreneurs agreed that it is relatively easier to start a business here compared to other countries. Christopher Tan came from Canada. He said that it was less restrictive here in Manila. The lack of self-esteem, he claims is what has been hindering a lot of Pinoys to even try. Jean Gonzales says it is actually the ?easiest place in the world to start a business.? For very small capital, anyone could easily try to make it on his own. Tito says he and his brothers didn?t even think of starting a business anywhere else. He nodded at the views of Chris and Jean.
Listening to them, I felt rather inspired by their insights. I asked them the traditional question of how they came up with their initial capital for their businesses. They told us some rather interesting stories.
Tito Jose says they started the business in Ortigas, Pasig. He was a chef by profession and had some of his burgers taste-tested by friends and family. He had good feedback. Soon, he and his brothers were able to get financial support from their folks. He funnily explains: ?Basically, we begged.? They were able to get an initial investment of P250,000 (Almost US$4800). They were able to get some patrons for a nearby school. He told one student ? fill up my restaurant with people and I?ll give you a Pounder (one pound burger). He recalls they their first weeks income ? P40,000.
He says that they were quite chaotic when they first started. These days they have a professional handle the daily operations. They have a General Manager who came from an international company improve their business workflow.
Personally, I thought it was a rather smart move on their part, since family businesses can be quite daunting. Emotions sometimes get in the way. Tito says they have come to respect each other and this helps a lot.
Christopher Tan of Ideal Minds describes how he had an idea for television show. He approached some of the big media production shops. Those who were interested asked him, ?Do you have a sample??
He?d say ?Wala. (None)?
But that didn?t deter him. He approached some people from the Probe Team and convinced them to help him out. He was also able to get a Video-Editing shop to support his projects on very good terms (edit now, pay one year later). Lacking only a camera, he got one using a credit card.
He started his first television show and somehow, that started it all.
Chris says entrepreneurs simply have to be prepared. When he started, he had some partners with him. They left after seeing that they were losing money in the first six months. To him, the financial drain was really expected. Luckily, he persevered.
Now, Ideal Minds is the only small media production group with primetime shows. The other two media producers are giants ABS-CBN and GMA.
Jean Gonzales of MTC Academy was rather candid and articulate. He?s considered a pioneer in the Medical Transcription business here in Manila. He was able to get into this big business by starting out in smaller investments. Jean recalls how he started off with only P68,000. He began with a sma
ll software development firm. He took off from there, reinvesting his income until he got bigger and bigger.
I asked him why his business is booming. The Medical Transcription business, he explains, is based on the U.S. Health Care business ? which is a 16-23 Billion Dollar (a year) industry. He claims there is a Three Billion per year requirement for medical transcriptions. They have only touched the tip of the iceberg. (I didn?t really understand what he meant by this, but it was sufficient to make me say ?Wow. That?s a lot of money.?)
Jean now jests on how, on one instance, he had only P7,000 left in his bank account. He prayed to God to help him out. He took a leap of faith and said ?I leave this all up to You.? Right after that, his cell phone rang. It was a business opportunity. This led to other business openings, which has taken him to where he is now. He set his worries aside and somehow managed to really make it through.
MTC Academy now has 23 locations in the country.
The inputs of the three entrepreneur speakers were really inspiring. The talk lasted for only 2 hours but I felt that a lifetime of entrepreneurship experience was already shared. It made me wonder why a lot of Pinoys still seek fortune elsewhere when opportunities seem to be found right here in the Philippines.
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Comments
I have been looking up..researching…searching for the best business to put up…even up until now I can’t seem to make up my mind. My business must be what i like..that really inspires me…and also something that people would crave about because its something new. I don’t have much big capital..sigh! But reading these testimonials whew! it really makes me want to grab the chance now…or never! I just would like to ask Jean Gonzales on how she started her business. Did you have to go to doctors clinics to market ur product? Please do tell, I’m very much eager to learn and maybe I can do it at home while watching over my daughter Thanks! It will help a lot.
I think one of the tricks is to ‘just do it.’ One entrepreneur friend of main puts it simply. Insted of the traditionaly ready-aim-fire method, he suggests doing ready-fire-aim. Go into a business, try it out and learn from it. Statistics say that 1 out of 10 businesses succeed. If you follow that rule, just make 10 businesses.
It’s Jin Gonzalez (full name is Eugenio Gonzalez). He has the propensity for hyperboles but most of what he says is true in a way.
Before entering his business however, please make sure you know everything there is to know about the business and keeping it afloat. Med Trans is a very touch and go business - kinda like freelancing on steroids.
I should know, I was part of the software development business that created the infrastructure for his schools.
Wow! those three people you featured have the guts and a bit of luck as I may say. I’m really looking for a good business oppurtunity…but don’t know how to start, so many ideas coming out to my mind but I’m kind of doubtful of myself if its going to work…help me up guys!!! Thanks!
Hi. After reading your testimonies, i feel more than excited to try out something i have always wanted to do..a business of mine..actually i am thinking of setting up a hair salon and a software firm…i havent yet decided of the location…i would like to have an idea of the minimum capital required for setting up a hair salon…and the software firm…i’ll be more than glad to hear from you…thak you
Please let me know if there are any upcoming seminars on starting a business in the near future. Thank you.
hey guys!!can i ask for your insight on what good business can i start with?
I wanted to let everyone know that a new million dollar MLM company will be opening in Makati in the first quarter of 2009. This company deals with the strongest industry- health and wellness and provides products at a pharmaceutical grade.
I agree with Insider Mole. Have met Jin and he has a thing with words– hyerbole was the right term. Good line of business, got to make sure though. He was good getting into the business early and pretty much out right after. Some things can be too good to be true or really great.
The websites listed on your homepage, are they legitimate? Are they listed in scamfree zone?
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