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Bantay OCW (Ang Boses ng OFW)

Do OFWs make successful entrepreneurs?

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It is often said that the major reasons Filipino workers go overseas is to be able to acquire their own house and lot, provide better education for their children, and establish a sustainable business.

There are many success stories. But some also fail. There are overseas Filipino workers (OFWs) who, after many years toiling abroad, were not able to build their own homes; whose children did not finish school; and whose business ventures flopped.

Some OFWs begin building businesses while still  abroad. In addition to their savings, they take out additional loans for their project. When  their ventures suffer financial loss, they are buried in debt.

More often than not, OFWs initiate setting up a  business. They have their own ideas about how it should be operated.  They get their family members or relatives to handle it.

In quite a number of cases, their family members or relatives are not able to make a go of the business. One reason for the failure could be lack of knowledge and experience. Also, the family back home may  not really like the nature of the business. Financial management skills could also be lacking.

Proper planning

So is it possible for our OFWs to become successful business owners?

According to our financial counselor Joyce ‘Josa’ Delovieres, proper planning should be prioritized by OFWs and their loved ones. This could involve cutting household expenses to increase savings.

Starting a businesses should not be an overnight decision.  It needs to be well-thought, well-planned, well-prepared, and should be handled by people who have enough knowledge in  and passion for the type of  business chosen.

Many OFWs end up renewing their overseas contracts over and over again  because nothing happens to the businesses they set up.

Susan Andes, aka Susan K. is on board at Radyo Inquirer 990 dzIQ AM, Monday to Friday 12:30-2 p.m. with audio/video live streaming: www.dziq.am.

 

Hotlines:  5357209/ 8819423/0920-968-4700.

E-mail: susankbantayocw@yahoo.com / bantayocwfoundation@yahoo.com


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Tags: entrepreneur , OFW , Overseas Filipino workers

  • http://pulse.yahoo.com/_5EUWR6NRE2QWSTJGCL6MEQT3DA Joshua

    OFWs would never learn how to handle a business while they are focused on their jobs abroad. They should instead invest it in corporate bonds. They need some business connections and a know-how in order to survive the business world if they are to handle it themselves. How can they obtain these important requirements if they are away from the country.

  • aofosersd

    Filipino OFWs have the reputation abroad of being “the good and hard working employees”. Unfortunately, getting into business requires a “different kind of mindset”. Anyone who is seriously considering getting into business (whether you’re an OFW or a working professional) must adopt a totally different kind of mindset, not a “Employee mindset” or “Employee thinking”. The biggest stumbling block to Filipinos getting into business and succeeding in it is that they want the “easy way out”. Another stumbling block is the “I can do this on my own” or “know it all” attitude (that is what I call “false Pride”). Statistics have shown that 9 out 10 business will fail in it’s first 3-5 years Out of the remaining 1 that goes beyond 5 years, only 20% will make it past 10 years or more. Also, most millionaires or successful businessmen (by this I mean those that own companies) have failed in their 1st three attempts before finally succeeding in their next ventures. This is not to discourage anyone from pursuing business (the end results of a successful business it worth it), but this is just to point out that if you really are serious with pursuing business, you should have the necessary “guts” and courgage to persevere and be persistent to succeeed no matter what difficulty or failures you face. There is no such thing as a “get rich quick” business. Any person who wants to succeed in business needs hard work, perseverance, dedication, determination and most importantly, a DESIRE/DREAM. Lastly, anyone who has no prior business background who want s to start their own must have a mentor/coach that will guide them (one must get coached by someone with the experience succeeding in the industry that you have chosen). Shifting your mindset from “Employee thinking” to “Business thinking” will require years to make it happen. My recommendation for our OFW Filipinos out there, read the book “Business of the 21st Century” by Robert Kiyosaki.

    • RomyLitz

      Agree, the Philippines BOI should sponsor a FREE seminar on 1) How to make Business Plan 2) How to make Financial Statements and audit 3) Analyses of Market Volume ( supply and Demand). If the government give this education a three-month training free, then a lot of wasted OFW millions investment by negligence would have been avoided.

  • RomyLitz

    The basics for starting a business is clearly explained  in ” Rich Dad Poor Dad”, the only book worth reading by Robert Kiyosaki and the second step is making the corect Financial Statements and the most important one is the third step, which is for the OFW entrepreneur to get the market volume of his/her business and the availble share not served. Before step one, he/she should prepare a Business Plan and must stick to it after thorough review by his peers or experts.



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