Do OFWs make successful entrepreneurs?
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.
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.
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