More youth becoming junior entrepreneurs

CEBU, Philippines - “An open mind can see a need, one can feel it, and make money out of it. Starting and maintaining a business, however, is another story.”

Cheryl Remedios, a junior business administration student at St. Theresa’s College (STC), a scholar, and seller of mobile phone load, made this statement when asked about starting a business at a young age.

As a young student, she observed that food is not the only business opportunity young would-be entrepreneurs like her can take advantage of.

“Explore other areas for business. Build on it. Work your way up. And have fun,” she said.

In her case, her e-load business helps her family because it helps sustain her daily allowance and pays for school projects.

The same thing could happen to you. If you are determined about it, perhaps you don’t even have to take a business course to learn how to run one.

What is a business? It is a particular endeavor that allows you to provide jobs for yourself and others and earn from it. We transact with different businesses everyday, from sari-sari stores to gas stations to different tenants inside malls.

The start

You might wonder how many businesses are started and how they stayed productive and profitable in the long run.

When you plan on starting a business, there are things you have to consider. First, seek for the reason why you are starting a business. For some, it is a source of income, a choice to be self-employed rather than be employed by someone else.

Then select what business you plan to manage.

“You have to be motivated by your own interests,” said Dr. Marlon Montecillo, a business management professor.

He advised young would-be entrepreneurs to explore the food industry, particularly homemade products, since Filipinos love to eat.

Linette Filipino, another business administration student, find e-load business as efficient and productive since almost everyone now have mobile phones and load is vital for communication.

After finding your motivation and deciding what enterprise to start, look into the factors that will affect your business. A young entrepreneur is smart enough to consider the importance of looking for a perfect location.

“High visibility will most likely translate to higher profit,” Remedios said. Near or inside a school can be a good location for a business start-up for a student entrepreneur.

Another factor is demand, said Dr. Montecillo.

“Answer the demand of the people in need. A simple desire for a commodity would be meaningless if such desire cannot be satisfied or translated into actual purchase,” he added.

Running the business

Maintaining good customer relations is also important, as shared by Filipino, a junior entrepreneur student who works part-time as assistant manager of her family business, Masterline Bakeshop.

“When customers know they are prioritized, they will keep coming back,” she said.

Linette Filipino also advised student entrepreneurs, “Separate your business money from your personal money to be able to see if your business is running well independently.”

“Practice the minimum cost at maximum profit. And don’t spend too much on unnecessarily things,” Dr. Montecillo added. — Daphne Cabilla/STC Mass Comm student/JMD (FREEMAN)