Self-belief: The path to entrepreneurship

Wednesday, November 9, 2011

From the desk of Jay Aldeguer

FOR many years now, I have had the opportunity to devote some time to do my modest share in trying to cultivate a culture of entrepreneurship in the country. I have always strongly believed that in order for the Philippines to get out of poverty, we must be a nation of job-creators, not job-seekers.

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Looking back on the past decade, a nation of entrepreneurs seemed like such a daunting and far-fetched dream. I have, on several occasions, had the privilege of speaking to numerous would-be entrepreneurs in intimate gatherings of student leaders or addressing start-up and micro-entrepreneurs in large forums and conferences.

I think Filipinos often feel very intimidated by the idea of starting their own businesses. Economic struggles and years of colonial rule have unfortunately led us to believe that finding a job was a feat by itself.

Whenever I would ask, for instance, a group of students whether any of them engaged in any form of business, everyone would nudge each other and giggle as if they were bashful to admit it. And when a few of them would finally raise their hands reluctantly, they would be quick to demean their business and describe it as a “racket” or “sideline.” This was a common scenario in many of our discussions, proof that we live in and perpetuate a culture where taking on the path of entrepreneurship was a “fall back” of sorts if one were not to find a job.

It’s a conclusive shyness that I encounter repeatedly. More often than not, it seems easier for many to come up with reasons why they cannot be entrepreneurs instead of reasons why they can or should. Reasons such as the lack of education, no opportunity and the shortage of resources were recurrent. Quite contrary to the Filipinos’ inherent qualities of resiliency, ingenuity, resourcefulness and creativity- tools and traits that make a great entrepreneur - underneath all these lie a real tendency to understate oneself.

I have come to realize, therefore, that the biggest hindrance isn’t necessarily the lack of capital as is so often expressed - but it’s the lack of self-belief.

Manny Pacquiao is one of the best examples of one who epitomizes that can-do spirit and has always had that boldness about him. I’m not sure if many noticed that even early in his career, when he was still relatively unknown and was walking to the ring to face Marco Antonio Barrera – then touted as a living legend in boxing – Manny had about him that aura of invincibility, an air of confidence, even when he was probably the only one in that arena who believed he could beat Barrera.

Henry Sy of SM started building his empire when the Philippine economy was at its most turbulent period, and when most businessmen held on to their money or invested abroad.

Mr. Sy, on the other hand, was bold enough to follow his dreams and built his first mall in 1986 at the height of the EDSA Revolution. Everyone else thought it was a reckless decision.

He knew something no one else believed in, just like Pacquiao did. They believed in themselves.

We should all try to find that in all of us, that sense of self-belief. For some, it comes quite naturally, but for many, the fear becomes too strong and overtakes self-belief.

Countless stories have been told to me of would-be entrepreneurs who have had sleepless nights nurturing a new idea, only to be shot down by their teachers, best friend or parents. How many times do we hear parents insist that their children stop dreaming and just focus on their studies and get that diploma? It’s an understandable aspiration, especially in a country such as ours – but that doesn’t mean that other dreams should be ignored.

I have often been asked what is the best and worst thing about being an entrepreneur.

I always say: “The greatest thing about being an entrepreneur is the sense of fulfillment when you see your idea, your dream come alive. And the worst thing about being an entrepreneur is that often times you start your journey alone.”

That is why the environment we grow up in is just as important. Our exposure in school, our friends and family are essential in building up the confidence necessary for us to muster enough courage and be bold enough to follow our dreams. Starting a business requires as much guts and passion as it does the resources to make things happen, as well as the discipline to follow through. The sustaining power underneath all of that is really the attitude of self-belief that can keep an entrepreneur going, especially when the going gets tough, or when the inevitable failure occurs.

It’s worthy to note that in recent years, however, we have begun to see a slow transformation; Filipinos now, or so it seems, are more open to pursuing a path of entrepreneurship. The surge of several small businesses such as salons and food carts and franchises have been cropping up and are healthy indicators that more and more Filipinos are trying out their hand in business.

New avenues such as popular social networking sites have spurred more interest among the young in selling their wares and services through Multiply and Facebook. There is a clear indication that we are becoming more enterprising and more self-assured. If this trend persists, and we must see to it that it does, it would have the capacity to transcend an individual’s life. An entrepreneurial revolution has the power to change the entire country and to secure a better tomorrow for us all – and for our youth most especially.

(Jay Aldeguer is president and chief executive officer of The Islands Group, a company of various travel and tourism-related products and services, from souvenir stores, to island-hopping services and most recently, hotels. His passion is in letting travelers experience the Philippines the best way possible. His advocacies focus on preserving the environment and on fostering a culture of entrepreneurship among the Filipino youth.)