Young entrepreneurs on the rise

MANILA, Philippines – Small and Medium enterprises are invigorating the economy. The youth, eager to carve their own path, are on the forefront of the revolution.

Devon Wong reports.

With GDP and consumer spending on the rise, young people aren’t planning to sit on the sidelines.

RACHEL DAVIS, CO-FOUNDER OF HOMEGROWN MAGAZINE: Striking while the iron is hot! It really is. Starting my own SME before and seeing all these other small businesses pop up now, I really think there’s kind of an SME revolution.

Rachel is one of a growing number of young entrepreneurs who are paving the way for other aspiring business owners. She runs a web magazine with how-to articles and workshops.

Young entrepreneurs are a rising demographic. Many are choosing the less conventional route over corporate ambitions.

FRANCESCA ZIMMER-SANTOS, ENTREPRENEUR: Maybe 10-15 years ago, it was expected of someone who just graduated from university to go work for a large corporation and I don’t think that’s the case anymore.

Youth are more attracted to the idea of being their own bosses and working alongside other young and energetic business owners.

RON REYES, ENTREPRENEUR: Well we all have day jobs, the owners; it was more of doing something together because we were all friends, and the common factor is that we’re looking for a business.

Ron Reyes launched a mobile coffee company with his friends last year.  The idea came naturally, but setting up the business was a slow brew.

It was harder than we thought. On paper it might be easy when you’re gonna think about it, I need this I need that, but the process is really challenging.

One of the biggest challenges facing young entrepreneurs is finding a support network to share experiences and guide each other through the process of setting up a new business.

But it’s a challenge that’s been met by its own group of innovating entrepreneurs

FRANCESCA ZIMMER-SANTOS, CO-FOUNDER OF co.lab: How to begin, where do I find the right partners, and who to collaborate with at the end of the day. Because they need to work with other people to get their businesses off the ground.

Francesca’s business is one that helps other aspiring business owners through a co working and networking space.  She says the effect is not only practical, but inspiring.

I would say that at least working here, there’s definitely a lot of hope and a sense of progress and development. And I feel like people are a lot more empowered to do things on their own.

Entrepreneurs and freelancers can connect and work alongside each other through challenges that can otherwise be lonely and frustrating in the digital age.

BANJO ALBANO, ENTREPRENEUR: At least here you can connect with different people, different personalities, from different industries, possibly collaborate.

In the early stages of setting up a new venture, the uncharted territory can be daunting for young entrepreneurs.

But there’s value in sharing space, ideas and motivation.

It may be a competitive market, but collaboration might be the key.

Devon Wong, Rappler, Manila