LOCAL LITLOCAL RELATED LITERATURE According to Natividad (2016), although millennials or those who are born between 1980 and 2000 are known to be dependent on technology, they can still be considered as the most entrepreneurial generation up till now. This is due to their inclination towards career that were much meaningful, pushing them to be engaged in the business industry. There are few things that can prove that the millennials attitude is significantly needed in entrepreneurship. First is that millennials employed themselves in doing something they are passionate about. It is believed that they have better approach to business due to their innate creativity and innovativeness.
They have shown the potential of creating products and services that can meet the current needs and demands of the market. Second is that millennials like to take smart risks, going for existing opportunities and changing their perspective towards failure. Being a risk taker and an opportunity seeker is really advantageous because they are more likely to have the chance to resolve unexpected business’ conflicts and challenges. Last is their ability to embrace change. Millennials are more likely to be adopters of early things like technology, operations and work habits that they can incorporate in running their own business.
TRAITS OF MILLENNIALS THAT MAY PUSH THEM TO BECOME SUCCESSFUL TEENPRENEURSSource:Natividad, K. (2016). What entrepreneurs can learn from the millennial attitude. Rappler.
Retrieved 14 January 2018, from https://www.rappler.com/brandrap/create-success/147479-globe-mybusiness-millennial-sme According to Evangelista (2013), entrepreneurship can be the answer in addressing the issue of poverty in the Philippines through creating wealth, jobs and social empowerment. As a matter of fact, there were approximately 830,000 business enterprise in the Philippines. Of these, 99.6% are from micro, small and medium-sized enterprises (MSME) who are mainly responsible for the 38% of total job growth. However, taking the case of business start-ups are unquestionably challenging.
Entrepreneurs must have the ability to efficiently function within the global production networks. Also, one must patiently comply with the regulatory structures, enforcement of regulations and policy environment to maintain the competitiveness of the firm. The Philippines requires at least 15 procedures and takes some 30 or more days to start a business. Another important factor is the access to credit and financing since investments and capital are currently difficult to obtain. This just really proves that there is a need to push entrepreneurship to the next level for us to address the above-mentioned challenges. Entrepreneurs must take their part in promoting inclusive growth.SIGNIFICANCE OF TEENPRENEURS(WHY THERE IS A NEED TO STUDY THIS)Source:Evangelista, R.
(2013). Entrepreneurship in the Philippines: Opportunities and challenges for inclusive growth. Center for International Private Enterprise. Retrieved 14 January 2018, from http://www.cipe.org/publications/detail/entrepreneurship-philippines-opportunities-and-challenges-inclusive-growth According to Aligada (2011), Filipino entrepreneurs play a big part in contributing to the country’s economy by providing livelihood for the majority of work force.
Successful Filipino entrepreneurs do have some similar traits and qualities. Most of them are street-smarts and practical thinkers. They have the potential to provide what their customers need as they based their decisions and relate on what they know about human nature from experience. They have also shown practicality in terms of handling money. They make sure that they can achieve the highest possible profit but with the lowest possible cost. They are also a leader and an innovator. They have shown great leadership skills by being able to influence and motivate his/her employees positively. They can come up with satisfactory ideas and concept to products and services they offer to the customers.
Lastly, it is without a doubt that Filipino entrepreneurs are not just goal-oriented but as well as value-oriented. They have set of values that guides him/her in doing business in an ethical and acceptable way. In general, Filipino entrepreneurs do have commendable traits and qualities in achieving success in the business industry.SIMILARITIES/OBSERVABLE TRAITS OF TEENPRENEURSSource:Aligada, M.
(2011). A profile of Filipino entrepreneurs. Business.inquirer.net. Retrieved 14 January 2018, from http://business.inquirer.
net/69655/a-profile-of-filipino-entrepreneurs/ampTeenpreneur Challenge 2015 was held at the SM Megamall last October 24-25, 2015. The members of Ateneo de Manila Teenpreneur Team namely Biunas, Taclobao, Valeriano, Reyes, Awid, Seechung, Valencia, Estrellado, Ilagan, and Campo headed by Mr. Marion Olmillo joined the said event and brought home two awards – 3rd place for Best in Product Innovation and 2nd place for Overall Sales. Using old curtains, they were able to create and sell burlap, denim and canvas bags with the supervision of Texstyle Co. The team raised more than a hundred thousand pesos for their partner Nanay Crisanta Olayta.
As per John Lauron, member of the AHS’ Christian Service and Involvement Program (CSIP), the proceeds from the expo will go to Nanay Crisanta to help her start her own tailoring shop and provide for her family. POTENTIALS OF TEENPRENEURS IN THE PHILIPPINESDaza, Delocado, Reyes (2015). Ateneo wins two awards at 2015 Teenpreneur Challenge. Retrieved from http://ateneo.edu/high-school/news/features/ateneo-wins-two-awards-2015-teenpreneur-challenge Gian Javelona is the 20-year old CEO of OrangeApps, which recently released a new product, Khawna. To begin with, it was always his dream to be an entrepreneur and having his own company that will build something that any person can use and can change people’s lives. Despite of having doubters around him, he managed to work harder to achieve his dreams. In January of 2013, Javelona applied and was accepted to the incubation program of Ideaspace Foundation, and for him it was a life-changing experience.
Because of that, he was able to learn a lot in terms of incorporation, financial projections, valuations and marketing that led him to a wider knowledge about the business industry and the people in it. One of Javelona’s biggest advocacy is youth entrepreneurship, which comes back to education. He encourages them to consider going the entrepreneurial route.HOW HELPFUL ENTREPRENEURSHIP IN TEENS ARE Feraz (2014). The 20-year-old Filipino CEO.
Retrieved from https://www.rappler.com/business/features/51903-executive-edge-20-year-old-filipino-ceo The Teenpreneur Challenge, headed by Entrepreneur School of Asia (ESA), is a 14-week competition where high school teams coming from different schools are tasked to introduce new innovations for the livelihood of their partners, the unprivileged communities. The main goal of this event is to keep the spirit of entrepreneurship burning and encourage their innovative spirit. Students from Mirriam College joined the said event and won first place in the Best in Product Innovation category. The proceeds will go to their beneficiary from the micro-business assigned to them. For them, it is important to learn how entrepreneurship works and be able to use the entrepreneurial skills that they have learned to support their beneficiary. MC News Administrator (2013).
Highschoolers learn to do business in the Teenpreneur Challenge Expo by Manila Bulletin. Retrieved from http://www.mc.edu.ph/News/tabid/194/entryid/422/Highschoolers-learn-to-do-business-in-the-Teenpreneur-Challenge-Expo-by-Manila-Bulletin.aspx