3rd Generation Businesses
At a recent Philippine Embassy-sponsored meet-and-greet event with 3rd generation Filipinos, it was indeed exhilarating to hear no less than a dozen young Filipino entrepreneurs talk about their various newly-established business ventures. These ventures range from hi-tech gadget provisioning, auto-detailing, specialist travel guide services, B2B procurement assistance, wealth management services and a myriad others.
What made it remarkable was that:
1) These were all young Filipinos- no one was more than 28 years old, yet they were confident in articulating their business ideas and visions;
2) They have positioned their products/services towards the general UK population and not just Filipinos;
3) Their business ideas are innovative and pioneering and are several generations ahead of the ‘traditional businesses’ we see around.
Take any Filipino publication here in the UK, or anywhere else in Europe for that matter. I can bet my bottom dollar that the business advertisements you’ll find therein fall under one of the following categories: groceries, properties, balikbayan services (e.g. travel, remittance, cargo forwarding), catering/restaurants and beauty treatments. Often enough, you’ll also see postings on ‘charity and social events’.
We may balk at the suggestion that we have a copy-cat mentality-which personally I find nothing wrong about. After all, why reinvent a business that already works elsewhere?
I have a lot of respect for these companies who have, over the years, provided essential services to OFWs like you and me.
While I can prepare wicked pasta dishes, I struggle to cook traditional Filipino food. Hence, I am so grateful for Filipino restaurants like Josephine’s or Café Fiesta from which one can savour perennial favourites sinigang and adobo during times when even the best main entree from Nobu just won’t do.
I can get a £6 haircut from Toppers or pay £60 for essentially the same 4×2 haircut from a specialist salon in Mayfair but nothing beats the extra care and attention one gets from Reyes Haircutters for a very reasonable fee.
I also have admiration for Filipino businesses here which have been around for decades as it is a well-known fact that as much as 80% of new businesses close shop within the first two (2) years of operation.
Yet, within our hearts, we yearn for these ‘traditional businesses’ to achieve more. We know that they can do better in terms of being more profitable, more well-run and more customer-oriented.
How many of the grocery stores around employ supply-chain management concepts for maximising sales and optimizing inventory. How many of these make use of effective marketing techniques? How many employ internet technologies to reach out to wider markets? And one wonders why our Philippine banks stuck to conventional remittance services and not offered other financial services like insurance, business funding, mortgage services, etc.
In contrast, the businesses conjured by these amazing young Filipinos after years of education at various UK universities, or perhaps after a magic moment of inspiration reflect current or even revolutionary thinking in business management.
We used to talk a lot about the generation gap in such manner that it seemed like a bad thing. Parents wanted their children to be docile and conform to the norm.
After hearing these young entrepreneurs, the generation gap suddenly does not sound as bad.
The global business environment is becoming ever more competitive. We need businessmen who not only work hard but also who are smart.
I am hopeful that sooner or later, one of these businesses, or others that will surely follow, will get listed at the London Stock Exchange (LSE).
Their parents and families must be so proud of them. And so should we.
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