The Filipino Entrepreneur

Businesses won’t survive if nobody will buy products or services that are offered. So what businesses do is to make their product more competitive by improving the quality or lowering the price. But what if you are in a country that have an economy that lags behind compared to other neighboring countries? Thanks to corruption because now our country is far behind to our neighboring countries like Vietnam and Indonesia. The disparity between the rich and poor here are thousand miles apart and only a few percent belongs to it. And the distribution of wealth, well only the very few rich individuals has the largest percentage of wealth.

It’s even very difficult to be an entrepreneur to a country like ours and yet we see many businesses are sprouting and many of them retailers, franchised food chains and food carts. So how did those entrepreneurs survive? the answer is businesses are adjusting to the consumer’s weak spending power. That is why you see products sold in small quantity (called “tingi” in tagalog) for example shampoo, instant coffee, creamer, cheese, toothpaste, laundry detergents and all sorts of goods you can think of.

Because these strategy seems successful, by observation you will see many fast food chains that offer value meals that are cheaper compared to their regular food items being sold. And laundry detergents manufacturers have all sorts of gimmicks like threepid packs. In this regard, it is obvious that it is crucial for an entrepreneur to have an idea of the spending power of their customers to adopt to their capacity to buy aside from the need to buy the products.

[tag]spending,tingi,entrepreneurship[/tag]