MSMEs told to innovate

CEBU, Philippines — Micro, small and medium enterprises (MSMEs) are urged to innovate and grow to contribute further in the growing economic activity.

"Despite having 99.6 percent of MSMEs in the country, only a small percentage of them aspire to grow and develop," said Asteria Caberte, regional chief at the Department of Trade and Industry in Central Visayas, at the Mentor Me on Wheels (MMOW) at SM City Cebu yesterday.

MMOW, organized by the Philippine Center for Entrepreneurship, is like the DTI's Kapatid Mentor Me but its full-day one-on-one mentoring session where a pool of 50 notable mentors would offer technical and practical know-how on entrepreneurship.

"They (MSMEs) need an adviser who will teach them how to take the next big step in their business," Caberte said.

She pointed out the government’s role is to also provide the needed support for the MSME sector and encourage them to strive to make their enterprises more sustainable and innovative.

There's also a need to push more Filipinos to venture into entrepreneurship, she noted.

Through government interventions, economic opportunities will be unlocked and inclusive growth and sustainable employment will be achieved, she added.

Caberte also told small entrepreneurs to take risks and dismiss the stigma associated with business failure.

She said mentoring programs can help inculcate entrepreneurial spirit and push entrepreneurship as a viable career path among Filipinos.

"The efforts of both the public and private sector have been evident in the growing number of entrepreneurs and would-be entrepreneurs in the country today through the initiatives that they are implementing," the DTI official said.

"Changing the mindset of those who feel secure in the confines of employment is challenging for the government, especially in the Philippines where the employment culture holds strong. Although this is not bad, entrepreneurship still offers bigger and better opportunities for all," she further added.

The MMOW had expected around 200-600 MSMEs to take advantage of the one-on-one coaching and mentoring by business owners and practitioners on different functional areas of entrepreneurship.

More Filipinos need to understand that they can be part of our entrepreneurial revolution where they become job creators. "We also want to pass on business knowledge to starting entrepreneurs and provide them with concrete guidance on specific entrepreneurial and business issues," she said. (FREEMAN)