FILIPINO resilience has been put to a test anew as the country faces the Covid-19 pandemic, revealed a study that looks at the current mindset of local entrepreneurs and how the health crisis has impacted their businesses.
The newly released GoDaddy 2020 Global Entrepreneurship Survey revealed their flexibility during tough times as 1 in 3 respondents from the Philippines started a macrobusiness amid the unprecedented health emergency.
This is despite nearly half of the Filipino participants had to temporarily close shop due to different levels of community quarantines imposed since March of this year, and that 81 percent of them suffered from loss in revenues.
“Entrepreneurs around the world continue to inspire in the way they keep marching forward even in the face of the challenges caused by the pandemic,” GoDaddy Asia Marketing Director Tina Shieh told reporters during a recent webinar.
Since not all kinds of businesses are allowed to operate during the pandemic, some Pinoy entrepreneurs turned to digital technology to sustain operations while adhering to safety protocols.
As the virtual marketplace continues to expand, microbusiness owners are aware of the need to beef up their presence on the cyber world to stay in the competition, if not to spur growth.
Per the results, 60 percent of the participants agreed that it’s important to ensure that their businesses weather any crisis, 23 percent said technology has become their main touch point with customers, and 51 percent tapped social media and messaging apps as the main channels of communication for their enterprise.
“The current situation has fast-tracked digitalization for a lot of business owners, and enabled them to continue to reach customers online,” she noted.
Moving forward, GoDaddy’s research showed that Filipino respondents are looking to learn more about digital technologies and use them for their ventures, with 69 percent of them are interested more in social media, 43 percent consider creating their own business portals, 39 percent are interested in mobile apps, and 38 percent are keen on getting into e-commerce.
Still bullish on their future prospects, local entrepreneurs are confident that business recovery will come soon.
Based on the study’s outcome, 76 percent said that they expect to recover within a year, which is slightly higher than the global average of 71 percent; as 92 percent project to expand at least 25 percent in three to five years.
While still being confronted by Covid-19, Filipino businessmen remain mindful of helping others, with 72 percent of them saying it is important for their ventures to positively impact their local communities at this time—the highest among all countries surveyed.
Three out of 10 or 30 percent shared that they donated or gave part of their profit to charities since the pandemic hit the country.
“Our survey shows that Filipino entrepreneurs are fast adopters, resilient, and working hard to keep supporting their customers and their communities. Having a web site that is integrated with social media and e-commerce tools can help microbusiness owners strengthen their online presence and stay connected to their customers,” Shieh stressed.
Conducted in June of this year, the GoDaddy 2020 Global Entrepreneurship Survey involved 5,265 entrepreneurs and microbusiness owners across 10 countries, including the Philippines, Australia, Canada, Germany, India, Mexico, Spain, Turkey, the United Kingdom and the United States.
Of those surveyed, over 90 percent have 10 or less employees, half of whom are solo business operators.