Is being disposed to save and being entrepreneurial generally not inherent among Filipinos as a people compared to say, the Chinese? Or does the acumen for business have nothing to do with race or location?I believe it is more an “environmental” issue when comparing which types of people are more entrepreneurial. While some children are born extroverts and with stronger personalities, those who are introverts and shy can still be strongly influenced by what they observe and experience during their childhood. I think more Filipinos are starting to be entrepreneurial.
Education is a very big factor. Going to other countries for further education has opened the eyes of would-be entrepreneurs on what can be available. It has given them more self-esteem and ability to see things from a different perspective.
Being under the Spaniards and the Americans didn’t help us to develop a more inquisitive mind and the desire to take risks which are characteristics of an entrepreneur. Most were happy to be followers and employees of the rich Spaniards and American companies. The more inquisitive and courageous Filipinos took advantage of their connections to put up their own empires.
In general, those who developed their business acumen through western ways, also learn to spend in western ways. The development of credit cards came from the west. It taught all of us the culture of “self-gratification.” We can enjoy life even if we have not yet earned the money. We have the “Pay Later Plans.”
In the case of the Chinese “behavior”, in general, they don’t change lifestyle even as they increase their income. At least the Chinese patriarchs and matriarchs behave this way. It may be different for their western-educated children and grandchildren.
The Chinese know because they see and experience how small money having high velocity (meaning more money contributors and used more often) is better than big money, which comes uncertainly from time to unpredictable time.
Then again, we have the likes of Warren Buffet who is one of the richest men in the world and who certainly has the capability to earn so much more billions in the future because of his business acumen. It is reported that until now Warren Buffet lives in his original bungalow house, drives an ordinary car and does not have drivers or bodyguards. We may not agree with his style but we have to agree that he is indeed a special man of principle. He is happy with what he has and is the best example of the saying “The richest man in the world is not the one who has most but is the one who needs the least.” He already is in the category of those having the most and he still needs the least! He is indeed the richest man ever.
Francisco J. Colayco is an entrepreneur, a venture developer and financial advisor. He is the founder of Colayco Financial Education and the Kapatiran sa Kasaganaan Service and Multipurpose Cooperative which have developed businesses in Banking and Finance, Real Estate, Food, Agriculture and others. He is the Author of Seven Bestsellers in the Pera Palaguin Series, the latest of which is now available in bookstores: “Wealth Reached. Money Worked. Pera Mo, Pinalago Mo!”
Find his works and catch him on TV and radio. Check out: www.colaycofinancialeducation.com, www.franciscocolayco.com, www.kskcoop.com, FaceBook and Instagram.
