MANILA, Philippines—Much has been said about the financial crisis prevailing in rich nations.
Ironically, the crisis was caused by some of the most financially learned men in the world today—people who earned fat salaries despite leading their conglomerates into collapse.
One seemingly forgotten sector that has not been talked about much but which can help save any economy is the entrepreneurs.
Entrepreneurs are a rare breed. They have that X factor that cannot be defined. But among the things they usually are not are being academically gifted individuals. Yet once they stumble upon a topic that interests them, they devour available knowledge about it.
An entrepreneur sees opportunities where others do not. And the really good ones find opportunities where the crises are.
Entrepreneurs have the passion to pursue something they believe in even if the odds are against them.
Economies that do well and survive hard times are those supported by entrepreneurs. After all, entrepreneurs create employment, on top of the goods and services they generate. And more importantly, entrepreneurs take the risks to generate these.
If the Philippine government wants to cushion the country against the impact of the economic gloom prevailing among rich nations today, it would do well to focus on creating and developing entrepreneurs. Entrepreneurs can provide the backbone for any economic malaise that will come upon a country.
It is not just in encouraging more people to become entrepreneurs that can save an economy but helping the existing entrepreneurs grow and expand their businesses as well.
And for the cynics who think no business will thrive amid these challenging times—just think of the huge population of the Philippines. This population will act as a natural market for any product or service one will think of selling.
Empowering more people economically will provide the armor that will shield a country from adverse economic diseases.
