Study: Filipino micro-enterprises growing during pandemic

US-based Web hosting and Internet domain registrar GoDaddy recently released the results of its 2020 Global Entrepreneurship Survey to shed some light on how the pandemic situation has affected small-scale enterprises and solo business operators that have less than 10 employees.

The survey, which was conducted on 5,265 participants who are entrepreneurs and microbusiness owners across 10 countries, revealed that the Philippines saw an increase in the number of microbusinesses being established during the pandemic. In fact, one in every three Filipinos chased entrepreneurial pursuits despite a variety of restrictions posed by the authorities.  

“Our survey shows that Filipino entrepreneurs are fast adopters, resilient, and working hard to keep supporting their customers and their communities. Having a website that is integrated with social media and e-commerce tools can help microbusiness owners strengthen their online presence and stay connected to their customers,” said Tina Shieh, marketing director for GoDaddy Asia.

Although there is a significant spike in microbusiness growth, 81% of the Filipino respondents reported reduced revenue, with differing quarantine levels seen as a major contributing factor. Despite this, 72% believe that the ventures they pursue should prioritize positively impacting local communities, with 30% actually sharing their earnings to charities.

Shieh added that on a global scale, more and more budding entrepreneurs are inspiring others since they continue to thrive amid the challenges brought by the pandemic. Since digital technology use for microbusinesses has been on the rise, 39% of Filipinos are interested in mobile application platforms, 43% are eyeing to own websites, while a large 69% see an advantage on social media.

Since online presence is an advantage for many of these businesses, 60% believe that technology was an essential element in keeping their ventures afloat. Filipino microbusiness owners who operated even before pandemic also remain optimistic in maintaining their current business setup, with 76% expecting to make a gradual recovery within 12 months, which is higher than the global average of 71%.

The 2020 Global Entrepreneurship Survey was participated by 5,265 respondents all across the Philippines, Australia, Canada, Germany, India, Mexico, Spain, Turkey, the U.K. and the U.S.

Source: Newsbytes Philippines