In the vibrant heart of Taft Avenue, Manila, my micropreneurial journey has been a tapestry woven with challenges and triumphs. As we stand on the cusp of a new year, reflecting on the management principles shaping my entrepreneurial narrative becomes imperative. Optimism, a crucial entrepreneurial trait, must co-exist with an understanding of the intricate business landscape. Embracing failures as invaluable lessons cultivates resilience and insight into the need for adaptive strategies, meticulous planning and commitment to action to navigate unpredictable seas of entrepreneurship.
This article will use the PESTEL (political, economic, social, technological, environmental and legal) framework to describe my micropreneurial journey. As a university lecturer tired of merely talking about business theories, I ventured to “walk the talk” by establishing my own food business. Despite facing setbacks and deciding to close before the New Year, I wish to share the lessons I have learned. Additionally, I would like to share insights gained from my trip to Vietnam and offer a unique perspective on the shared experiences of small businesses in diverse cultures.
The political climate was characterized by the cutthroat food market around schools. Witnessing the competition sidestep regulations on selling alcohol to students and violate safety regulations without suffering consequences stung. As a teacher of business ethics, I needed to set an example not only for my students but also for the broader community. I did not waver in my commitment to ethical standards and refused to go below the minimum threshold of the law. In this turbulent sea, understanding the intricate dance with local government emerged as a crucial skill. Our lessor’s unresponsiveness added complexity and underscored the need for astute formal and informal political navigation in entrepreneurial waters.
Like relentless tides, economic forces presented formidable challenges. Overhead expenses, notably rent and salaries, created a persistent undertow against the delicate financial balance of our small food business. The minimum wage in the Philippines for small businesses with 15 employees and below is P573, while in Vietnam, it is the equivalent of P410. However, this is fitting, considering Vietnam’s generally lower food cost and living expenses. Unfortunately, unintentional overstaffing in my business added to my financial burden, underscoring the need for finance managers to control various facets of an agile business.
In the vast sea of social dynamics, understanding the pulse of the community became paramount. In Vietnam, where three or more coffee shops line the same street, the preference for coffee over alcohol aligns with shifting preferences at Taft, where the price-sensitive student population is enamored with coffee over hearty meals. The fierce competition demanded creative and cost-effective strategies for us to stay afloat.
As the business world continues to sail through the digital age, technological hurdles persist. Navigating online food platforms, compounded by stiff contracts and exorbitant commissions, proved tricky. Troubleshooting login issues was like venturing into uncharted waters, where the supposed lighthouses, the customer service function of online food platforms, were difficult to find, leaving me in the dark. From troubles in Taft’s digital seas to the slower pace of technology in Vietnam, the pulse of innovation beats differently in every corner of the world. I realized that resilience and adaptability are the lifebuoys for micropreneurs.
In the ever-changing landscape, environmental forces revealed underlying considerations not taught in schools. For example, maintaining harmony with nearby competitors that blocked driveways and left trash lying around became an art of its own, demanding resilience and a commitment to community coexistence.
Daunting taxation requirements and ever-changing policies and processes required agile compliance. The intricacies of legal compliance became a test of micropreneurial mettle because one wrong move could lead to tumultuous waters. In this challenging journey, the captain must champion compliance and steer the ship through deep and murky legal waters.
Furthermore, despite the challenges posed by poor partnerships in the business, aspiring entrepreneurs should cultivate assertiveness and strategic foresight. This involves fostering open communication, conducting thorough due diligence in choosing partners and adapting swiftly when challenges arise.
As we start the new year, let this reflection remind us that despite the silent struggles faced by entrepreneurs, positive change is within reach. Let us embrace new beginnings, adapt to ever-changing seas and let resilience guide us toward a prosperous 2024.
Charisse Ang is an entrepreneur, family business owner and part-time lecturer at De La Salle University.