Easy to Start Business in the Philippines

Top entrepreneurs Tito Jose of Brothers Burger, Christopher Tan of Ideal Minds Corporation and Eugenio‘Jean’ Gonzales of MTC Academy are unanimous in concluding that it is relatively easier to start a business in the Philippines compared to other countries.
Tan, hailed from Canada, said that it is less restrictive in Manila. He claims that it is the lack of self-esteem that hinders Pinoys to even try.
Gonzales says Philippines is the “easiest place in the world to start a business.” For a very small capital, anyone could easily try to make it on his own.
Jose started his business with an initial investment of P250,000 only (Almost US$4800). He admited that the business was quite chaotic at first. But now, Brothers Burger boasts of more than 10 branches nationwide requiring a General Manager coming from an international company who improves the business workflow.
Tan of Ideal Minds, however describes how he had an idea for television show. He approached some friends working at the media and convinced them to help him out. He was also able to get a video-editing shop to support his projects on very good terms (edit now, pay one year later). Lacking only a camera, he got one using a credit card. Then, as they say, the rest is history.
Chris says entrepreneurs simply have to be prepared. When he started, he had some partners with him. They left after seeing that they were losing money in the first six months. To him, the financial drain was really expected. Luckily, he persevered.
Now, Ideal Minds is one of the few small media production groups with primetime shows producing side by side with media giants such as ABS-CBN and GMA.
Jean Gonzales of MTC Academy recalls how he started off with only P68,000 by having a small software development firm. Now, he is keen on getting a larger share of the US$23 billion Medical Transcription business.
As insights, Gonzales revealed that there is a Three Billion per year requirement for medical transcriptions. And his company has only touched the tip of the iceberg.
MTC Academy now has 23 locations in the country. (S)