Wealth of Advice

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By Francisco J. Colayco

Again I was asked in an interview: Is it practical to sign up for a livelihood training program? Why?

It is always good to learn new skills. In fact, putting up a business will be easier if you have adequate technical skills and knowledge of the industry you’re planning to invest in. All entrepreneurs must consider attending business and livelihood training seminars.

With the global economic crisis, the Department of Labor and Employment reports that as of March 2009, a total of 109,529 workers are affected by reorganization of companies and an average of 608 workers are losing their jobs each day. In addition, an estimated half a million graduates were looking jobs. The unemployment rate is estimated at 7.7 percent for the year 2009 from 7.4 percent in 2008. If you have lost your job, it is natural to want to try your own business and be your own boss.

However, never commit the mistake of venturing into a business and planning to learn as you go along. It’s always best to know beforehand the technical aspects of the industry and of course the business itself so that you can properly train your staff and be able to efficiently supervise the operations. You must also have a real passion for the business your want to enter. It will give you better chances of success considering that only 10-15% of new businesses succeed.

Business and livelihood institutions are always available to help you. Immerse yourself in the community and ask around. You can likewise approach your local government to inquire on available training seminars, which might interest you. There are government agencies that offer programs and value added services such as the Philippine Trade Training Center (PTTC). For those who want more information about the trainings, contact:
PTTC Building

Sen. Gil J. Puyat Avenue. cor. Roxas Blvd., Pasay City

Tel. Nos. 468-8962 to 69

Email: info@pttc.gov.ph.

Another institution is the Technology Resource Center (TRC), a government-owned and controlled corporation, under the administrative supervision of the Department of Science and Technology (DOST) that gives business and livelihood training programs, lessons from business operation to entrepreneurship as well as marketing. For more information, visit www.trc.dost.gov.ph, or call 721-0063 or 727-6205.

There is the Go Negosyo group as well. Check them out on www.gonegosyo.net. But if you ever go into business that you are operating yourself, be aware that you are earning active income, which is what you earn from your own sweat. Remember to pay attention to your passive income as well. Your business should be paying you a salary and you should be setting aside part of that salary for investments that will earn you passive income.

Here are other learning opportunities for you:

1. Pisobilities Seminar (next one is on May 29) to give you basic information on saving and growing your savings plus info about the Kapatiran sa Kasaganaan Service and Multipurpose Cooperative (KsKCoop) where you can invest some of your savings together with other members in long-term businesses. The KsKCoop now owns a Chow King franchise in Cebu and the Rural Bank of Cavite City.
2. Pera Palaguin Workshop (next one is on June 12) to help you actually make your SAL and PIES if you do not feel confident doing it alone.
3. Investability Seminar in partnership with the Philippine Stock Exchange. This gives a simple explanation of various investment options such as the stock market, mutual funds, fixed income investments, etc. and and the best options you have to benefit from it.
4. One-on-one Financial Coaching. We will be committed to guide your financial journey-you set the goals, the strategies and the actions you take with the encouragement and advice of your Financial Coach. None of our financial coaches sell financial products, so you don’t have to worry about being pushed to avail of investments or insurance.