00:00 [speaking in Tagalog]
00:16 Good morning, Sir Bong, and welcome.
00:18 And we are very happy to have you here again, Sir Rice & Shine Philippines.
00:21 Yes, good morning, Ma'am Chi, Rice & Shine, to all the viewers.
00:26 Okay, now in 2024, Sir Bong, what are the businesses that will be launched or will be in 2024?
00:33 Well, first of all, we will witness the continuous growth or innovations that are happening.
00:41 Innovations, disruptions, and digital transformation.
00:45 If you, for example, are going to run, your innovations there are more on adding flavors to your product.
00:52 The disruption is if you used to run, you have a revenue stream.
00:57 You can earn money and order online, right?
01:01 And your digital transformation, if before you only receive cash payments,
01:07 now you receive online payment apps.
01:11 But to be specific, you will notice the continuous growth of micro and small entrepreneurs.
01:18 If one of the businesses that will be launched is financial assistance, financing,
01:23 because there are already over a million small business owners,
01:27 and all of them are looking for financing.
01:29 One of them is actually our government agency, Small Business Corporation,
01:33 which provides financial assistance to low-income people.
01:36 And not only that, all of those who have a lot of capital and don't know how to do business,
01:41 that is one avenue for them to do business.
01:44 Second is what we call tourism, travel and tourism.
01:48 Because we came from the pandemic, we have what we call revenge travel.
01:54 That's true.
01:55 That's a global phenomenon.
01:57 You will notice the traffic at the airport.
02:00 So, those souvenir shops, travel agencies, anything that is related to tourism,
02:07 it's a good opportunity for them to enter the times.
02:11 The third thing we see is the usual beauty and wellness.
02:15 I think beauty and wellness is forever.
02:18 Especially now, because the purchasing power of each person is growing,
02:24 our remittances from overseas contract workers are growing.
02:29 And another thing is what we call agriculture, agri-life,
02:35 it became agri-business to agri-tech.
02:38 So, if you're in the supply chain, it's a good business opportunity,
02:43 especially for e-commerce for linking the farmers to the marketplace.
02:49 So, anything going with agri,
02:53 in this time, because of the low supply and demand,
02:58 it's a good opportunity.
03:00 The growth we see in the forecast is quite strong.
03:04 And I believe what you said when it comes to financing,
03:06 because the small businesses need to borrow to grow.
03:10 Okay, Sir Bong, what are the strategies or ideas in the business
03:14 that you think can be a trendsetter in 2024, aside from what you said?
03:19 Well, if you're just in the business, if you're just a small business owner,
03:23 we have what we call collaborative alliances.
03:26 You can join or join the big corporatives.
03:31 You can group yourself with others if you have a small capital.
03:36 And you're just starting.
03:38 There are business models like franchising, reseller.
03:41 The idea there is you only have one body to sell, to do business.
03:45 But if you get resellers, you can multiply your earnings.
03:53 Secondly, we call it the power of women.
03:57 You'll notice that women are better at doing business.
04:02 There's research that shows that 90% of women in the gramming bank
04:09 are able to do business.
04:11 And then, AI, artificial intelligence,
04:15 we can always use to our advantage even if we're small business owners.
04:18 If we're not able to do it, we can join the ones who are able to do it.
04:21 Okay, Sir Bong, if those are the upcoming trends,
04:24 what are the potential challenges or challenges that new businesses can face in 2024?
04:31 Actually, I'd like to start internally.
04:33 Because sometimes when you become successful, you become complacent.
04:37 So that's usually the start of the downfall.
04:41 So we should learn how to adapt to changes.
04:45 Even if you can survive in the harshest environment,
04:50 we should be able to reinvent.
04:52 If our product is a fish, we should learn to reinvent it.
04:59 If papaya is spoiled, you should add value to it.
05:02 You should make it into papaya soap.
05:04 The idea there is to reinvent, to survive in order to survive.
05:09 So, externally, there's the threat of globalization.
05:14 So, there will be a lot of people coming in again because the economy is alive again.
05:17 Other countries are opening up.
05:20 We would assume that there will be a lot of products coming in in the Philippines.
05:24 Right. Well, I guess we should be progressive thinkers looking through the future.
05:28 What are the skills or knowledge that are important for businessmen to be successful this year?
05:34 You know, number one is people skill.
05:36 You should learn how to manage people.
05:38 That's number one.
05:39 Because you only have two hands, right?
05:42 You can only do so much.
05:43 So, more hands, better.
05:45 So, the first rule of thumb in business is you know how to manage your people.
05:51 Not only your people, but also your coaches, mentors.
05:55 Learn to top their services because nobody has a monopoly of wisdom or knowledge in this country.
06:02 Okay. Sir Bong, do you have any recommendations for those who are thinking of starting a business
06:07 or those who are thinking of expanding their business this year?
06:11 You know, Ma'am Chie, I'm looking at the success of businessmen.
06:16 It doesn't start with money.
06:18 There are some who started with finding their interest.
06:21 If your interest is to make people happy or make people laugh,
06:25 then you can always start a blog and make money out of it.
06:28 You can also look at a particular community, what do they need.
06:32 The other day, we were drinking water from the river, but now there's bottled water.
06:37 So, look at the need of a community or a sector.
06:40 And third is the skill.
06:43 If the skill of a person is to make people laugh, then this can be a business.
06:48 Last is experience.
06:51 What is your experience in life?
06:53 Are you a former teacher?
06:54 Well, it can be start of a preschool.
06:56 The idea is not everything that starts a business is money.
07:01 Look at what your strength is and work on it.
07:04 Good tips, Sir Bong.
07:06 And very exciting for our Car Spin who want to start their own business.
07:10 But you're right, it's very fulfilling.
07:12 We just have to tap into what we're good at and proceed from there onwards.
07:17 But thank you very much, Mr. Bong Magpayo, for sharing with us your business tips.
07:22 Again, we're with Sir Bong Voltaire Magpayo.
07:26 Thank you.
07:27 Maraming salamat po.
Comments