Lack of priority on business education poses challenge for young Filipino entrepreneurs
THE Philippine government needs to prioritize entrepreneurial education to address the challenges hindering young individuals from venturing into business careers, a development consultancy group said.
“Systemic change has to start both at the grassroots level and the top to overcome the challenges for young people to pursue entrepreneurial careers,” Saje Molato, founder and chief executive officer of development consulting organization Siklab, said in an interview with BusinessWorld.
When addressing the challenges encountered by young businessmen, he noted that the primary issue lies in the “inherent lack of prioritization and acknowledgment of the importance by government officials regarding the value of providing entrepreneurial education to young people.”
He also said that prioritizing funding for businesses founded by young entrepreneurs will address the lack of innovation in most developing countries, which has resulted from the absence of programs prioritizing youth development.
“Systems in developing countries are generally resistant to innovation and youth priorities in general, save for a few select states like Singapore and Thailand that place a premium on these skills,” he said.
Mr. Molato, speaking at the Association of Southeast Asian Nations Regional Dialogue on Young People’s Skills, Employability,
and Transition to Decent Work last year, emphasized the need to focus on educational systems, including entrepreneurial programs, to preserve competitiveness despite the digitalization of jobs.
He urged the public and private sectors to establish protective measures to upskill workers and entrepreneurs who face the changes brought about by the rise of Industry 4.0, including the integration of artificial intelligence technologies in industrial processes.
He also stressed the need for cultivating a versatile workforce capable of adjusting to the changes in the global economy amid the rise of advanced technologies. —