Parents, Schools Urged to Teach Students to be Entrepreneurs

By encouraging students to be entrepreneurs, the concerns of economic development and succession in family business can be addressed.

This was emphasized by Dr. Petrina Faustine, SE. MM. MSc., an entrepreneur from Indonesia and an advocate of entrepreneurship and family business management, during her recent 3-V (Vision, Values, Vitality) talk at St. Theresa’s College (STC), Cebu City.

She pointed out that every year, a huge number of fresh college graduates are seeking employment.

An average of six months is the estimated length of waiting time before they are hired. Then they have to work for about 15 years to acquire return on investment on their college education.

“A student has to wait before he gets employed. Since his employment is a determinant in the success of his college education, this waiting period can be worrisome for parents and teachers,” Faustine said.

She presented entrepreneurship and family business as an alternative for students to contribute significantly to the gross domestic product of the country and to elevate the economic status of their families.

Faustine noted that many top businesses in the Philippines are family businesses, such as the Sy family that owns the SM Group, Lucio Tan of LT Group, and Andrew Tan of Megaworld.

She also cited Swarovski, a renowned crystal producer, which is now managed by the fifth generation of the family, and Kikkoman Corporation, a manufacturer of soy sauce with a history that stretches back 300 years, which is now managed by the ninth generation of the family.

“This means that a family business can be sustained. If you will persist, be guided by your vision and values, and add vitality to what you do, you can contribute to the economic development and provide your future children with something they can continue,” she said.

Faustine added that an essential factor in the success of a family business is the entrepreneur, and the basics of entrepreneurship are things that students can learn in school.

She enumerated values ownership, analytical ability, creativity and innovation, and practical competence as the requirements to be an entrepreneur.

However, a major concern in family business is succession.

“Some children do not want to continue the business because they feel incapable of running it. But parents can show the value and profitability of the business and mentor them even while they are still formally studying so that they will already know what to expect when the business is turned over to them,” Faustine said.

Faustine is currently vice director of Johann Bali Property. She has received numerous grants and awards for her research papers related to international marketing and business.

She recently made a presentation at the International Conference on Entrepreneurship 2014 in Davao, which was organized by the Entrepreneurship Educators’ Association of the Philippines, an organization of educators handling entrepreneurship subjects.

Her 3-V talk is part of STC’s 80th year celebration with the 3-Vs as the theme that encapsulates the institution’s 80 years of empowering and transforming their students into valuable citizens of society. (by Nancy Cudis, STC)