Filipinos Prefer International Products More Than Local Products

 PART 1
1. Starting a business here in the Philippines is difficult for every Filipino, especially

for small businesses and those who want to start their own brand. Filipinos are
fascinated with the international products because there is a stereotype that local
products are fragile compared to the foreign products. They tend to support
foreign products because of the idea that they can enhance their social status,
which is one of the reasons I think aspiring entrepreneurs find it difficult to start a
business in our country.
Tax system in the Philippines: Filipinos find it difficult and complicated because,
when starting a business, you should have enough knowledge about accounting
to manage your business accordingly and pay your taxes on time. The high
percentage of the tax deduction is also what discourages people from pursuing
entrepreneurship. As it was mentioned above, I think that not enough knowledge
about starting a business is what makes it difficult to start a business in our
country. Compared to other countries like China, they are literate when it comes
to managing a business. Not having enough knowledge will only lead to failure or
bankruptcy. That is why having enough knowledge is important when it comes to
starting a business to reduce the possibility of failure. But I think if you are an
entrepreneur, you should be willing to learn and tolerant to failure, because those
traits are the reason why an entrepreneur is called a "entrepreneur.
2. I could use social media platforms like Facebook, Instagram, Twitter, TikTok,
etc. to promote my product. It is the most effective strategy to use social media in
our times because people are always on their phones. As a coffee shop owner, it
is a great idea to give your product exposure on those platforms. It can increase
the range of your potential customers while promoting your products and
services.
It is common these days to use social media as a promotional platform, which is

why your potential competitors also utilize it like you do. It will give me the
opportunity to study those potential competitors strengths and weaknesses. You
can utilize social media to enhance your services and gather information that
could contribute to your business. All of your business information is on social
media, which is also where customers submit their feedback about your product.
You can gain information from them to improve your business. It is also a
platform you can use to interact with them. I could make an online store for the
convenience of customers. Online stores also provide profit opportunities
because of deliveries.
3. For me, I think it depends on the type of business you currently have. If it is a big
type of business, you definitely need to have someone manage it because it is a
way to divide the work inside the business. It can also make your job as the
business owner easier because you can focus on some of the important things
instead of doing them while managing the business. It is important to pick
someone who is capable of doing the work to make the business function in a
smooth way. But if you are currently starting your own business, you should
manage it first because there are uncertainties in the future, like failure.
4. According to the article provided, I think she possesses the characteristics

"tolerance in failure" and "tolerance in ambiguity", because as the show started,
there were technicalities that happened, which she controlled her emotions well
and tried to figure out the problem. She did whatever should be done, but things
didn’t go according to her expectations, so she decided to postpone the event. I
think she is disappointed by what happened, but she should also move forward
and accept it. She learned from that mistake and will never commit the same
mistake again. But I think the situation would go better if her internal locus of
control characteristic was dominant, because it could prevent that incident from
happening. She would think of the possibilities and come up with a number of
plans in case there were some technicalities during the event. But as I said
earlier, she would learn from this mistake and not commit it again.
5. Of course, as the owner, I would base it on the preferences of my customers.

Customers are one of the vital factors of my business; they are the reason why it
is running in the first place. Those customers will not be my customers anymore
if I don’t do what could satisfy their palate and their experience. As an
entrepreneur, your product should always be according to what your potential
customers would like. You should always consider their feedback and opinion
because those customers are the representation of the majority, which is an
opportunity for you to study to increase the range of your potential customers.
6. Solvent, because it is about the long term growth of your business, It has its own
risk, but still, Entrepreneurship is all about taking risk. Taking risk will make you
grow and also your business. Being solvent will also meets it financial obligations
but compare to the liquid, it aims higher or it sore for something that is bigger.
Also, having debts is not a problem because it is already ensure in the future, its
asset is greater than its liabilities. Liquid is only a short term financial obligation
that makes it less challenging than solvent. I think it also depends on the
entrepreneur’s choice.
7. Being a startup business is already difficult; having bad debt during it will make it
more difficult and give a great deal of responsibility to the owner. Unchecked bad
debts will put a business at risk. It will affect your financial report and your
financial responsibilities. It should be managed properly for the business not to
fall into bankruptcy. Bad debt should always be written down when paying taxes
to prevent an uncertain deduction from your profit. That is why basic knowledge
of entrepreneurship is essential to avoid these kinds of instances in a business,
more likely in startup businesses.
 PART 2
1. Yes, considering their number of followers and worth of 350,000 pesos service
exchange for the promotional videos, picture, and drone shot is not a bad deal at
all. It is an opportunity for the business to be known overseas and to be
recommend by an influencers. It will give a great impact to the business because
it could widen its range of potential customers, considering they are from different
country. Providing them a 7 days experience and service in the resort would not
be a big deal in the business at all. compared to paying some influencer just to
promote your business. They will give customers a perspective about what they
are paying in our business and also the experience that they would get.
2. The business would be known from the other country and it will be the first resort
that comes to the mind of some people who watch their videos when they’ve visit
the country for vacation.it will have a great effect, especially in respect to tourism.
Foreigners will be a potentials customer of the business. It will also improve the
brand image and the value of the business because of the recommendation they
provide in their videos in social media platforms. Because of that, the brand of
the business will stand out from other the competitors, which is a great benefit for
the business.

Filipinos Prefer International Products More Than Local Products

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 PART 1

1. Starting a business here in the Philippines is difficult for every Filipino, especially

It is common these days to use social media as a promotional platform, which is

4. According to the article provided, I think she possesses the characteristics

5. Of course, as the owner, I would base it on the preferences of my customers.

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