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Aside from imposing a health crisis, the COVID-19 pandemic threw us into financial turmoil.

Just in the Philippines, many experienced job loss or disruptions, and several businesses shut down.

In a labor force survey done by the Philippine Statistics Authority in October 2020 and released in December 2020, our country's unemployment rate was estimated at 8.7%, or an equivalent of 3.8 million Filipinos who are 15 years old and over. This is almost twice higher than the unemployment rate in the same period back in 2019.

While the pandemic put our fellow Filipinos in a distressing financial position, there were quite a lot who attempted to stem the tide of bankruptcy and recession and tapped on their inner entrepreneurs and started a business.

Indeed, the last year has birthed several micro, small and medium enterprises (MSMEs) and this economic movement kept families and industries afloat. And while we remain in the dark with this ongoing health crisis, thoughts of starting your own business may have entered your mind as well.

Is it good to begin a business in the middle of the pandemic? Am I already late in joining this economic shift? Do I have what it takes to become an entrepreneur?

We try to address these during an exclusive interview with Jorge Wieneke, President of the Association of Filipino Franchisers, Inc. (AFFI), and co-founder of Potato Corner, and Tokyo Tempura.

The entrepreneurial mindset

Without a doubt, having enough capital and access to resources may pave an easier path for anyone who might want to venture into a business. But this is not the be-all and end-all that makes one a good entrepreneur.

According to Jorge, one of the first steps to starting your own business is through self-examination.

He says, “The very basic of entrepreneurship is self-mastery. Self-mastery, meaning to say you must know yourself and you must have a strong entrepreneurial mindset. Ano ba 'yung entrepreneurial mindset na 'yan, you always hear that.

“Actually, an entrepreneurial mindset is the mental state of a person. What is your mental state? Your mental state is your way to succeed and face challenges because entrepreneurship is not easy. Akala lang nila madali, pero hindi.”

1. Innovation mindset

An important characteristic of an entrepreneur is the openness to something new.

Jorge explains, “Having a strong innovation mindset is I hope she or he is exposed to new things. He must adapt to new things. He must defy tradition.

“Kasi tayo, 'yung tao, gusto nila 'yung tradition, 'yung kinasanayan, mga kinalakihan 'di ba. Dapat kasi we seek the unexpected. Palagi ang gusto natin 'yung ine-expect natin [pero] kasi 'di ba the whole world is craving for new things. The world is waiting to pay for something new. So ano ang nangyari this pandemic? 'Di ba po nauso 'yung baked sushi? That's something new, 'di ba we all eat sushi with rice. 'Yung pandesal has been there ever since 1960s, 1950s pero may isang tao na ginawa niyang ube cheese pandesal. So, everybody was buying it.

“You have to defy tradition, seek the unexpected, and have a strong innovation mindset.”

2. Imagination and creativity

To further fuel your being innovative, Jorge suggests piquing your imagination and creativity. This helps in making your business relevant and stand above the rest.

He stresses, “There is no such thing as late in the game as long as your product is unique, as long as your product is addressing a certain concern, as long as your product is relevant in the market.

“Pwede naman magnegosyo as long as your product has a unique selling proposition and is relevant to the market, attractive to the market.”

3. Growth mindset

Another important criteria one must possess is the willingness and ability to learn.

Jorge prods, “Are you willing to learn? Are you willing to relearn? Are you willing to do changes? Are you willing to adapt? Are you willing to fail? Or baka naman mas malakas 'yung tinatawag na fixed mindset mo? 'Yung fixed mindset mo, critical ka na tao, you don't challenge assumptions, you cannot work without a manual, you follow the rule, 'yung mga ganun.”

He further illustrates that those who succeeded during the pandemic are the ones who adapted.

He continues, saying, “Prior to pandemic, naririnig na natin 'yung digital revolution but we took it for granted because we still have a choice. So the pandemic has forced us to embrace these new changes, specifically technology and digitalization.

“Prior to COVID-19, ang connectivity natin, 80% of us ginagamit lang natin for entertainment. 'Yung wi-fi ginagamit natin sa Netflix, YouTube, Facebook. But all transactions are normally person to person. Ngayon, this pandemic has reversed [the situation]. 80% vital tool and 20% na lang entertainment. I think that's one that we have learned. And then at the same time, banking, online banking. Dati ayaw ko, natatakot ako, baka ma-hack ako. Again, with this pandemic, I was forced to embrace and love the system.”

Jorge believes that Filipinos can turn this spell of challenges and adversity into a moment of opportunity.

He concludes, saying, “Pain is the driving force to success. If the proponent is suffering or facing a crisis in his family, he will find ways to survive. One of the ways you can do is to put up a business. Now, because of the pain that he is feeling, he will think soon that he will succeed. Kung buong-buo sya, mag-iisip siya ngayon. 'Dapat open-minded ako. Dapat ang negosyo ko kakaiba.'

“The greatest weapon to fight this recession, this crisis is really innovation, creativity.”

READ: What you need to know: The business forecast and trends for 2021