Characteristics, Entrepreneurial Motivations, and Problems faced by Student Entrepreneurs in University of the Philippines Los Baños

Date

2019

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Renen Szilardo C. De Guzman

Committee Member

Dinah Pura T. Depositario, Romel M. Carlos, Nohreen Ethel P. Manipol, Normito R. Zapata, Jr.

Abstract

The study was conducted to describe and evaluate the experiences of student entrepreneurs in the University of the Philippines Los Baños (UPLB). Specifically, it aimed to: (a) characterize the personal and business profile of the student entrepreneurs in UPLB; (b) identify the motivating factors of student entrepreneurs engaging in business ventures; (c) examine the problems, barriers, challenges, and gains student entrepreneurs encounter in running their business; (d) analyze the relationship of the characteristics, barriers, challenges, and advantages of the youth in engaging in entrepreneurial ventures; (e) formulate recommendations in order to help overcome the barriers and challenges they mentioned while engaging in their business ventures.

Personal and online interviews were used in acquiring the data of 33 student entrepreneurs in UPLB. Respondents were obtained through the knowledge of the researcher and snowball referral technique. Descriptive research design was used to meet the objectives of the study. The relationship among the personal characteristics, advantages, challenges, and barriers faced by entrepreneurs were determined through Spearman’s Rank correlation.

Based on the results of the study, majority of the student entrepreneurs were relatively older and belong to the upper class classification. Majority (64%) being females, who came from the immediate province of Laguna. Moreover, student entrepreneurs came from different colleges in the university, showing that the interest in entrepreneurship was present even in non-business related courses. The influence of family was evident as a great majority (70%) have at least a family member being entrepreneurial with some acknowledging to be inspired by their family to start their business. Though most have family businesses, being involved with it was not necessarily true as only less than half (17%) play a formal role in their respective businesses. Despite these facts, almost all of them (83%) established their business independently on their own.

Student entrepreneurs also perceived themselves being an opportunity seeker, having high internal locus of control, and being pragmatic as the top characteristics that made them an entrepreneur.

Majority of the business (52%) were established in the year 2018, with an average capital ranging from Php1,000 to Php5,000 as the start-up costs sourced from their own savings. Businesses they own were less formal in nature in terms of its functions and operations. Only few (30%) were registered in the government and record keeping was not common. Strategies implemented reflected being less grounded to concepts and highly evident of experience.

Looking on entrepreneurial viability, student entrepreneurs had an average monthly profit of Php1,000 to Php5,000, which they typically spend to augment their personal expenses. This was why majority (51%) of the student entrepreneurs’ motivation to start a business was to earn money and fund themselves. Though there were who answered passion as to why they engaged in entrepreneurship.

Majority (58%) considered the market as conducive for youth entrepreneurs. Almost all (97%) agreed on them that being more technologically knowledgeable and updated on current trends, as well as having fresh, more creative and innovative ideas to be their advantages as youth entrepreneurs.

Identified barriers and problems were financial in nature−limited access to loans and financial support. Other operational problems were also encountered such as distribution and delivery of products, finding suppliers, lack of workforce, and proper marketing. While the challenges faced by these student entrepreneurs were also experienced by typical entrepreneurs, youth-specific problems such time management were present given the need to prioritize and balance academics side-by-side their businesses. Lastly, there was a strong correlation between age and discrimination, as they feel that they are not taken seriously because of their age.

With these experiences, student entrepreneurs learned to manage their time well, deal with people better, became more mature in their actions and decisions, and became disciplined in terms of handling and managing their finances.

Knowing the experiences of the entrepreneurs in the university, it was recommended for the students to utilize the free conventions and start-up competition to get additional funding for their business. Maintaining a good relationship with the supplier through transacting formally will also help them be taken seriously by the suppliers. To minimize costs for transporting the products, scheduling a day dedicated for meetups and transaction was suggested. To further market the products, utilizing the social media platforms by creating eye-catching publicity materials and improving customer satisfaction through good service was suggested. Lastly, daily scheduling and planning of activities were also encouraged to manage their time well.

The university was a rich source of entrepreneurial knowledge and experience. It was just a matter of how these students utilize such, to further grow and develop their enterprises.

Language

English

LC Subject

Entrepreneurship--Research, Businesspeople--Attitudes

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2019 M17 S265

Notes

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Document Type

Thesis

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