Modern Day Heroes’ Entrepreneurial Venture: Knowledge and Challenges

Business Management

The objective of the current study is to determine the degree of business operation, budgeting, market trends, and marketing knowledge that Overseas Filipino Workers (OFWs) possess in their entrepreneurial endeavors. Finding out the difficulties they faced when starting a business in terms of money, market competitiveness, and management was also considered important. 282 OFWs who have worked in business participated in this study using a convenience sampling plan and a descriptive research design. To collect the necessary data, a standardized survey questionnaire was also employed. Based on their business knowledge, it has been determined that they have a moderate understanding of marketing and business operations, but little grasp of budgeting and market trends. In keeping with their knowledge, it has been discovered that they have faced difficulties in managing their business, dealing with market competition, and financial aspects. In conclusion, despite having low incomes, these OFWs are driven to pursue entrepreneurship to provide long-term stability and financial independence for their families. The OFW entrepreneurs are particularly weak in managing cash flow, cost control, and financial forecasting, where their knowledge is noticeably lacking, indicating a significant area for improvement; they are moderately proficient in creating realistic budgets, tracking expenses, and allocating resources; they possess a basic level of proficiency in analyzing current market trends while adapting business strategies; they have a firm grasp of key marketing practices, but still require improvement in pricing and promotional tactics; they face significant financial challenges, highlighting the pervasive influence of these factors on their operations; and they have little understanding of business management and operations standards.

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