2017 figures out to be a challenging year for many businesses, especially for small-scale enterprises and start-ups. Economic fundamentals are not at a point whereby conditions are ideal for business success. The Peso is deteriorating, and petroleum costs are rising. This means the repercussions for an import-dependent country like the Philippines will be more difficult.
If there is a retail unit that is highly identified with the Philippines, it would be the sari-sari store. They are found almost everywhere in the Philippines—neighborhood, street corners, and even in a few gated subdivisions. The sari-sari store is the personification of the Philippines’ small business industry; it is the original Filipino convenience store.
The term small business is a misnomer. The definition of small business may vary from each country. However, the fact remains that 96% to 98% of all new businesses registered worldwide are small businesses. Thus, small businesses are the prime generators of economic activity in every country. Small businesses help create employment, stimulate aggregate demand,