Wilbert Tolentino

How an entrepreneur is combating the Corona-virus contagion

By Nico Erie Ciriaco

Small-to-medium enterprises (SMEs) form an integral part of our economy. They contribute to our gross national product (GNP). However, the Covid-19 pandemic, like a great equalizer, has preyed on both established and relatively new enterprises. The global pandemic has drastically changed the playing field for businesses everywhere.

A spa which I’ve frequented for most of its 15-year run is closing by month’s end. Ditto a skin care clinic that has been enjoying fair patronage but whose operations were in the red right at the onset of the pandemic. But I also know of an entrepreneur who still peddles their line of clothing despite garnering 10-20 per cent of what they used to generate from sales because he is optimistic things will go back to normal.

“In investing, never put all of your money in one and the same thing, diversify always,” advised entrepreneur Wilbert Tolentino, who is holding tight on his ventures while riding through the Covid19 scare. “Ever since I’ve started my small and medium enterprises, I’ve been following the traditional Chinese business mindset of not putting my money on a singular merchandise, product, or undertaking. Because in the long run, the stronger ventures will subsidize the struggling undertakings until they get their bearings and be self-sufficient.”

The NEDA has observed that the ‘acid test’ for a local enterprise to join the market as one of its many players is passing the 2-year ‘rite of passage.’ For those that go on and operate continuously for five years has a greater chance of surviving the rigors of the trade. Yet, when the pandemic started it has folded up a number of enterprises that had been in business for longer than a decade.

“While the Covid pandemic has crippled most traditional business set-ups, technology found a way in helping merchants peddle their stuff online, But, entrepreneurs need to adapt to the prevailing business atmosphere in order to be in the running with others in the fast-changing market. Telecommunication companies have been offering tailor-fitted packages that address the needs of their varied clientele.

“Despite the obstacles presented by the pandemic, some observers think me and my staff members seem to be taking the many restrictions in stride. This is because long before the pandemic erupted, right from the beginning of my journey as businessman, I already envisioned a scenario wherein an external factor would close businesses one day. I didn’t know what it would be but I was certain it would happen one day.

“When the breakout happened, I had to close most of my shops. The good thing was all my businesses have set aside contingency funds regularly. In times of peace and quiet, we use it for bonuses or incentives during the holiday season. In this case, we used it to extend cash and relief goods for all staff members. We suffered from the advance rental payments because the checks have been issued postdated beforehand.  It was an overhead paid with no revenue in return, for the meantime.

“The other setback we encountered was the momentary closure of our overseas business partners for our few BPO offices. Fortunately, they have re-opened almost the same time when the Philippine government allowed a number of certain businesses to reopen.

Aside from Wemsap, a web development BPO entity that promotes products online, Wilbert also runs a bar, a spa/salon joint, as well as a buy and sell business of imported items.

“Also, if you have the gumption for securities and futures investment, put your money in some blue chip stocks or T-bills for the future. Always take care of your personnel, especially in rough times. They will be your fallback. Be innovative. These loyal set of workers will be the rungs that will catapult you unto heights you may never have dreamed of attaining. This fight could be a long one. As an adage inspires us, “When the going gets tough, the tough gets going,” we hold on tightly on our reins with no intention of quitting midstream,” intoned Wilbert, at the close of our phone conversation.

As of presstime, the Philippines has recorded confirmed cases of 67,456 patients with 22,465 recovered cases, and counting. Worldwide the tally shows 14.4-million confirmed cases with 8.07-million recovered cases, and counting. The countries hardly bit by the pandemic are the United States, Brazil, Russia, India, and South Africa. All of the world’s governments are setting their sights on the release of a vaccine that would bring things back to normal.