Succession planning is important for ensuring the continued success of any business.
Image by Andrian Valeanu from Pixabay
Habits millenials should adopt to be successful, according to entrepreneurs
(Philstar.com) - February 26, 2020 - 6:26pm

MANILA, Philippines — Millennials are on their way to taking the workforce.

This generation, according to TIME Magazine, consists of people born from 1980 to 2000. Right now, millenials make up a third of the Philippine population. 

Based on a survey of the Philippines Statistics Authority, almost 50% of the country's workforce in 2015 is composed of millennials aged 15 to 34 years old.

Lisset Velasco, the incoming president of the Philippine chapter of the Entrepreneurs' Organization (EO), shared success habits millennial company owners should possess to thrive in the industry. 

EO is a global hub for entrepreneurs with over 195 chapters across 60 countries. Its Philippine chapter has been one of the leading sources of business trends for a variety of enterprises in the country.

"The important thing is to think about the future and  be prepared to continue the company, meaning we talk about succession planning all the time," Velasco said on the sideline of the workshop “Fast Beats Big: How to Grow People and Companies FAST” held at Shangri-la at The Fort, Manila in January. 

She stressed the importance of succession planning for ensuring the continued success of any business.

"Succession planning doesn’t put start from the top but you also make sure that you have proper succession above even when you are in the middle management so that for the organization you’ll just continue," she said.  

When asked why talented people leave an organization, Velasco replied that there's no single correct answer to the question.

"Some people really do not fit the culture of theorganization, it can be one," she said.

In an interview with Philstar.com, Hanky Lee, the current EO president, explained the constraints of businesses today.  

"First is ignorance, because entrepreneurship is a very lonely road, not only lonely road, but it has ups and downs, twists and turns," Lee said. 

"When you start saying, 'I can’t do this' that will stop everything. The hindrance is the entrepreneur, we can just either push forward. We are the hindrance, the entrepreneur," he added.  

At present, EO has two chapters in the Philippines, one in Luzon and the other in the south. The organization, composed of business professionals who are leaders in their respective fields, has 21 members. — Kristine Daguno-Bersamina

MILLENIALS SUCCESSION PLANNING
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