Status and Prospects of Small Business Enterprises in Bogtong, Legazpi City

Small business enterprises (SME’s) are vital to local economies, significantly contributing to job creation, economic strength, and innovation. This study explores small businesses' current state and prospects in Bogtong, Legazpi City, aiming to understand their operational context, challenges, and growth potential. Through an analysis of the factors influencing their success and sustainability, this research offers crucial insights on how small enterprises can prosper in an ever-changing economic environment.This study utilized surveys and direct observations of various small business enterprises. Interactions with business owners, employees, and local government representatives provided comprehensive insights into the operations of small businesses in the region. The findings indicated that while small businesses in Bogtong significantly contribute to the local economy, they encounter persistent challenges, including financial limitations, restricted access to capital, market competition, inadequate technological adaptation, and regulatory barriers. Furthermore, lacking formal business training and effective marketing strategies hinder their growth potential and competitiveness in an increasingly digital landscape.Despite these obstacles, the study revealed numerous opportunities that could foster the growth of SBEs in the area. An increase in government support programs, the rise of digital marketing platforms, and enhanced community collaborations create new pathways for business development. Moreover, small business owners can improve their operational effectiveness and market visibility with the growing focus on entrepreneurship and skills training.The research highlights the necessity of targeted interventions, including enhanced financial literacy programs, more accessible funding options, and capacity-building efforts, to empower small entrepreneurs. It also advocates for more substantial policy support from local authorities to cultivate a more conducive environment for small businesses to thrive. These proposals outline a clear strategy for advancing SBEs in Bogtong, Legazpi City.