Entrep Chapter 1

• Tony Tan Caktiong - Mang Inasal, Jollibee, Greenwich, Red Ribbon
• John Gokongwei - Southstar Drug, Robinsons Malls, Cebu Pacific
• Jay Aldeguer - Islands Souvenirs
• Steven Benitez - Bo's
• Maricor Bunal - loansolutions.ph
• Carl Ocab - carlocab.com (internet marketing)
• Gian Javelona - OrangeApps (cloud-based platform for schools)
• entrepreneur originated from entreprendre (to undertake)
• entrepreneur: individuals who have initiated the establishment of a business enterprise
• Richard Cantillon : French-Irish economist / investor
• Acc. to Richard Cantillon, entrepreneurs are risk takers and bearers of uncertainty
• Cantillon first coined the term entrepreneur in the early 1700s
• Richard Cantillon : 18th century
• Jean Baptiste-Say: 19th century
• Jean Baptiste-Say: French economist and businessman
• Acc. to Jean, entrepreneurship plays an indispensable role in promoting economic growth
• Acc. to Jean, "The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".
• Father of Entrepreneurship and Innovation: Joseph Schumpeter
• Creative Destruction: established ways of doing things are destroyed by the creation of new and better ways of getting things done
• Acc. to Schumpeter: entrepreneurs "are innovators who seek opportunities and leads existing means of production to new channels"
• Acc. to Schumpeter also: entrepreneurs "are innovators who use process to shatter the status quo through new methods"
• "The Theory of Economic Development" by Joseph Schumpeter
• the Theory of Economic Development emphasized the role of entrepreneurs in the process of economic transformation
• Acc. to the theory of economic development, through their business ventures, entrepreneurs introduce to the market innovations in the form of new products, new processes, new markets, and new organizations.
• The Father of Modern Management: Peter Drucker (20th century)
• Acc. to Drucker: The entrepreneur always searches for change, responds to it, and exploits it as an opportunity."
• 21st Century Prominent Theorists: Donald F. Kuratko & Richard M. Hodgetts
• Kuratko - Florida International University
• Hodgetts - Indiana University - Bloomington
• Acc. to 21st: Entrepreneurship is pioneership on the frontier business
• Reid Hoffman: An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.
• an entrepreneur is self-employed and a single proprietor
• Roles of Entrepreneurs:

  for INDIVIDUALS: create jobs & improve daily life

  for INSTITUTIONS: create technology to improve economic efficiency & solve environmental and socio-economic challenges

  for THE WORLD: share ideas and innovations with other markets
• MSME - Micro, Small, & Medium Enterprises
• Micro Business: 1-9 employees, up to P3,000,000 by asset size

  Small: 10-99 employees, P3,000,001 - P15,000,000

  Medium: 100-199, P15,000,001 - P100,000,000

  Large: 200+ employeees, P100,000,000+
• Top 5 Industry Sectors Acc. to the Number of MSMEs in 2022:

  1. Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles
  2. Accommodation and Food Service Activities
  3. Other Industry Sectors
  4. Manufacturing
  5. Other Service Activities
  6. Financial and Insurance Activities
• 99.58% of all firms are MSMEs, employing 65% of the labor force
• 51% of the registered MSMEs are owned by women
• SME and large enterprises are mostly found in and around Metro Manila
• Micro enterprises are relatively less geographically concentrated