2.3 ss

• Entrepreneur


  One who starts or assumes control of a business or other independent enterprise, often employing innovation and more than an ordinary degree of risk
• Porterian economic returns


  Rents returned from monopolies or monopoly-like situations
• Ricardian economic returns


  Rents returned by 'supply and demand' trading
• Schumpeterian economic returns


  Rents returned from using innovation and improved techniques
• Entrepreneurship is the dynamic activity that helps the entrepreneur to bring changes in production, innovation, new usage of materials, and to create or expand markets
• The role of entrepreneurs in the economy is very significant and crucial to nation-building
• Policies to foster entrepreneurship are essential to job creation and economic growth
• The Philippines has low global rankings in innovation, R&D expenditure, availability of scientists and engineers, R&D personnel, and patent applications
• The Department of Trade and Industry (DTI) and Department of Science and Technology (DOST) signed an MOU to jointly formulate and implement the innovation roadmap with the goal of reducing poverty through innovation and entrepreneurship
• Informal or actual experience is needed to have tacit knowledge to be successful in entrepreneurship, not just formal schooling
• Good planning is necessary to ensure inclusive economic growth
• Entrepreneurship


  Promotes economic growth
• Dr. Jonas Salk: 'Could have patented his polio vaccine and earned a lot of money, but chose not to'
• Some entrepreneurs and philanthropists choose to create charities to extend social work to the general public
• All entrepreneurs have risk tolerance
• In the Philippines today, it is a big challenge for the planners of the economy and the administrators to achieve macroeconomic goals through empowering, supporting, and encouraging Filipinos to unleash entrepreneurial spirit
• Entrepreneurship


  The creation of a new good or service, the assumption of any risk that comes with creating that good or service and the receipt of rewards or profits
• Entrepreneurship can create


  Jobs, wealth and social empowerment
• Entrepreneurship can contribute to

  A decrease in poverty
• Most people in the Philippines are employed in the informal sector. Around 38% are self-employed, running small-scale businesses and barely making a living
• Entrepreneurship allows people to escape the informal economy, create social agreements in more established sectors and make more money
• Researchers conducted a study that showed that entrepreneurship in the Philippines increased the probability that a Filipino household could move from being poor to non-poor from 2008 to 2011
• Entrepreneurship also decreased the probability of a Filipino household moving from being non-poor to poor in that same time period
• Entrepreneurship is an effective and important way to alleviate poverty in the Philippines
• The 1987 Philippine Constitution states that entrepreneurship is an effective vehicle for raising the quality of life
• Article XII Section 1 states that private enterprises "shall be encouraged to broaden the base of their ownership" to prevent income inequality, s and services and increase productivity
• The Philippine Development Plan (PDP) contains numerous strategies aimed at promoting entrepreneurship in the Philippines and expanding the economy
• The National Competition Policy aims to put small businesses and large corporations on the same level in the Filipino market
• Other organizations are also working to decrease poverty by bringing financial services and financial literacy training to the population
• The Filipino government has made a concerted effort to promote entrepreneurship in the country as a means to expand the economy and lift people out of poverty
• Through plans to expand the economy and increased protections for smaller businesses, entrepreneurship in the Philippines gives people the opportunity to access larger markets and establish connections outside of the informal economy
• With supportive policies in place, entrepreneurship could be a key vehicle to alleviating poverty in many countries around the world