ENTREPRENEURSHIP 1

• Magna Carta


  A charter granted by King John of England in 1215 that limited the power of the English monarchy and helped establish the principle of constitutional government
• Micro


  Extremely small
• Macro


  Relating to or denoting economics or political issues concerned with the economy or society as a whole, rather than with individual parts
• Entrepreneurs

  • Develop new markets
  • Discover new sources of materials
  • Mobilize capital resources
  • Introduce new technologies
  • Create employment opportunities
• Entrepreneurs are resourceful and creative. They create customers or buyers.
• Entrepreneurs are never satisfied with traditional or existing sources of materials. Due to their innovative nature, they persist on discovering new sources of materials to improve their business.
• Entrepreneurs are the organizers and coordinators of the major factors of production, such as land, labor and capital. They properly mix these factors of production to create goods and services.
• Capital resources, from layman's view, refer to money.
• Entrepreneurs introduce new technologies that improve productivity and efficiency.
• Entrepreneurs create employment opportunities for the people in the community.
• Entrepreneurs


  People who are willing and able to satisfy their needs. In economics, this is called effective demand
• Entrepreneurs


  • They are resourceful and creative
  • They create customers or buyers
  • They are different from ordinary businessmen who only perform traditional functions of management like planning, organization and coordination
• Discover New Sources of Materials

  1. Entrepreneurs are never satisfied with traditional or existing sources of materials

  2. They persist on discovering new sources of materials to improve their business

  3. Those who can develop new sources of materials enjoy a comparative advantage in terms of supply, cost and quality
• Mobilize Capital Resources


  1. Entrepreneurs are the organizers and coordinators of the major factors of production, such as land, labor and capital

  2. They properly mix these factors of production to create goods and services

  3. Capital resources represent machines, buildings and other physical productive resources

  4. Entrepreneurs have initiative and self-confidence in accumulating and mobilizing capital resources for new business or expansion
• Introduce New Technologies, New Industries and New Products


  1. Entrepreneurs take advantage of business opportunities, and transform these into profits

  2. They introduce something new or something different

  3. Such entrepreneurial spirits has greatly contributed to modernization of our economy

  4. Every year, there are new technologies and new products, all of which are intended to satisfy human needs in a more convenient and pleasant way
• Create Employment

  The private business sector is the biggest employer<|>Millions of jobs are provided by factories, service industries, agricultural enterprises, and the numerous small-scale businesses<|>More jobs mean more incomes, which increases demand for goods and services, stimulating production and requiring more employment
• One of the top programs of the government is the development and promotion of Filipino entrepreneurship
• There are many government agencies and private organizations which extend financial and technical assistance to micro and small scale enterprises
• Our economic resources are mostly in the hands of few local multinational corporations
• A great majority of the people are workers, laborer and office clerks
• Claro M. Recto, considered the father of modern Filipino nationalism, said that we need economic nationalism to attain real economic growth
• Recto defined economic nationalism as the control of the economic resources of the country by its own people, and their use of such resources for their own benefit and enjoyment
• Recto blamed the U.S. educational system for uncalculating in Filipinos ideas of economic dependence on America
• Our educational system should stress patriotism and economic nationalism
• Filipinos are employee-oriented, especially for white-collar jobs, and are not risk takers
• Micro, small and medium enterprises (MSMEs) have a very important role in developing the Philippine economy
• MSME


  Any business activity or enterprise engaged in industry, agri-business and/or services that has: (1) an asset size (less land) of up to PhP100 million; and (2) an employment size with less than 200 employees
• To attain sustainable MSME growth, there is a need to improve the overall business environment, and more importantly, increase access to finance