How is entrepreneurship viewed in the philippines

Business owners compete in a free market to make the best product or service at a price that will attract the most buyers. The successful businesses grow larger and employ more workers, thereby growing the economy. Proponents of the free market believe that this system encourages innovation, high quality goods, and increases the wealth of countries. The government does as little as possible in a free market economic.

Through globalization, people around the world share information as well as goods and services. As a result of globalization, consumers around the world enjoy a broader selection of products than they would have if they only had access to domestically made products. International trade has stimulated tremendous economic growth across the globe-creating jobs and reducing price.

As globalization accelerates change in technology, more jobs are created and as a result more people are employed thus increasing their purchasing power. As the demand of consumers rise, more and more products are produced to suit the needs and wants of the people.

Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking action in putting up its own business or acquiring a franchise Louren, Entrepreneurship is a state of mind.

It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Since Filipinos start young in setting a business, most [ Filipino entrepreneurs are active in consumer services in both early stage and established businesses. Consumer services include retail, motor vehicles, lodging, restaurants, personal services, health, education and social services and recreational services.

On a macro level, the report said Filipinos displayed a bullish outlook on entrepreneurship. With the current economy boom being experienced by the Philippines, the respondents 48 percent believe there are lot of opportunities for entrepreneurship, a figure that ranks highest among countries in the Asia Pacific and South Asia.

Your email address will not be published. This site uses Akismet to reduce spam. Learn how your comment data is processed. Other organizations, like Opportunity International , are also working to decrease poverty by bringing financial services and financial literacy training to the population. He even created a program where Filipino students worked in teams to raise money for an organization that promotes social good. 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. How Entrepreneurship Reduces Poverty De La Salle University defined entrepreneurship as 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.

Promoting Entrepreneurship in the Philippines The Philippine Constitution states that entrepreneurship is an effective vehicle for raising the quality of life. The large domestic market with high consumer spending as well as good education and training also drives the population to try entrepreneurial activities. There are also several government programs that support entrepreneurship. On the other hand, there are several constraints to the development of entrepreneurship in the country:.

Entrepreneurship is encouraged in the Philippines through the activities of the different government departments, such as the Department of Trade and Industry, the Department of Science and Technology, Bangko Sentral ng Pilipinas and the Commission on Higher Education. Entrepreneurship is offered as a formal degree program at both bachelor and graduate levels BS, MS, and PhD aiming to provide formal training to aspiring entrepreneurs.

Financial institutions like banks are required to set aside a certain percentage of their loan portfolio to the capital requirements of small and medium sized businesses. Partnerships between government, academia and industry are implemented in developing technology-based entrepreneurship through the business incubator and technology parks programs. Among Filipino youth, a new attitude is forming; they are progressively viewing entrepreneurship as a viable alternative to employment.

The biggest challenge the country faces in promoting entrepreneurship is to develop the capability and skills of Filipinos in starting and growing businesses; furthermore, it needs to promote innovation to increase penetration in both domestic and global markets.

All this has to be well supported by the inclusion of entrepreneurship and management courses in the formal education system as well as the teaching of creativity and innovation among the youth. Capability building of entrepreneurs through formal and informal training has to be more actively pursued.

The country must take advantage of new developments in the basic education sector, and make entrepreneurship a formal part of the curriculum; it should also redesign tertiary education programs to promote entrepreneurship as an alternative to employment. In , Approximately Filipinos are confident that they have the capability and opportunity to engage in business. They have a very low perception of business failure.