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An entrepreneur is an individual who creates a new business by taking on most of the risks and rewards. They have an idea for a new product or service, work to create it, and build an organization to support bringing it to market. Some key pros of entrepreneurship include work flexibility, following your passion, total control over your venture, and unlimited earning potential. However, there are also significant cons such as financial risk if the business fails, long work hours, and high levels of responsibility and competition. Filipino entrepreneurs are important for the Philippine economy as they create jobs, help businesses grow, and develop new products and services that improve people's lives.

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Angelica Rose
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21 views

Discussion

An entrepreneur is an individual who creates a new business by taking on most of the risks and rewards. They have an idea for a new product or service, work to create it, and build an organization to support bringing it to market. Some key pros of entrepreneurship include work flexibility, following your passion, total control over your venture, and unlimited earning potential. However, there are also significant cons such as financial risk if the business fails, long work hours, and high levels of responsibility and competition. Filipino entrepreneurs are important for the Philippine economy as they create jobs, help businesses grow, and develop new products and services that improve people's lives.

Uploaded by

Angelica Rose
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Entrepreneur is an individual who creates a new business, bearing most of the risks and

enjoying most of the rewards. Someone who has an idea and who works to create a product or
service that people will buy, as well as an organization to support that effort. They take on
most of the risk and initiative for their new business and is often seen as visionary or
innovator.

ENTREPRENUERSHIP

-action, when an individual who has an idea act on that idea, usually to disrupt the current
market with a new product or service.

- entrepreneurship usually starts as a small business but the long-term vision is much greater,
to seek high profits and capture market share with an innovative new idea.

- Entrepreneurship is the pursuit of creating, managing, and scaling a business by taking


calculated risks, and being innovative. Entrepreneurship involves combining resources, skills,
and vision to bring forth new products, services, or solutions that meet market demands and
create value.

While aspiring entrepreneurs have the potential to earn massive fame and fortune by starting a
successful business, entrepreneurship isn’t without its challenges. Here are some of the pros
and cons.

Pros

 Work flexibility. Entrepreneurship means self-employment, which comes with the


ability to set your own schedule and work where you want.
 Ability to follow your passion. If your innovative idea is related to your passions or
hobbies, entrepreneurship enables you to make a career out of what you love.
 Total control. Because they own their own businesses, entrepreneurs have complete
control of their entrepreneurial ventures, with the ability to make decisions quickly. You
have the power to give orders, make decisions, and take responsibility for something.
Helps your business to check errors and put the right corrections in place and keeps
your project on track.
 Creativity. Without the burdens of bureaucracy common in large, mature companies,
entrepreneurs can solve problems creatively and experiment often. Develop new ideas
and solutions to problem. They have the ability to see into the future and generate
ideas, solutions and innovations before they are needed. It is the ability to solve your
customer’s or clients problems before they even realize the problem. This allows
entrepreneurs to think outside the box and beyond the traditional solutions.
 Unlimited earning potential. As famous entrepreneurs like Mark Zuckerberg or Bill
Gates show, a startup entrepreneur with a successful business idea can make millions
or even billions of dollars.

Cons of entrepreneurship
 Financial risk. Becoming an entrepreneur means putting money on the line for your
idea. If it doesn't work out, you'll be responsible for dealing with disappointed investors
and outstanding bank loans.
 Long hours. Between brainstorming new ideas, wooing potential investors, and
managing the day-to-day operations of their businesses, many entrepreneurs work long
and hard to make their dream a reality.
 Greater responsibility. As the leader of your own business, everyone will be looking to
you for vision and direction, which can cause tremendous personal stress.
 High competition. Just because your business idea is innovative doesn't mean you
won't face stiff competition, whether from established firms in your industry or other
entrepreneurs looking to beat you to the finish line.
 Unreliable income. While successful entrepreneurs may see a big payday, it won't
happen overnight. In the meantime, expect lean times as you invest all of your income
into growing your business.

This is why Filipino entrepreneurs are so important for the Philippine economy. They provide
jobs, help grow businesses, and create products and services that improve people’s lives.

they provide jobs. why? filipino entrepreneus create jobs not juts for themselves but also for
other Filipinos. this means that without entrepreneurs, many Filipinos would be unemployed.

They help to grow businesses. By starting and growing their businesses, entrepreneurs help
contribute to the Philippine economy’s growth. In 2016, for example, small and medium
enterprises contributed around PHP610 billion to the country’s gross domestic product.

They Create Products and Services

They create products and services that improve people’s lives. Entrepreneurs always develop
new products and services that make life easier and better for people. From food delivery apps
to online shopping platforms, entrepreneurs are constantly finding new ways to improve the
lives of Filipinos.

They Generate Tax Revenue

They generate tax revenue. When businesses are successful, they generate tax revenue for the
government. This is important because it helps to fund public services like education and
healthcare.

They Help Create a More Competitive Economy


They help to create a more competitive economy. By starting businesses, entrepreneurs help to
make the Philippine economy more competitive. This is important because it attracts foreign
investors and helps to improve the country’s overall economic standing.

Common traits for entrepreneurs include:

Enjoy freedom and flexibility

Are inventive

Are goal orientated and ambitious

Think creatively

Are fearless

Problem solvers

High self initiative

Understand basic finance principles

"the world needs more makers, inventors, problem-solvers, and entrepreneurs.

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