1.

It is described that entrepreneurship is the creation of a new product or

service, it is the assumption of any risk that comes with the creation of that good
or service, and the receiving of incentives or profits. Entrepreneurship can
produce jobs, income and social empowerment, both of which can lead to a reduction
in poverty. Most individuals are working in the informal sector in the Philippines.
Self-employed, operating small-scale enterprises and barely making a living are
about 38 percent. Entrepreneurship helps individuals to leave the informal economy,
in more developed industries, create social agreements and make more money.
Entrepreneurship is seen as essential in the Philippines to mobilize the poor,
increase productivity, and as an impetus for innovation. The Philippine
Constitution of 1987 acknowledges entrepreneurship as an economic growth force.
Article XII Section 1 emphasizes the role of private businesses in promoting the
equal distribution of income and wealth, the preservation of the production of
goods and services and the increase of productivity, thereby improving the quality
of life. In order to achieve the government's goal of economic growth and job
creation, the Philippine Development Plan further strengthens the burden on
entrepreneurship by trade and investment. On the basis of the strategy, macro-
economic stability, jobs, trade and investment, agribusiness, reforms of the power
sector, infrastructure, competition, science and technology and anti-corruption
initiatives are being pursued in order to improve the competitiveness of the
Philippines and contribute to job development. In fact, in 2011, the Philippines
had approximately 830,000 business enterprises. Of these, 99.6% are listed as
micro, small and medium-sized enterprises, which account for 38% of total job
growth. Moreover, researchers have conducted a study that showed that, from 2008-
2011, entrepreneurship in the Philippines increased the likelihood that a Filipino
household will switch from being poor to non-poor. In the same time span,
entrepreneurship also reduced the possibility of a Filipino household going from
being non-poor to poor. In addition, the study concluded that in the Philippines,
entrepreneurship is an efficient and important way to alleviate poverty. The
Filipino government was urged to encourage entrepreneurship. Furthermore, the GEM
2013 report said that Filipinos consider entrepreneurship "a reliable means of
improving one's economic and social standing." The report claimed that the enormous
population of the nation, high educational achievement, and increasing consumer
spending on the domestic market encourage the population to engage in
entrepreneurial activities. The study also noted that failure was not perceived by
Filipinos to be a major obstacle in business enterprise. In fact, the report said
that many respondents showed a very strong intention to start a business. The study
said Filipinos have a high regard for entrepreneurship, with 85 percent expressing
interest in making a successful career option for entrepreneurs. Strong media
attention also led to the prominence of successful entrepreneurs, which served as
models for individuals, the report said. The report reported that the APS's results
on entrepreneurial attitudes indicate a high percentage of entrepreneurial intent.
Within three years, forty-four percent of Filipino respondents plan to start a
company. Lastly, the report indicated that nearly half of the respondents agree
that their location provides good opportunities to start a business, and most
believe that they have the skills and abilities to start entrepreneurial
activities.

2. For a variety of reasons, from fostering social change to driving innovation,

entrepreneurship is significant. Entrepreneurs are also considered to be
cultivated, inspired, and remunerated to the greatest possible degree as national
assets. In fact, due to their forward-thinking creativity, science, and
entrepreneurial individuals, some of the most advanced countries such as the United
States are world leaders. Great entrepreneurs have the potential, on a local and
national level, to change the way we live and work. If successful, their inventions
can raise living standards, and they can also create jobs and contribute to a
growing economy, in addition to generating wealth with entrepreneurial projects. It
is not appropriate to understate the value of entrepreneurship. In this regard,
entrepreneurship is important because it is capable of improving living standards
and generating capital, not only for entrepreneurs, but also for related companies.
Entrepreneurs also help drive change with entrepreneurship, where new and improved
products allow the growth of new markets. Moreover, new products and services
produced by entrepreneurs may generate a cascading impact by stimulating the
economic growth of related companies or sectors that need to support the new
venture. For instance, during the 1990s, a few information technology companies
made up the IT industry in India. The industry grew rapidly and it helped many
other industries. Businesses have flourished in related sectors, such as call
center operations, network repair firms and hardware suppliers. Institutes of
education and training nurtured a new generation of IT employees who were given
better, high-paying jobs. Likewise, future development projects in other countries
need strong logistics support, investment in capital, and a professional workforce.
Entrepreneurship helps a significant part of the population, from a highly skilled
programmer to a construction worker. Small companies generated more one and a half
million net jobs in 2019 in the U.S. alone. Additionally, entrepreneurial projects
help create fresh wealth. Established companies can remain confined to existing
markets and can, in terms of profits, reach a cap. New and improved goods,
services, or technology from entrepreneurs enable the growth of new markets and the
creation of new wealth. In particular, increased jobs and higher incomes, in the
form of higher tax revenue and higher government expenditure, lead to better
national income. The government will use this revenue to invest in other distressed
industries and human resources. While it may make a few existing players obsolete,
by redirecting surplus wealth to retrain staff, the government can soften the blow.
Entrepreneurs break away from tradition and reduce reliance on outdated systems and
technology by providing unique products and services. This will lead to an improved
quality of life, improved morale, and greater independence of the economy. The
supply of water in a water-scarce area, for example, will often cause individuals
to stop working to collect water. This will affect their business, efficiency, and
profits. Furthermore, entrepreneurs break away from tradition and reduce dependency
on outdated systems and technology by delivering unique products and services. This
will lead to an improved quality of living, improved morale and greater
independence of the economy. The availability of water in a water-scarce area, for
example, can often cause people to stop working to collect water. This will affect
their organization, efficiency, and sales. An good example would be smartphones.
Work and play have been revolutionized around the world by smartphones and games.
As more than 5 billion people have mobile devices around the world, smartphones are
not limited to rich nations or individuals.4 As the growth of the smartphone
industry continues, technological entrepreneurship will have a profound, long-
lasting effect on the world. In addition, technology globalization ensures that
entrepreneurs in developing countries have access to the same instruments as
developed countries' counterparts. They also benefit from lower living costs, so
that a young entrepreneur from a developing world can compete with an existing
multimillion-dollar product from a developed country. Lastly, we have to consider
community development. Entrepreneurs frequently cultivate other like-minded
people's projects. They also participate in initiatives in the city and provide
local charities with financial support. Beyond their own projects, this allows
further growth. Some successful entrepreneurs have used their money to support good
causes, from education to public health. In a later chapter of life, the qualities
that make one an entrepreneur may be the same qualities that help inspire
entrepreneurs to pay for it through philanthropy.

3. Entrepreneurship plays a crucial role in the growth of the economy of a country,

as it is a key contributor to innovation, product improvement, unemployment
reduction and poverty reduction. Entrepreneurship, which is simply the activity of
starting a company to make a profit on new opportunities, will go a long way to
stabilize a nation's economy and produce massive government returns. In various
ways, entrepreneurship can affect a country's economy. Major advances reach the
market through entrepreneurship, leading to new products or manufacturing processes
that ultimately improve productivity by introducing competition into the market.
Various variables have deterred emerging entrepreneurs from launching their own
company successfully. Among the many variables cited from a personal survey I
conducted by some failed startups in Africa's most populous country, Nigeria, are
high and multiple taxes, lack of funding, electricity, and protection. In such
conditions, it may be very tedious to start and manage a small business and only a
few entrepreneurs with extra personal qualities will thrive. As well as being
detail-oriented and able to thoroughly study and embrace risks, imagination and a
good work ethic are important. According to research, when it comes to supporting
its entrepreneurs with regard to business creation, expansion, and development, the
USA was found to be a world leader, followed by countries like Canada, Australia.
Via venture capital, they also fund new companies. In terms of government funding,
financing and policies, Germany is now ranked as the top country for
entrepreneurship in 2020. Japan and the United States are in second and third
position, respectively. Early-stage, high-potential and riskier start-up firms are
provided with this form of financial resources. The economies of these countries
are ranked very high because they understand the effect entrepreneurs have on their
economy's growth. Their GDP is still going up. Unlike Nigeria, Ghana, Uganda and
most other African countries, which refuse to give entrepreneurs the high position
they deserve and do not provide their businesses with an atmosphere to thrive. In
the same vein, there is a lot for entrepreneurs to send to their country of
residence. An entrepreneur can create jobs, provide the country's required services
and goods, and create wealth (for themselves and their country). The bottom line of
vibrant entrepreneurship is that wealth is created: for the entrepreneur, for the
people who are hired as a result, and for the local economy. It produces wealth in
the form of taxes on a national scale for the government, which is then
redistributed accordingly to the services and communities that most need it.
Ultimately, an entrepreneur's achievement is in producing a product or service that
brings value to its consumers' lives; whether it is an intrinsic need for the
product or a mere desire to have it. Either way, an innovation of this scale will
help push a domestic market forward and, where possible, drive exports to new
overseas markets. Again, this is an exercise in wealth formation, which is a
crucial driver of economic development. To enjoy success, an entrepreneur always
has to take a risk or two, and it is this spirit that serves as a wake-up call for
many ailing industries and economies. As such, it is those governments that foster
a spirit of entrepreneurialism that can reap the ultimate profit from an efficient
economic and legal system. Prosperity is, after all, a two-way path. On top of
that, the skills and labour of many hands are often needed for effective
entrepreneurialism; and that involves job development. The opportunities for others
and the combined effect of fresh start-ups in a specific geographical area can go a
long way towards reducing queues at the job centre as a flourishing business
develops. This makes economic benefits easier: workers with cash in their pockets
would naturally spend it on local goods and services. It also tends to drive
society forward: it is well known that unemployment causes violence, poverty and a
number of physical and mental illnesses; it brings more pressure to health systems
that are already strained. Business performance typically has a cascading impact,
and so a number of stakeholders should expect entrepreneurial development to
flourish. Suppliers, dealers, warehousing systems, postal services, recruitment
companies... Any or both of these will benefit from a thriving local business. This
also helps generate jobs in these businesses, and so the cycle continues. More than
15 million people are employed by small and medium-sized companies in the UK alone;
many of them are born out of an entrepreneurial spirit. Besides that, The numbers
are always difficult to measure-not all businesses want to boast about their
charitable activities-but it is safe to say that many wealthy business owners are
willing to redistribute their new-found wealth to charities and local community
projects, some of whom would have come from financially deprived upbringings. A
survey carried out shows that 90 percent of entrepreneurs donate money and 70
percent donate an equally valuable resource: their time. A third aspect is that
most entrepreneurs are effective because they have been able to find business
opportunities or leverage benefit from economies of scale, which should not be
underestimated. This kind of information can be essential for non-profit
organizations. Moreover, necessity, as the saying goes, is the mother of
creativity, and so maybe its older sibling is innovation. Thanks to their creative
strategy, most entrepreneurs reach a market successfully: whether that's inherent
in the product/service they sell, or in the way they deliver it. An entrepreneur
can drive innovation in a market and generate competition by seeking a solution to
a problem, whether explicit or merely a chance for competitive advantage; a theorem
that results in better and sometimes more affordable goods and services for
customers. The iPod was invented by Steve Jobs and his Apple colleagues and this
created an area of creativity in MP3 players. Today, with many rivals, this is a
competitive industry that has produced technical perfection at the top of the
market and perfectly usable goods at the end of the budget. Who's winning? The
buying crowd. Lastly, success generates success, and more often than not, after an
entrepreneur has succeeded in a given market, another businessman or woman is
looking to enjoy their own slice of the pie. Competition is a positive thing for
the consumer, as we know, as it allows businesses to produce a higher quality
product to survive. This can also cause price warsand it is true that only the
strongest can succeed sometimes. But the advantages are clear to the general
public. However, we have to realize that there are also drawbacks to
entrepreneurship. Unfortunately, while there is a group of business owners that we
can identify as social entrepreneurs, not all are endowed with an environmental
conscience. Almost every business that works today uses natural resources in some
way, such as power, water, gas, paper, etc., and this is literally inevitable.
Through contributing to relevant charities and organizations, some entrepreneurs
will reduce their use of resources; a form of self-taxation, if you will. Alas, not
all of them do. Futhermore, there is the control of the government. Despite that
lack of evidence to support this hypothesis, it is assumed that by creating an
atmosphere that can be abused by industry, governments that aim to nurture
entrepreneurship can potentially unbalance a market. Through monopolies, unfair
pricing, collusion and even fraud, this can manifest itself. While entrepreneurship
may increase economic growth and material welfare, changes in non-material welfare
may not always be guaranteed. One can make up his/her/their own mind on where
entrepreneurs fall on the spectrum of social benefit/drawback, but it's evident
from various high-profile examples that an entrepreneurial spirit, channelled with
good intentions, can promote so many positive roles in a group and in society as a
whole. Via their own views and moral misgivings, many observers are opposed to
capitalism, but when a prosperous entrepreneur does so much to put money in the
pockets of many, either directly or indirectly, it is difficult to make a case
against such a force for good.