Name: Renz Errol L.

Saavedra
Grade and Section: 12 – Creative Learners

APPLIED ECONOMICS

PT 3 - ESSAY
In no less than 300 words, write an essay about how COVID-19 has affected Filipino
entrepreneurs, especially the newbies in the business world.

To officially begin, let us know first what is COVID-19. According to WHO,

“Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2
virus. Most people infected with the virus will experience mild to moderate
respiratory illness and recover without requiring special treatment. However, some
will become seriously ill and require medical attention”. No wonder why COVID-19
affected everyone’s way of living, particularly the lives of our entrepreneurs.

According to youthcolab.org, “86% of young entrepreneurs reported that

coronavirus has negatively impacted their business. Among these, 1 in 3 report a
major slowdown, and 1 in 4 have stopped entirely.” It is sad, but it is the reality; a
reality that entrepreneurs have to face. Here in the Philippines, particularly here in
Palawan there are lots of business establishments (such as, restaurants, salon,
malls, etc.) that were forced to close during the pandemic due to government’s
strict rules and regulations. As government’s response to COVID-19 pandemic;
stores, factories, and many other businesses have closed by policy mandate, health
concerns, or other factors. It is really sad that many of these closures were become
permanent because of the inability of owners to pay expenses and survive the
shutdown. COVID 19 had a severe impact on small businesses, particularly the
newbies in business sector here in the Philippines. Based on my observation, this
COVID-19 pandemic is not only negatively affecting the economic growth, and
business management, but it is also influencing peoples' physical health and well-
being. Entrepreneurs suffer from the double impact of the pandemic. Their health
is threatened by the pandemic directly. As their start-up businesses close, their
income declines, affecting their well-being even more.
 In certain instances, I also observed that COVID-19 epidemic has benefited
some of our entrepreneurs; as a result of the pandemic, several enterprises have
become more recognizable and in demand (e.g., online selling, Shopee & Lazada,
delivery firms, etc.).

This COVID-19 pandemic taught us a lot of lessons in, including the following:
As aspiring entrepreneurs, we must always be creative, flexible and/or adaptable,
which means that we must prepare ourselves or our business itself if ever there are
unexpected events happen (e.g., pandemic, natural disasters, etc.). In this way it
won't be difficult for us to adjust with the situation; instead, we'll be able to find
variety of ways to overcome obstacles. And we can find opportunities in every
situation that might help our business grow and shine.