Entrepreneurial Exercise 4

1. How could you say that the entrepreneurs are some if the world’s most
powerful transformers?

They can control the circulation of the money around the world. they’re expanding
their business all around the world by partnering with the biggest companies
around the world.

2. What are the common problems faced by Filipino entrepreneurs?

RED-TAPE
Despite of the Anti-red tape law in the Philippines, too much bureaucracy in the
government is still palpable. Business owners and entrepreneurs are still suffering
from expensive and time-consuming business registration and compliance
processes. Many entrepreneurs dream of having a duly registered business and
wish to have income tax returns but the government is making it hard for them to
realize their dreams because of red-tape.

POOR PUBLIC UTILITY SERVICES

Entrepreneurs in the Philippines, especially in the provinces, are continuously
annoyed by brownouts and slow internet connection. These poor services do not
only destroy the efficiency of their business operation but also cause them a lot of
stress.

LACK OF FINANCIAL SUPPORT

For startup owners who are not yet earning operating income, getting financial aid
from the government or obtaining a loan from banks in the Philippines seems to be
impossible. To get a loan, you must have a collateral or show some years of
operating income. It seems that the ones who can borrow money are those who
don’t need to borrow. We can understand the banks because it’s their business but
for the government, I don’t get it.

LACK OF MARKETING SKILLS

Entrepreneurs need to sell, build good customer relationships, earn lasting profits,
and continuously grow their business. But many aspiring entrepreneurs in the
Philippines don’t spend enough on marketing campaigns. They rely too much on
their product while forgetting the other elements of marketing, such as place, price,
people and promotion.
 INEFFECTIVE MANAGEMENT
Many entrepreneurs have passion for business, but don’t have a passion for
management and leadership. Managing and organizing things inside a business is
a tough job. Leading people is an even tougher job. Without the ability to motivate
employees and build stronger teams in their companies, entrepreneurs cannot
succeed and grow their business.

INABILITY TO INNOVATE
Technology evolves rapidly, so as the people. New business processes and
marketing methods emerge. For example, online channels like search engines and
social media are now vital for business promotion. Without adapting to these new
strategies and changes, entrepreneurs cannot become competitive.

LACK OF CUSTOMER CARE

Businesses need to consistently satisfy and make their customers happy. Without
giving satisfaction to customers, a business cannot survive in a long run. Many
entrepreneurs focus on earning money rather than earning loyal customers.
Consequently, their profit doesn’t last for long.

LACK OF SELF-GROWTH
Finally, what hinders the success of some Filipino entrepreneurs is the lack
of personal development. They lack self-control to concentrate on their core goals.
They lack self-leadership to lead others. They also lack patience, compassion and
some love to always make their customers smile. Without good habits and
personal qualities, an entrepreneur cannot advance. Without self-growth, an
entrepreneur cannot also achieve business growth.

3. If you were an entrepreneur, how will you overcome the challenges and
obstacles as an entrepreneur?
By knowing the positives and negatives of the business. Taking some surveys
about the business and having some feedbacks. Listing all the needs that can help
to grow the business.

4. From the biggest challenges faced by entrepreneur’s journey, what do you

think is the most challenging among them, why?
Among the current issues that Filipino entrepreneurs face include insufficient
access to technology, finance resources, marketing guidance, and logistical issues
in establishing and sustaining their competitiveness in their community.
Entrepreneurial task 1

Write a reflection paper by answering the guide questions below. Limit your
answer into 10 to 15 sentences.

1. Do you think you have the ability to become an entrepreneur? Why? Why
not?

There’s nothing wrong when you want to achieve something. But it’s not easy,
dreaming of being an entrepreneur, is a one of the dreams this day. I cannot really
tell if I want to be entrepreneur someday, because I still have dreams on my own
and I want to achieve it first. To become a successful entrepreneur, I must learn
how the money works in this industry. It is not easy to have my own money and
how to circulate the money in my community. There is a lot of pressure and
sacrifice that I need to do in order to become a entrepreneur. If I begin my own
business, I need to learn everything about business and how can I expand my
business to certain cities and how does the money circulate there. Giving up is a
choice, but keep trying and pushing yourself to your limits can make you a
successful entrepreneur.

2. What characteristics do you possess that will help you become a

successful entrepreneur? What characteristics do you still need to
acquire?

I possess these characteristics, leadership, decision making, adaptable, critical

thinking and brainstorming. These are the characteristics that I currently possess,
and with this I can be a successful entrepreneur. But still, I still need to improve
myself and also my characteristics. There are things that I need to be qualify to
become a entrepreneur. To be persistent, I still need acquire this because I’m still
not capable of handling things difficult. Being creativity, I need to learn being
creative in every possible way and to be wise so that I can expand my business.
Also, to be independent, as of now I can’t be independent because I’m still
studying but I’m learning in every possible way to be independent. Lastly, I need to
be patient or calm in every way. Because in business there will be a lot of
difficulties that I’ll face and I need to prepared for that.

3. What is the significance of the practice of entrepreneurship in your field?

(aviation, tourism, IT, etc.)

Entrepreneurship is one of the most essential inputs in economic growth and plays
a vital part in a country ’s economic development. Entrepreneurs' critical and
substantial role in the economic growth of advanced nations has made people in
emerging and undeveloped countries aware of the need of entrepreneurship for
economic development. If we grasp the advantages and disadvantages, a
balanced approach to fostering entrepreneurship will undoubtedly have a good
influence on the economy and society. The function of entrepreneurs is not the
same in different economies. It changes according to material resources, industrial
kinds, demographic situations, and the political system's response. Entrepreneurs
must be able to collaborate successfully as leaders, in teams, and with their peers
in order to be prepared to enter the profession and prosper in this ever-changing
global economy.