Alendajao, Ken Arnold

Ms. Janice Hansen Agbay

SECOND TASK

1. Ask three entrepreneurs what the term entrepreneurship means to them. Give/present the
commonalities and differences in the definitions explained by the “type” of entrepreneur
interviewed?
Entrepreneur 1
- Entrepreneurship is a complex term that’s often defined simply as running your own
business. But there’s a difference between a “business owner” and an “entrepreneur,”
and although one can be both, what distinguishes entrepreneurship is a person’s
attitude.

Entrepreneur 2

- Entrepreneurship is not a profession. Entrepreneurship is a state of mind, it’s how you

think and operate that makes you an entrepreneur or not.

Entrepreneur 3

- The journey of jumping off a cliff and building a plane on the way down is
entrepreneurship

What’s their commonalities and differences?

- So first let’s talk about their commonalities, entrepreneur 1 and 2 are similar on each of
their thoughts about entrepreneurship. They put up the term that if you want to be an
entrepreneur, you should have a good mentality. Number 3 is far more deep on his
thoughts, he emphasizes the true struggles of starting a journey of being an
entrepreneur. So what’s their differences? I think entrepreneur 1 and 2 are the same
thoughts because as you can see they emphasizes the use of brain. So it’s entrepreneur 3
that differs on them because he’s more like a poetic person. But all in all, their
explanation are all align in the field of entrepreneurship.
2. Why are there competencies unique to entrepreneurs? How can become a successful
entrepreneur?
- Entrepreneurship competencies combine creativity, a sense of initiative, problem-
solving, the ability to marshal resources, and financial and technological knowledge.
These competencies enable entrepreneurs and entrepreneurial employees to provoke
and adapt to change. They can be developed through entrepreneurship education and
training that focus on promoting an entrepreneurial mindset and behaviors. To become
a successful entrepreneur, you must be able to make wise decisions about how you will
use your time, continually evaluating and prioritizing tasks according to relevance and
importance.
3. What impact does entrepreneurship have on your local, state, (or province) , and national
economies?
- Entrepreneurship can create jobs, wealth and social empowerment, all of which may
contribute to a decrease in poverty. Most people in the Philippines are employed in the
informal sector. Around 38% are self-employed, running small-scale businesses and
barely making a living. By creating new products and services, they stimulate new
employment, which ultimately results in the acceleration of economic development. So
public policy that encourages and supports entrepreneurship should be considered
important for economic growth. Filipino entrepreneurs create jobs not just for
themselves but also for other Filipinos. In fact, according to DTI 2020 MSME Statistics,
small and medium enterprises account for 62.66% of all jobs in the Philippines. This
means that without entrepreneurs, many Filipinos would be unemployed.