1.

According to him, entrepreneurship is the ability to create and build a vision from
practically nothing. Jeffrey Timmons
2. The process of identifying an opportunity then setting up and running a business to
address that opportunity. Entrepreneurship
3. According to the research findings in the 2006 Global Entrepreneurship Monitor, only
1.97% (9.5 million) comprise the countrys established business. False
4. In this benefit, the entrepreneur's penchant for innovation and development of new
product as well as creation of new markets redounds to the betterment of products and
services. Enhance national identity and pride
5. It means "to undertake" Entreprendre
6. What is the importance of an entrepreneur in the economy? Entrepreneurs help stabilize
and grow the economy with their ability to discover new business.
7. According to him, entrepreneurship is the dynamic process of creating incremental
wealth. Karl Vesper
8. As a/an ________ of entrepreneurship, the entrepreneur goes through a stages that is
nurtured by his immediate environment and the kind of scenarios and experiences he
has gone through. dynamic process
9. The Filipino entrepreneur who used to develop and market products locally is now faced
with local competition with both Filipino and foreign products and services which are
now available in the market. This is because of ________. Borderless World
10. In this benefit, it means more business options for others and more income or returns for
the capital owners themselves. Improves quality of life
11. ________ is the process of creating something new, which is central to the entrepreneurial
process. Innovation
12. In this benefit, it is not only the entrepreneur that directly benefits from his/her
entrepreneurial endeavors but the country also takes pride and honor that goes with it.
Enhance national identity and pride
13. It is one of the private sector groups and professionals who in one way or another
involved in developing and promoting entrepreneurship.CHED
14. In this benefit, every entrepreneur contributes to the economy a kind of income out of
this. Provides taxes to the economy
15. They pushed the formal integration of entrepreneurship education pursuant to Republic
Act No. 7722. CHED
16. dynamic process As a/an ________ of entrepreneurship, the entrepreneur is focused on
growth and expansion orientation.
17. A person who recognizes an opportunity and organizes and manages a business,
assuming the risk for the sake of potential return. Entrepreneur
18. The internet is a great tool for starting and running a business. True
19. The ability of the individual to determine and come up with the proper combination of
the resources available in his environment and transform this into an output of either
 goods or services, and obtain a fair profit at the price the entrepreneur sets.
Entrepreneurship
20. They are comprising of academicians and has some way acknowledged entrepreneurship
as part of the management education. COME

1. Henry Sy- Shoe Mart

SM is more than just a shopping mall. It is a beloved institution. Many of my

favorite memories happened in SM. From shopping, watching blockbuster
movies, date night, ice skating to food tripping, SM has it all. However, this
gigantic chain of more than 44 large-scale shopping centers in the Philippines
and throughout Asia has very humble beginnings.
Henry Sy came from an impoverished family in Jinjiang, a town near Xiamen,
China. The entire family left China in 1936 to help the family patriarch manage a
thriving convenience store in Manila. Unfortunately for the family, their store was
burned down during World War II. However, business-minded Henry saw an
opportunity selling used military combat boots and other postwar goods from
supportive American soldiers!
His success led to the opening of his first shoe store, the SM in Avenida, Manila.
Henry had problems finding shoe manufacturers who could design shoes
according to what he had in mind, but he persisted. He spoke to customers and
built his own network of suppliers and manufacturers. That never-say-die attitude
got Henry Sy to where he is now: one of the richest men in the world and a
world-class commercial center developer who provides opportunities to both
entrepreneurs and the working class!

2. Tony Tan Caktiong- Jollibee

If you thought you only loved The Champ and Chicken Joy, then be prepared to
be inspired by the man behind the franchise.
Also coming from an immigrant family from China, Tony learned the value of
hard work and dedication from his father who worked as a cook in a Buddhist
temple. Tony’s father started a Chinese restaurant in Manila with his savings so he
can send him to college.
In 1975, Tony bought a Magnolia ice cream parlor. However, it was not
generating enough business. After talking with his customers and people within
the neighborhood, Tony decided to include sandwiches, fried chicken, and French
fries in the menu. In time, the restaurant found itself packed to overflowing
capacity.
By 1978, Tony had opened six more restaurants, but the main item was no longer
ice cream. Tony then decided to adapt the McDonald’s concept and named his
franchise after his work ethic of being as “busy as a bee.” Today Jollibee has
grown to more than 2,500 stores in the Philippines plus locations in the US,
China, Saudi Arabia, Vietnam, Singapore, and Brunei.
3. John Gokongwei Jr.- JG Holdings
John’s life story is a “rich-to-rags-to riches” story. John Jr. was born in China to
the scion of one of the wealthiest families in Cebu. When the father died, so did
the business and the family fortune was soon gone. John Jr. supported his family
by peddling items along the streets of Cebu by bike. Soon, he was trading items
by boat to Lucena City and to Manila by truck. Eventually, he started importing
items from the US.
John Jr. soon realized that importing carried too much risk and low margins.
Thus, in 1957, he borrowed Php 500,000 from China Bank and started a corn
milling business named Universal Corn Products. By 1961, Universal started
diversifying its products and launched several popular brands such as Blend 45.
Universal Corn Products was renamed Universal Robina Corporation.  Today, the
Gokongwei family owns several successful and highly diversified businesses.
Among these are Robina Land Corporation and Cebu Pacific .
4. Socorro Ramos – National Book Store
Socorro Ramos entered the publishing and retail industry by working as a
salesgirl at a bookstore. At the age of 19, she opened National Book Store in
Escolta with her husband with a capital of P200, selling books and school supplies
to students. At that time, Manila was under the control of the Japanese, who
imposed censorship on books and periodicals. To augment their earnings, she
and her husband resorted to selling other items like candles and soaps.
After the post-war boom proved profitable for the company, ushering in bigger
revenues, the Ramoses opened a nine-story building along Avenida. At 95, she
still believes in the time-honored tradition of “hands-on approach” in business.
She even designed the company’s logo herself.
5. Cecilio Kwok Pedro, Lamoiyan Corporation
Cecilio’s life is not a typical rags-to-riches story; instead, it embodies the
entrepreneurial spirit of overcoming seemingly insurmountable odds.
Cecilio used to head Aluminum Container Inc., which produced the aluminum
toothpaste tubes for Procter and Gamble, Philippine Refining Company (now
Unilever), and Colgate-Palmolive. However, environmental concerns led his
clients to shift to plastic-laminated toothpaste tubes. Aluminum Container Inc.
failed and closed its shop in 1986.
He put up Lamoiyan Corporation and manufactured toothpaste that was priced
50% lower than his competitors. These included the still-popular brands Hapee
and Kutitap. Although the foreign brands countered by lowering their brands by
20%, Cecilio responded by introducing toothpaste targeted for children that
featured the characters from Sesame Street. Cecilio’s brands have made it to
other markets in Asia, such as China, Vietnam, and Indonesia.  Cecilio’s greatest
accomplishment was not limited to manufacturing. He is also known for his
advocacy to help hearing-impaired people find employment in the country. His
programs include free housing for more than 30 deaf–mute staffs. To date, more
than 180 hearing-impaired students have received college education through
DEAF or Deaf Evangelistic Alliance Foundation.
6. Mariano Que, Mercury Drugstores
Many of today’s entrepreneurs would learn the value of customer experience and
innovation through Mariano Que.
Like many of the entrepreneurs discussed so far, Mariano found opportunities for
entrepreneurship after World War 2. Mariano had been working in a local
drugstore when the war destroyed several businesses in the city. Mariano saw the
need to supply sulfa drugs, which were used to treat bacterial infections. He
started to buy sulfa tablets and sold them at affordable prices. Soon, other
people followed and adapted Mariano’s strategy.
However, only Mariano sold high-quality sulfa tablets, which ensured him a
steady clientele. With his hard work and dedication to build up savings, he was
able to put up his first drug store in 1945, which he named Mercury Drug. The
Roman god Mercury is known for speed. He also carries the caduceus, which is a
symbol in the medical industry.
Mariano invested his earnings into the company and introduced many
innovations in the service. Among these innovations were a drug-delivery service
to clients and locations that are open 24/7 because he knew people would be
needing medicines any time of the day. By the time Mariano opened his second
Mercury Drug at the newly constructed Ayala shopping center in Makati, he had
invested in technological innovations, such as biological refrigerators and
computer-guided controls.  Mariano’s dedication to his business has
allowed Mercury Drug into 700 stores and a widely recognized name for quality
pharmaceuticals.
7. Alfredo M. Yao, Zest-O
The next time you pass a vendor peddling goods on the street, keep in mind that
he or she can be supporting the next Alfredo M. Yao.
When Alfredo lost his dad at age 12, his mother was left to support him and his
siblings by becoming a sidewalk vendor. A relative was able to give financial aid,
which allowed Alfredo to reach, but not complete, college at the Mapúa Institute
of Technology.  Alfredo took several odd jobs, which included time at a printing
press. During his stay there, Alfredo learned how to print cellophane wrappers for
candies and biscuits. His experience prompted him to start his own printing
business.  His printing business was doing well. However, his discovery of the Doy
 Packaging system from Europe was the turning point of his entrepreneurial
career. He tried to sell the system to juice manufacturers, but no one was
interested. Thus, Alfredo ventured into the juice business by concocting flavors in
his kitchen.
These juices were not only delicious but also appealing to parents as they found
the light and brightly colored packs easy to include in their children’s lunch
boxes. Best of all, the packaging allowed the juice to stay chilled longer. Zest-O
was born!  Today, Zest-O controls 80% of the juice market, and it has expanded
to markets in Australia, China, New Zealand, Korea, Singapore, US, and several
countries in Europe. Alfredo’s entrepreneurial success has revitalized the juice
region in the Philippines particularly farmers growing dalandan. The Doy packs
are also recycled by local cottage industries into handbags for export to other
countries! 
The boy who once faced the harsh realities of life now become a successful juice
manufacturer. Alfredo has diversified his business interests into airlines by
acquiring Asian Spirit Airlines and renaming it as  Zest Air. Alfredo is now literally
on top of the world!
8. Corazon D. Ong- CDO Foodsphere
Corazon represented the value of having passion in what you do as a motivating
factor in finding success as an entrepreneur.
Corazon was a dietitian by profession. She used her knowledge to create
processed meats that were affordable enough to compete with the popular
foreign brands. She developed corned beef, hamburger patties, meat loaf, and
hotdogs, which were sold purely as a home business.
By 1975, Corazon decided to scale her newfound business and established CDO
Foodsphere. The company’s reputation to develop high-quality but low-priced
processed meats quickly spread and made CDO a regular staple in every
shopping cart. As a mother herself Corazon understood the value of having meals
that can be prepared easily, taste good, and fit the family budget. In time, CDO
expanded to industrial markets. Today, CDO supplies processed meats to 90% of
quick service restaurants or QSRs in the country.
21. 9. Gregorio G. Sanchez Jr.- LactoPAFI
While working as a provincial board member in Cebu, Gregorio noticed that pigs
sold to market were apparently malnourished. He decided to look into the cause
of malnutrition by doing research in his spare time. Using only pots and pans in
his home, Gregorio conducted several tests and experiments on how to alleviate
the state of malnutrition of Cebu’s livestock.
Despite numerous failures, his persistence finally paid off. He discovered the pigs
were suffering from a type of bad bacteria. His solution was a probiotic bacteria
that would increase the level of good bacteria in the body. The bacteria would be
 called  LactoPAFI Probiotic Bacteria. Gregorio’s discovery would reach global
acclaim as a leader in  probiotics. It is now exported to New Zealand, Norway,
France, Australia, Hong Kong, Japan, and US.
22. 10. Diosdado Banatao, Computer Chips
Diosdado’s life story exhibits perseverance, hope, determination, and the power
of self-belief. The son of a farmer in Cagayan, Diosdado would walk barefoot just
to complete his high school education. His resilience made him a Magna Cum
Laude graduate in electrical engineering.
His excellence in the academe paved the way for Diosdado to become a pilot-
trainee at the Philippines Airlines or PAL, which would eventually open doors for
a design engineer position at Boeing Co. The opportunity brought Diosdado to
the US where he completed a master’s degree in electrical engineering and
computer science at Stanford University.
Diosdado’s experience working with the top technology companies led to his
design of the first single-chip 16-bit microprocessor calculator. By 1981,
Diosdado was commissioned by Seeq Technologies to assist the Ethernet to find
an efficient way of linking computers. Disodado designed the single- chip
controller that provided data-link control and the transceiver in the first 10-bit
Ethernet CMOS.
His success opened doors to build his own company, Monstroni, in 1985 and
Chips and Technology, which made US$ 12 million in the first quarter alone. By
1996, Diosdado sold Chips and Technology to Intel for US$ 430
million! Throughout his success, Diosdado never forgot his roots and Filipino
heritage. He set up the Banatao Filipino American Fund to lend support to
Filipino American students in Northern California who aspire to become electrical
engineers.
23. 11. Jaime Zobel de Ayala- Ayala Corporation
Jaime Zobel de Ayala was before president and chairman of Ayala Corporation.
He was considered as one of the richest persons tied with Henry Sy in 2007. He
had received many awards and the latest was Entrepreneur of the Year 2012. His
strategy for being successful in this business was getting partners with those who
are in need in the community. He believes that gaining profits was not really the
concern of every businessman, but to help the poor people.
24. 12. Edgar Sia – Mang Inasal
Hailing from Iloilo City, Edgar Sia dropped out of college to pursue his own
laundry and photo-developing business at the age of 19. In 2003, 26-year old Sia
decided to open the barbecue fast food restaurant Mang Inasal—Ilonggo for “Mr.
Barbecue.” The first branch was built at a mall parking lot in his home city.
The restaurant took off. When Tony Caktiong heard about Sia’s burgeoning
business, he decided to buy Mang Inasal for a total of P5 billion. Sia eventually
 put the sales of Mang Inasal to other investments like banking and healthcare. At
42, he’s considered the country’s youngest billionaire.
25. 13. Cresida Tueres – Greenwich Pizza
In 1971, Cresida Tueres started Greenwich as a small over-the-counter pizza store
in Greenhills. Tueres had a knack for cooking. Her friends loved the food she
served so much that they decided to buy their own Greenwich franchise. 
Impressed with Tueres’s business acumen and the growth of Greenwich, Jollibee
Foods Corporation obtained a deal in 1994 to acquire 80% of Greenwich’s
shareholding. Since then, the pizza parlor branched out to include other dishes in
its menu. In 1997, Greenwich had a record sale of P1 billion.
26. 14. Milagros, Clarita, and Doris Leelin – Goldilocks
With only two cake displays and ten employees, Milagros, Clarita, and Doris
Leelin started Goldilocks at a 70-sq-m building space in Makati. Sisters Milagros
and Clarita loved baking and decided to pursue their passion into business. With
the help of their sister-in-law Doris, the Leelins opened their first branch.
In 1991, Goldilocks launched its franchising program. As of 2015, the bakeshop
chain had almost 400 stores across the country, with other branches in the USA,
Canada, and Southeast Asia. From a modest capital of P66,000, Goldilocks is now
a multi-million food enterprise with more than 4,000 employees.
27. 15. Joe Magsaysay – Potato Corner
The young Magsaysay left school to bust tables, wash plates, and work on the
cash register at a fast food chain. In a few years, he became a manager, handling
five stores. 
With his background and skills in store management, Magsaysay’s friends asked
him to handle Potato Corner, of which he was a co-founder. They pooled their
money together and started the food cart business in 1992, offering franchises
left and right. Today, Potato Corner has more than 550 stalls in the Philippines
and around the world.
28. 16. Lucio Tan- Philippine Airlines
Lucio Tan’s story was from rags to riches tale. Before working in the tobacco
industry, his business was a scrap. His dream was to become a scientist but his
fortune was bound to become an entrepreneur. His hard work made him
successful and became famous.  Now, he owns Asia Brewery, Tanduay, Fortune
Tobacco, Philippine Airlines, Allied Bank, and many more to mention