Final Examination

Entrepreneurial Management

RHEE C. LIGUTAN

MPBA-MBA 2nd semester

"Ease of Doing Business in the Philippines"

Financial freedom through successful entrepreneurship is one of the best things that any individual can
attain in this modern world. While not all of us can afford franchise, we can always start small by taking
stock of our resources and working up our way—slowly but surely.

There’s no definite formula for success. However, there are rules that beginning entrepreneurs live by.
To start a business, you need to be driven, patient, hardworking, and knowledgeable. But it takes more
than that to succeed as an entrepreneur.I learned that it is very important to be extremely organized
with starting the business. In the beginning it started as a brainstorm it requires a lot of special
attention. For example: the first thing is to know what type of business I want. Here I have to think
about what can benefit me and also the community. I had to write down my vision for this project, this
meant how i wanted this business to look in the future. Then I write down my missiion statement which
includes a persuasive statement that involves my attitude towards my business and helping the
community.I thought that a business person needed a lot of years of experience to start a business. As
long as you have a budget to purchase all your necessities and a space to do your business than you will
have a good start. Creating a business in the future will definitely help me in being a succesful
entrepreneur. In an early age I acquired skills that will make me get better and be a step ahead of
others. These skills can help me be the best out of a bunch of folks.I did not know that to open a
business depending on what kind of business it is, for example a restaurant you need certain license to
avoid trouble with the government. If in this restaurant is selling alcohol you need a license saying that
the selling and the consuming of alcohol is approved. In addition I did not know that starting a business
requires having a goal that will help you get through the starting points of your business. And the
benefits of owning a business is that I will be my own boss, I will create the rules that will make it
possible to have a strict environment and also satisfying results of how the business will help everyone
who attends it.

We may have a great concept in mind, we may have the resources to start a business, but if we lack the
skills, then we are just wasting time and money. In life there will always be competition and the way of
cheating this competition is by acquring many skills that others will most likely not have. Thats how you
will always win in the competition of knowing what goes around and also learning along the way and to
know what I need to do to start the business and also keep it moving forward.
1. As a startup business owner, it’s safe to keep your expectations low at the beginning and don’t expect
to earn big profits overnight. Your business should be a continuous process and remember to account
hard work and exert constant efforts to grow your business because businesses take time to develop
and prosper.

2. Setting up a buy-and-sell business online is relatively easy, since you can set it up on Facebook or
Instagram or any social kind of media. It's definitely cheaper than having a brick-and-mortar store since
you won’t have to pay for rent, overhead costs or maintenance costs. Good thing when starting in a
small capital is that it allows the entrepreneur to learn the ropes of the business with minimal risk
before going into big business ventures in the future.