: Now, let’s move on here.

There is this one example of how we define the domino

effects. First of all, what is the definition of domino effects in entrepreneurship? When
we push a single domino along with the others behind it, it will also fall. It is similar to
entrepreneurship; the difference is that it refers to the flow of benefits and contributions
that are from the business. Here we have the case of Jenny as an example. Jenny
thought that it might be best to put up a business, and so she did. Maybe Jenny sees
many potential consumers there, or maybe Jenny identifies what it is that the people in
the community need, which is hair care. Here we can read that she went to DTI and BIR.
What for? She went to DTI to register her business and to BIR to get a TIN (Taxpayer
Identification Number) to ensure the flow of her taxes and to be able to print official
receipts. overall, to make her business a legal one. After that, she bought all the
materials and equipment she would need for her saloon, rented a business space, and
hired five beauticians. Now, Jenny is enriched or received 590,000 after a year.

: Okay, so here we can read the lists of all the benefits and contributions
entrepreneurship has made. As we can see in the flow, the first benefactor of
entrepreneurship is the Filipino people or the entrepreneur itself, which is Jenny. That
doesn’t end there because Jenny, by herself, won’t be able to receive that much money
without the help of some people. The next beneficiaries are her five beauticians, the
landlord of her business space, her supplier, and the local and national government.
Now, that benefit will continue to happen because it’s continuous. For example, Jenny
could use the money she received to invest in another business or to upgrade her current
business. The beauticians can use the salary they received to send their kids to a private
school, but that would mean another budget because you will need to buy school
supplies for your kids, and also pay for the tuition that you will have to pay. That’s also
the same case for Jenny.

: Let’s move on to the importance of entrepreneurship to the Filipino people. Can

someone read from 1 to 4? Thank you. What does the first one mean? It does mean that
entrepreneurship consists of principles that one should follow or practice to have a
successful business. Because it is said in Lesson 1 that entrepreneurship is an art of
observing correct practices in order to manage a self-owned enterprise. Number 2, as
long as you have a business, you’re earning. This means that you have the one thing
you’ll need in order to be financially stable, which is money. Number 3, which means, as
an entrepreneur, you need to come up with a new and unique idea. For example, the
innovation of milk tea Milk Tea, before, was made up of milk and tea with boba pearls.
Now there are milk teas that have cream cheese inside, which adds a new taste to the
drink. Number 4, as long as you’re earning, it depends on you where you want to spend
the money you are receiving. It can be to the one that makes you happy, for example,
your wants, upgrading your business, hanging out with friends, and so on and so forth.

: Let’s move on to its importance to the local community. Can someone read numbers 1-
7? Thank you. Okay, number 1 tries to imply that there are many businesses that are
being built everywhere, and surely they’ll hire people because a business can’t function
without employees or helpers. Number 2, try to say that your product must have good
qualities that make people want to try it, and are proven to help ease people's lives.
Number 3, when many businesses are being registered by the government, the taxes
being collected are getting higher. Business plays an important role in taxes getting
higher because this is where consumers invest their money. Number 4, there are four
factors of production, which are land, labor, capital, and entrepreneurship. And it is said
here that entrepreneurship plays a vital role in the distribution or flow of the factors of
production. Number 5, When a business-minded individual has a new idea, he or she
will try to make something out of it and, possibly, incorporate it into business in a
different way. Number Six: There are many ways entrepreneurship can help to have a
peaceful and loving community. One of the examples is that entrepreneurship can help
the economy grow and create new businesses, which can help people get jobs that can
provide for themselves and their families. Number 7, in constructive competition, the
main goal is not to win but to gain insights and knowledge from the other party for the
sake of your improvement or your business’s improvement.

: Lastly, can someone please read the importance of entrepreneurship to the Philippine
economy from numbers 1 to 5? Thank you. Number 1, as I said earlier, is that they
encourage competitiveness not for the sake of winning, but for the sake of one’s
improvement. Number two, this occurs when your product is widely known and used by
people from other countries as well as Filipinos. It is because your product has set the
standard. Because not only the people in your country are consuming it, but also
consumers from other countries. It’s like they found the need and want to try your
product. Number 3, entrepreneurship helps fasten the recovery of the country during a
financial crisis. When we say financial crisis, it refers to the country’s bankruptcy or
losses. Number 4, when we say "smooth flow," it refers to the transaction of money with
no complications and no problems. It is meant here that it refers to where or how they
spend the money wisely. By wisely, we mean with no complications. Lastly, number 5
helps the government to achieve its desired economic rating. When we say "economic
rating," this refers to the estimated total value of goods and services a country has
produced over a given period of time.