01 Activity 1

Katelyn Mae H. Sungcang BSBAOM – 401A

Successful Entrepreneurs and Their Inspiring Stories
Answer the following items:

1. What are the common characteristics of the three (3) Filipino entrepreneurs
described above? How did these characteristics influence their businesses?

The three Filipino entrepreneurs all exhibited the quality of self-assurance in their
capacity for success. They have confidence in their ability. They have high hopes for
their art form's long-term success and are very upbeat about it. They have faith that they
are on the right track. Despite the early setbacks, they persevered and did everything
within their power to succeed, which was a labor of love for them. Determination is yet
another quality shared by these businesspeople. In spite of difficulty, they have
unwavering courage. a sensation that is both pleasant and encouraging that encourages
pursuing a challenging objective despite difficulties.

2. How did entrepreneurship aggravate yet eventually improved the lives of the
featured personalities in the case?

These entrepreneurs recognized an opportunity. Despite the difficulties at first, they

remained committed to doing their best to succeed in their endeavors because they held
the belief that these opportunities would result in success. Numerous advantages or
benefits come with entrepreneurship, not just for those who engage in it but also for the
target market and the economy as a whole. These people have faith in their ability to
change things. They look for answers to society's expanding problems. They develop
profitable commercial initiatives using their expertise to contribute to society's social and
economic objectives.

3. How do you think these businessmen manage the pitfalls of entrepreneurship?

Propose better ways of managing and avoiding business failures.

I think that these businessmen manage to maintain a positive attitude. Optimism about
the future permeates their thinking. Despite the difficult circumstances of the present,
 that sense of optimism results in confidence in the future success of business ventures.
It aids people in overcoming challenges and maintaining focus on their objectives.
Additionally, it aids in keeping them inspired even in trying circumstances. An optimistic
outlook aids in building resilience and recovering from setbacks.

Learning from your errors is one of the best strategies to handle failure. Spend some
time considering what went wrong and what may have been done better. By reflecting on
what happened, you can learn from your mistakes and become stronger as an
entrepreneur. Another thing is to craft a good business plan. In addition to helping
entrepreneurs concentrate on the particular actions required for their business ideas to
succeed, a strong business plan also enables them to meet both short- and long-term
goals.

4. Currently, what do you think is the primary force that drives entrepreneurship in
the Philippines? How can the Filipinos capitalize on this force to boost the
economy in times of recession?

Philippines is a nation under development. The majority of people live in poverty. They
are underprivileged and believe that starting a business is the only way to get wealthy.
Entrepreneurship promotes job growth and, of course, the things sold generate revenue.
Through entrepreneurship, the community can improve its standard of living. The
Philippine society views entrepreneurship as a very effective way to raise one's social
and economic status. In an effort to grow the economy and help its citizens escape
poverty, the government of the Philippines has made a determined effort to encourage
entrepreneurship in the nation. Entrepreneurship in the Philippines offers people the
chance to access broader markets and build relationships outside of the informal sector
through efforts to grow the economy and enhanced protections for smaller firms.