1.

What is the role of entrepreneurship/entrepreneurs on economic

development of the Philippines?
Answer:

Entrepreneurship
In the Philippines, entrepreneurship is viewed as important to empowering the
poor, enhancing production, and as an impetus to innovation. The 1987
Philippine Constitution recognizes entrepreneurship as an engine of economic
growth. Article XII Section 1 highlights the role of private enterprises in
supporting equitable distribution of income and wealth, sustaining production
of goods and services and expanding productivity, therefore raising the quality
of life.
Entrepreneur
1. Wealth Creation and Sharing: By establishing the business entity,
entrepreneurs invest their own resources and attract capital (in the form of
debt, equity, etc.) from investors, lenders and the public. This mobilizes public
wealth and allows people to benefit from the success of entrepreneurs and
growing businesses. This kind of pooled capital that results in wealth creation
and distribution is one of the basic imperatives and goals of economic
development.
2. Create Jobs: Entrepreneurs are by nature and definition job creators, as
opposed to job seekers. The simple translation is that when you become an
entrepreneur, there is one less job seeker in the economy, and then you
provide employment for multiple other job seekers. This kind of job creation by
new and existing businesses is again is one of the basic goals of economic
development. This is why the Govt. of India has launched initiatives such
as StartupIndia to promote and support new startups, and also others like
the Make in India initiative to attract foreign companies and their FDI into the
Indian economy. All this in turn creates a lot of job opportunities, and is
helping in augmenting our standards to a global level.
3. Balanced Regional Development: Entrepreneurs setting up new
businesses and industrial units help with regional development by locating in
less developed and backward areas. The growth of industries and business in
these areas leads to infrastructure improvements like better roads and rail
links, airports, stable electricity and water supply, schools, hospitals, shopping
malls and other public and private services that would not otherwise be
available.
Every new business that locates in a less developed area will create both
direct and indirect jobs, helping lift regional economies in many different ways.
The combined spending by all the new employees of the new businesses and
the supporting jobs in other businesses adds to the local and regional
economic output. Both central and state governments promote this kind of
 regional development by providing registered MSME businesses various
benefits and concessions.
4. GDP and Per Capita Income: India’s MSME sector, comprised of 36
million units that provide employment for more than 80 million people, now
accounts for over 37% of the country’s GDP. Each new addition to these 36
million units makes use of even more resources like land, labor and capital to
develop products and services that add to the national income, national
product and per capita income of the country. This growth in GDP and per
capita income is again one of the essential goals of economic development.
5. Standard of Living: Increase in the standard of living of people in a
community is yet another key goal of economic development. Entrepreneurs
again play a key role in increasing the standard of living in a community. They
do this not just by creating jobs, but also by developing and adopting
innovations that lead to improvements in the quality of life of their employees,
customers, and other stakeholders in the community. For example,
automation that reduces production costs and enables faster production will
make a business unit more productive, while also providing its customers with
the same goods at lower prices.
6. Exports: Any growing business will eventually want to get started with
exports to expand their business to foreign markets. This is an important
ingredient of economic development since it provides access to bigger
markets, and leads to currency inflows and access to the latest cutting-edge
technologies and processes being used in more developed foreign markets.
Another key benefit is that this expansion that leads to more stable business
revenue during economic downturns in the local economy.  
7. Community Development: Economic development doesn’t always
translate into community development. Community development requires
infrastructure for education and training, healthcare, and other public services.
For example, you need highly educated and skilled workers in a community to
attract new businesses. If there are educational institutions, technical training
schools and internship opportunities, that will help build the pool of educated
and skilled workers.

2. Entrepreneurs and Entrepreneurship is the catalyst in the process of

economic development of country. Explain
Answer:
Because Entrepreneurship and entrepreneurs have always provided our
country the impetus for dynamic economic growth and change. The industrial
revolution transformed the country from an agricultural, rural-based economy
to an automated production-oriented economy which moved the Philippines
towards a more urban-city focused society. In today’s world, the advent of the
 Internet and digital technology has completely changed the way we live, work,
play, how we form relationships and other aspects of life.

3. Explain the concept of entrepreneur, intrapreneur, and entrepreneurship.

Answer:
Entrepreneur
Entrepreneur is an individual who undertakes the creation, organization,
ownership, and risk of a business. It should also address basic personal and
societal benefits of entrepreneurship, as well as examples of local and
national entrepreneurs.

Intrapreneur
Intrapreneurs are usually employees within a company who are assigned to
work on a special idea or project, and they are instructed to develop the
project like an entrepreneur would. Intrapreneurs usually have the resources
and capabilities of the firm at their disposal.

Entrepreneurship
The basic concepts and characteristics of entrepreneurship are concerned
with developing a vision of what a company should be, and then executing
that vision by translating it into concrete steps and following through.
Entrepreneurs tend to be personally involved in building and shaping their
companies, but business success also depends on understanding personal
limits, and developing strategies and systems to transcend these limits.
Although many business magazines publish long lists of entrepreneurial traits,
entrepreneurship is more a way of thinking and behaving than a set of
specific, sharply defined character traits.

4. Differentiate between entrepreneur and intrapreneur.

Answer:
The central difference between entrepreneurs and intrapreneurs is the setting
in which they work. “An intrapreneur is an inside entrepreneur, or an
entrepreneur within a large firm, who uses entrepreneurial skills without
incurring the risks associated with those activities,” Investopedia explains.
For intrapreneurs, working within an existing framework offers many
advantages. One of the main benefits is that their organization is able to
provide them with the resources they need. This can include human
resources, a legal team, and financial oversight.
In addition, intrapreneurship enables professionals to utilize funding from their
existing organization. There’s no need to raise capital once the project is
greenlit. Intrapreneurs also have access to mentors. They are able to learn
from supervisors and others within the company and utilize them as a
valuable resource.
Entrepreneurship may offer more freedom because entrepreneurs are able to
determine work culture, schedule, and even dress code for their business.
They also have the agency to make final decisions and effect change at a
high level. Though entrepreneurs take on more risk, they stand to gain the
most if their venture is successful.