CHAPTER 1- LESSON 6
IMPORTANCE OF
ENTREPRENEURSHIP
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The Importance of Entrepreneurship in the Philippines, Slides of Entrepreneurship
Entrepreneurship plays a crucial role in the lives of Filipinos, their local communities, and the Philippine economy. It creates a chain of progressive results, from individual wealth creation to community development and national economic growth. Entrepreneurship provides guidelines for wealth creation, improves financial and social well-being, fosters creativity, and promotes happiness and success for Filipinos. At the community level, it creates employment, new market demand, tax revenue, and business opportunities, while facilitating the movement of factors of production and promoting a competitive environment. At the national level, entrepreneurship encourages competitiveness, helps find niches in the global market, supports economic recovery, facilitates the flow of money in the local market, and assists the government in achieving favorable economic outcomes.
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2022/2023
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CHAPTER 1- LESSON 6
IMPORTANCE OF
ENTREPRENEURSHIP
LEARNING OUTCOMES:
At the of this lesson, the students should be able to:
- Explain the importance of entrepreneurship to the Filipino people;
- State the significant contributions of entrepreneurship to the local
community, and
- Determine the importance of entrepreneurship to the Philippine
economy.
COMPOUND BENEFITS OF ENTREPRENEURSHIP
Basically the benefits derived from entrepreneurship are compounded
from one level to the next. It produces a chain of progressive results from the
individual entrepreneur to the community and finally to the whole Philippine
economy. Once the life of the entrepreneur or any individual Filipino is
benefitted, the local economy where entrepreneurship is practiced benefits as
well.
The benefits received by the Filipino people are transferred to or shared
with the local community where the concept of entrepreneurship is practiced.
Then these are either transferred to the Philippine economy or flowed back to
the Filipino people. The contributions or benefits of entrepreneurship that
went to the Philippine economy are then flowed back to the local community
and to the Filipino people.
IMPORTANCE TO THE FILIPINO PEOPLE
Entrepreneurship makes the following contributions to the lives of the Filipinos:
1. It provides guidelines in their wealth-creating ventures.
2. It helps improve their financial and social life.
3. It helps broaden their creativity,
4. It helps make their lives happy, fruitful, and successful.
IMPORTANCE TO THE PHILIPPINE ECONOMY
Entrepreneurship makes the following contributions to the Philippine economy:
- It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services.
- It helps find an entrepreneurial niche in the world market.
- It helps hasten the economic recovery process of the Philippines during financial or crackdown.
- It facilitates the smooth flow of money in the local market.
- It assists the national government in its desire to have favorable economic in the world market.