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    Bacullo - THC 109

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    Ranze Angelique Concepcion Bacullo
    Entrepreneurship involves starting a new business to pursue opportunities by taking on financial risks. To become an entrepreneur, one must develop a business plan, create a business plan, secure funding, build a team, and continuously learn. Entrepreneurship contributes to economic growth by creating new businesses, jobs, and industries that spur productivity, competition, and economic development in local communities. While not all entrepreneurship is beneficial, entrepreneurship overall reduces poverty and inequality by providing self-employment and jobs.

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    Bacullo - THC 109

    Uploaded by

    Ranze Angelique Concepcion Bacullo
    50 views1 page
    Entrepreneurship involves starting a new business to pursue opportunities by taking on financial risks. To become an entrepreneur, one must develop a business plan, create a business plan, secure funding, build a team, and continuously learn. Entrepreneurship contributes to economic growth by creating new businesses, jobs, and industries that spur productivity, competition, and economic development in local communities. While not all entrepreneurship is beneficial, entrepreneurship overall reduces poverty and inequality by providing self-employment and jobs.

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    Entrepreneurship involves starting a new business to pursue opportunities by taking on financial risks. To become an entrepreneur, one must develop a business plan, create a business plan, secure funding, build a team, and continuously learn. Entrepreneurship contributes to economic growth by creating new businesses, jobs, and industries that spur productivity, competition, and economic development in local communities. While not all entrepreneurship is beneficial, entrepreneurship overall reduces poverty and inequality by providing self-employment and jobs.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views1 page

    Bacullo - THC 109

    Uploaded by

    Ranze Angelique Concepcion Bacullo
    Entrepreneurship involves starting a new business to pursue opportunities by taking on financial risks. To become an entrepreneur, one must develop a business plan, create a business plan, secure funding, build a team, and continuously learn. Entrepreneurship contributes to economic growth by creating new businesses, jobs, and industries that spur productivity, competition, and economic development in local communities. While not all entrepreneurship is beneficial, entrepreneurship overall reduces poverty and inequality by providing self-employment and jobs.

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    © All Rights Reserved
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    of 1

    BACULLO, Ranze Angelique C.

    BSTM-IT/3rd Year/HCM

    1. What is Entrepreneurship?
    Entrepreneurship is the process of establishing or starting a new business venture in order to
    discover and pursue an opportunity. This often involves taking on financial risks in order to build
    and bring a new product or service to market. An entrepreneur is a person who starts and runs a
    new business scheme, often as the exclusive property owner or co-owner.
    2. How can an individual become an entrepreneur. Discuss.
    To be an entrepreneur, there are a few steps that must be followed.

    1. Develop a business plan. This can be a product or service that fills a gap in the market or
    addresses a specific need. It's important to conduct research and validate the idea before
    moving forward.
    2. Create a business plan. A business plan summarizes the details of the business including the
    financial strategies, marketing strategy, and an effective operational proposal.
    3. Secure funding. Depending on the business, an business owner needs to guarantee funding
    through assets, loans, etc.
    4. Build a team. As the business grows, an entrepreneur needs to hire personnel or find allies
    to help with responsibilities.
    5. Learn. Entrepreneurship is a continuous learning process, every entrepreneur should be
    flexible and ready to adapt to certain situations, especially as the business grows.

    3. Discuss the impact of Entrepreneurship on economic development.


    By producing new enterprises, occupations, and industries, entrepreneurship significantly
    contributes to economic growth. Entrepreneurs are renowned for their ability for spotting and
    seizing fresh opportunities, which can result in the creation of innovative goods and services as
    well as the adoption of technological solutions. In turn, this can spur economic growth by raising
    local productivity, salaries, and living standards.
    Additionally, entrepreneurship encourages market competition, which can result in reduced costs,
    higher standards for goods and services, and more options for consumers. As a result, the economy
    may become more effective and dynamic. Furthermore, small businesses, which are frequently
    established by entrepreneurs, are frequently established in their communities, and may collaborate
    with regional suppliers and service providers, which can support economic development and
    encourage local growth.
    By giving people the chance to better their financial situations through self-employment or by
    creating jobs for others, entrepreneurship can also aid in the reduction of poverty and inequality.  
    It's important to remember that not all entrepreneurship has a beneficial effect, as certain
    companies may participate in dishonest or illegal activities that have a harmful influence on the
    economy and society.

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