1. Concept of Entrepreneurship

entrepreneur

- A person who starts and/or operates a business. -creative and innovative -Willing to take risk

single proprietorship

-Usually, an entrepreneur's kind of business is ____, because he does everything from production to selling.

Entrepreneurship

-process of creating something new with value by devoting necessary time and effort assuming the accompanying financial, psychic, and social risk, and receiving the resulting rewards of monetary and personal satisfaction and independence.

1.Exempt BMBEs from income tax and encourages LGUs to exempt or reduce local taxes imposed on BMBEs; 2. Exempt Barangay Micro Business Enterprise (BMBEs) from coverage of the minimum wage law; 3. Improve credit dellivery to BMBEs; 4. Provide for technology transfer, production and management training, and marketing assistance to BMBEs 5. Provide trade and investment promotion to BMBEs

•Ratification of RA 9178 includes what incentives?

1. Provide credit, technology, and marketing support to new enterprises from P24 billion in 2004 to P309.98billion in 2010. 2. Tap overseas Filipino workers to invest their earnings in MSMEs. 3. Promote greater involvement of local government units (LGUs) in promoting small business activities by providing them information on business opportunities, available sources of funds and the latest product design.

•The government has three strategies to help MSMEs.

credit, better sources of raw materials, modern technology, more marketing information

•To attain this, the MSMEs, should have more access to:

Micro, small and medium enterprises

MSMEs

RA 9178

Republic Act for MSMEs

Entrepreneurs Investment, Employment and Income, Savings and Taxes

Role of Entrepreneurs in the Economy/ Vicious Cycle of Development

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•According to the 2001 NSO of the total business enterprises of 811,589, the MSME's provide jobs to 69.1 percent of the employed Filipinos with their economic output of ___ percent.

1. Creation of something of value 2. Devotion of necessary time and effort 3. Assumption of necessary risks 4. Getting rewards

•Four basic aspects of being an entrepreneur

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•Microbusiness, small and medium enterprises provide employment for ___ percent of the Philippine labor force.

employers, Service providers, mobilizers of capital, tax payers, suppliers of products

Concept of Entrepreneurship/ The Entrepreneur

1. They help provide the supply of products to customer. 2. They help provide personal service 3. Small and medium scale business serves as a means of earning to an unemployed individual. 4. The small and medium scale businesses also provide employment to other people. 5. Small and medium scale entrepreneurs also pay taxes to the government and such payment allows the government to provide services to the people.

Small and medium scale businesses are important because of the following reasons: