Ejay Magadan

1. Why is entrepreneurship an important component of economic development?

Because entrepreneurship has the ability to improve the standards of living in the society.
Entrepreneurship can create wealth in the community. Entrepreneurship give the community improve
because of the new products that can develop the market. It can increase the higher rate of earnings in
the national income through the form of tax revenue. This can also improve the quality of life, greater
economic freedom and can provide the financial support to the local charities.

2. Is entrepreneurship applicable only in the small business? Why or why not?

No because entrepreneurship start in the small business because of the limited financial capital until it
will grow. Somehow entrepreneurship can start a big businesses but only if you have a huge capital.
Entrepreneurship is someone who takes financial risk profit to start a small business. Entrepreneurship
finds the opportunity amidst crises and turn them into profitable enterprise. Entrepreneurship in not
only applicable in the small businesses but also the big businesses.

3. Is the business and entrepreneur having the same role on market?

Yes, business and entrepreneur have the same role on the market because they make money by
producing or buying and selling products. They have same role because they give a better life on the
community give some supply and contribution of commodities in the society. Even though they have not
the same meaning but the they have the same purpose the society. They have the same function like
gain some profit, create some resources and improve the country. Businesses and entrepreneur
typically enter establishment markets providing more services to the local market.