Entrepreneurship – the art of organizing and managing a
business
- the establishment of micro and small scale businesses
such as small retail stores
- a means of livelihood
- a major source of income or additional income for the
family
- in the Philippines, the micro and medium enterprises
are considered the real backbone the economy
- provide jobs and income to people
Business – any type pf activity established to provide service or
goods to the community and provide profit to the entrepreneur.
Entrepreneur – the owner of the business
- any person starting a new project or trying a new
opportunity
- the most important person in the business
- the one who takes most of the risk (financial losses
and sense of failure) when the business fails and
receives most of the rewards (financial profits and
recognition) when the business succeeds
- have characteristics or qualities that make them
confident and optimistic
- open to new ideas
 create jobs
 provides income
 distribute commodities to consumers
 promotes locally made products
 training ground for entrepreneurial skills and innovations
REPUBLIC ACT #9178 – Barangay Micro Business Enterprises
 encourages the formation and growth of barangay micro
business enterprises by granting incentives and other
benefits
 type of business that is into production, processing or
manufacturing of products including agro-processing as
well as trading and services
 signed into law by President Gloria Macapagal Arroyo
on November 13, 2002
 The law provides the following benefits and incentives to
qualified members
o Income tax exemption coming from the operation
of the business
o Minimum Wage Law. Employees are entitled to
social security benefits and health care benefits
o Special credit window and access to assistance
program in technology production, training and
marketing of products
Certificate of Authority – awarded to qualified applicant as
proof of registration
Department of Trade and Industry (DTI) – agency that provides
assistance in the areas of enterprises, technology, transfer,
production and others
Land Bank of the Philippines – designated to set up the special
credit window for registered BMBEs