Inacay, Graciela L.

A207 ENTREP 1

Questions (Short Recitation)

1. What contributions came out several times?

The contributions such as innovation and new inventions came out that helped many people. To name a
few, they are Thomas Edison's telephone transmitters in which he invented that helped Alexander
Grahambell to invent telephone. Also, the famous computers, they were invented by Charles Babbage
and has helped Bill Gates to be the richest man in the world by inventing Microsoft. These people are
just some of the famous inventors or should we say entrepreneurs that has shaken the world through
their inventions.

2. What conclusion can you draw from the information?

I therefore conclude that establishing a business is not just about the labor force and the capital. It is all
about the creativity and passion of the person involved. In other words, the most significant part of
joining the business realm is the entrepreneurship skills of an entrepreneur. Also, this doesn't only
benefits the pioneer but also the people around him that will be part of the employment and innovation
and of course the country itself that will receive continuous growth of its gross domestic product.

Questions: (Self-Check)

1. What is entrepreneurship?
Entrepreneurship came from an old French word "entrependre" which means "undertake." This word
has been used way back centuries ago because this has been the most significant aspect of a country's
economy. Without the people who are willing to take risks and create innovations, there would be no
progress in our society. These people are known as entrepreneurs. Therefore, entrepreneurship is a skill
of a person to take risks, innovate and create products that will bring benefits to the majority of the
people and in which is very unique and outstanding.

2. In what ways does an entrepreneur differ from an ordinary businessman? In what ways they are
similar?
Entrepreneurs are people who creates a product that has never been seen in the market. They are those
people who has keenly observed the society and has deduced what is greatly needed. They are risk
takers for they are brave enough to invest into something that doesn't have any assurance of whether it
will hit success or not. On the other hand, businessmen are people who will just copy the products that
are already in the market and will sell them just because it is a fad or is in trend. Unfortunately, the
competitors that they'll have are those people who has done the same thing as they have. Their
similarities is that they both contribute to the increase of gross domestic product and employment rate
of their country.

3. What roles do entrepreneurs play in our economy?

Entrepreneurs play as an agent of change as they pioneer in creating something that hasn't been
invented but will surely help the people in reaching a more comfortable life. They are resource-user or
employer as they use their creativity in using local resources that are abundant in the environment in
creating a product that aspires to help the people. Lastly, entrepreneurs are a driving force for economic
growth and development by simply earning high revenues that will be passed to their employees
earning high salaries that will help the country to realize higher tax revenue that will soon be felt by the
administration's vast changes in their public services.

4. In what ways will business improve the economic well-being of the people in the community?
The government?
As what I have said from the previous item, the business helps the economic well-being of the people in
the community by giving them employment that will make them able to afford living costs. Through this,
the poverty is slowly being eradicated as a country continues to have more businesses available in its
territory. The government also benefits from this by receiving higher revenue taxes that will help them
in improving the public services they are offering to their citizens.

5. How do entrepreneurs propel economic growth?

Entrepreneurs propel economic growth by offering innovative products in the market that brings
employment to people around it. As it becomes successful and well-earning, the competitors feel more
intimidated that causes them to be more competitive. This will drive them to success and this cycle
helps the economic growth of a country.