LESSON 11 – ENTREPRENEURSHIP HAS BEEN LINKED WITH MANY BENEFITS

TO THE SOCIETY, AND SOME OF THEM ARE THEM ARE THE FOLLOWING:

1. ENTREPRENEURSHIP HELPS THE ECONOMY GROW

As more products or services are demanded, the more are then supplied;
and consequently, the more exchanges are done between consumers and
entrepreneurs. This is how the economy grows. This beneficial effect on the
economy is the reason entrepreneurs are sometimes called the “backbone of
the economy”.

2. ENTREPRENEURSHIP ENCOURAGES TECHNOLOGICAL GROWTH.

Entrepreneurs are able to see things in different ways, paving the way to
innovation. Thus, starting with the invention of the computer, entrepreneurs
and inventors found an opportunity from the increasing mobility of people in
the last decade, and consequently they modernized the bulky desktop
computers of the past and produced more convenient, more versatile, more
sophisticated and more mobile smart phones that we have right now.. An
entrepreneur’s innovation thus promotes a society’s technological growth.

3. ENTREPRENEURSHIP AIDS HUMAN DEVELOPMENT

It also aids in human development through employment generation. Human

development focuses on the “richness of human lives rather than simply the
richness of economies” (UNDP, 2015). According to United Nations
Development Programme (UNDP), “work is a fundamental dynamic driver for
enhancing human development.” Work, including care work, creative work
and voluntary work, contributes to the human development progress
through economic growth, poverty reduction and gender equality. Ultimately
and most importantly, work enables people to unleash the human creativity
and potential.
4. ENTREPRENEURSHIP PROMOTES INCLUSIVE GROWTH

Entrepreneurship thus leveled the field in terms of employment

opportunities between a small rural town and a big city such as Manila.
From the towns to the cities, entrepreneurship endorses holistic
development.. Entrepreneurs are sometimes also called the “engine of the
economy” as they provide the drive for development and growth.

5. ENTREPRENEURSHIP BEGETS ENTREPRENEURSHIP

In line with the saying, “growth begets more growth,” the success of one
entrepreneur becomes the success of other entrepreneurs as well. Related
value chains may also benefit from the growth of one chain.. Thus, the
success of the chicharon value chain will also mean the success of the meat
processing value chain and, rather inadvertently or indirectly, even the hog
 feeds chain and the virgin port oil (pure pork lard) chain. Entrepreneurship
indeed begets entrepreneurship.

TYPES OF ENTREPRENEURIAL ACTIVITIES

1. Retailing – any store that is open to enable the general public to buy
merchandise on a per piece basis. In most instances, the merchandise taken is
paid for in cash immediately and generally, customers buy goods for their
personal consumption and not for resale of the merchandise.. It may not
necessarily have a formal store site as retailing can also be done on a person-to-
person basis.
2. Manufacturing – It is the creation of goods from raw materials. It can also
include assembly of parts to form a finished product. Generally, manufacturers
sell their goods to primary wholesalers or distributors, who in turn pass them
on to either other wholesalers or directly to retailers. Some even sell directly to
customers.
3. Service – Any business that requires personal work to be rendered, with or
without the aid of tools or equipment, whether skilled or non-skilled, is a service
type of business. Fees are set by the amount of time, training, and tools needed
by the service provider tempered by the market demand for the service.