What is theory?

Exp. Sa science ang “theory” ay hindi katulad ng pangkaraniwang kahulugan ng

“teorya” sa pang araw-araw na paggamit sa context ng science, ang isang theory ay
isang masusing pagsusuri o paliwanag sa isang aspects ng environment o isang
pangyayari na suportado ng malalim na evidence, empirical data and more experiments
when we say empirical data ito ay tumutukoy sa mga concrete observation o data na
nakuha mula sa mga totoo na pangyayari or experiment.

Mayroong mga importanteng aspects ang isang scientific theory:

1. Based on evidence – ang isang scientific theory ay naka-base sa maraming data at
evidence mula sa mga experiments, pagsusuri at sa observation. Ito ay hindi simpleng
haka-haka o opinion; ito ay mayroong malakas na basis o batayan.
2. Explain or Elaborate – ang isang theory ay nagbibigay ng comprehensive explanation
ukol sa isang phenomenon o pangyayari sa kalikasan. It seeks to understand how and
why things happen.
3. Tested and repeatedly confirmed – ito ay sinasaliksik at napatunayan nang paulit-ulit
gamit ang scientific method. It is untraceable nang isang beses lamang; at ito’y patuloy
o continue to investigate at inu-update.
4. Predictive – ang isang theory ay may kakayahan na magbigay ng mga prediction o
hula about sa mga pangyayari o sa experiments na maaaring mangyari sa future. Ang
mga prediction ay maaaring gamitin upang subukan ang theory.
The last is….
5. Can be change – kahit na itinuturing na theory, maaari pa rin itong mabago o
mapabago kung mayroong mas matibay na evidence o data na nagpapakita ng
pagkukulang o pagkakamali sa kasalukuyan theory.

Halimbawa ng mga kilalang scientific theories ay ang “ theory of evolution” na

ipinropose ni Charles Darwin, na nagpapaliwanag kung paano nagbabago ang mga
species sa paglipas ng panahon, at ang “theory of relativity” ni Albert Einstein, na
nagbibigay ng bagong pagsusuri sa mga batas ng kalikasan lalo na ang gravitational.
Kung aanuhin natin, ang isang scientific theory ay hindi isang simpleng palagay o hula,
ito’y may mataas na uri ng pagsusuri na may malalim na suporta ng evidence, at ito ang
pinaka-mahusay na paliwanag o theory batay sa data na meron tayo sa kasalukuyan.
CONCEPT OF ENTREPRENEURSHIP
The act of being an entrepreneur.
Exp. Ang pagiging isang entrepreneur is to construct and to manage ng sariling
negosyo o kompanya. Ito ay kailangan ng pagsusumikap, sakripisyo and ability to face
concept para sa negosyo, naghahanap ng mapagkukuhanan ng pundo, na mamahala
ng operasyon, at humaharap sa mga risks at pagkakataon upang mapalago ang
negosyo. Mahalaga ang kakayahan sa pamamahala, pagiging malikhain, at may
determinasyon para maging matagumpay o successful bilang entrepreneur.
Who undertakes innovations, finance, and business activities.
Exp. Ang nagpapatupad ng mga pagbabago o innovation, gayundin ang financial at
business activities ay maaaring magsimula mula sa mga negosyante, kumpanya,
financial institutions at public and private agencies. Having a proper plan and managing
them is essential to make the projects and activities related to them successful.
In an effort to transform innovations into economic goods or services.
Exp. This is called “commercialization of innovations”. ito ay proseso kung saan ang
mga idea, technology o concept na maaaring maging potential na produkto o service na
maaaring ibenta sa palengke. It includes steps such as research, development, market
analysis, and business planning to ensure that the innovation will be successful as a
commercial product or service. Sa prosesong ito, ang pangunahing layunin ay gawing
kumita ang innovation and it help to lift the economy (or tulungan para mag-unlad ang
ekonomiya).
The study of entrepreneurship is a maze of theories as they are written in
different approaches to discipline economic, psychology and business
management.
Exp. Analysis of entrepreneurship and its theories is very important. Entrepreneurship
analysis is a complex field that draws on many theories and methods from various
disciplines such as economics, psychology, and business management. Ang pag-aaral
ng entrepreneurship ay napakalawak at may maraming theory na nagbibigay-kahulugan
sa mga aspects nito. Ito ay nagpapakita na ang pagiging entrepreneur ay hindi lamang
simpleng konsepto kundi isang malalim na larangan na focus sa mga proseso,
desisyon, at epekto sa ekonomiya at lipunan. Para mas maunawaan, pwedeng
magbasa ng mga academic literature, mag-attend ng mga seminar, o makipag-ugnayan
sa mga experts sa larangan ng entrepreneurship.
The factors that drive them, and source of survival and success owed to small
samples used.
Exp. these concepts are compatible with general entrepreneurship research. Studying
the reasons why businesses start and how they succeed is important to provide
information and guidance to aspiring entrepreneurs and small business owners. Also,
small sample analysis is a discussion within the research to assess the overall
significance of the findings in the context of their care in the number of participants or
sample used.
A systematic and unified economic theory of entrepreneurship remain under
developed.
Exp. "A systematic and unified economic theory of entrepreneurship remains
underdeveloped" ay it means wala pa o kulang pa sa pagkakaroon ng isang maayos at
buong theory sa larangan ng entrepreneurship mula sa ekonomiya. Ito ang ibang
dahilan:
1. Being Unsystematic
2. Lack of Unification
3 Complexity of Entrepreneurship
4. Interdisciplinary Nature
5. Evolving Field
In all, ito ay nagpapakita ng kakulangan sa pag-unawa natin sa buong kahulugan at
kabuuang epekto ng entrepreneurship sa ekonomiya. Bagamat may mga theory at pag-
aaral na sang-ayon sa ilang bahagi, ang pagkakaroon ng isang maayos at buong theory
ng entrepreneurship na masusustento ng ebidensya at nagpapaliwanag sa lahat ng
aspeto nito ay isang hamon na patuloy na kinakaharap ng mga researchers at
economists.
It is worth nothing that economic theory deals primarily with the processes.
Exp. economic theory is a framework for analyzing and understanding the complex
processes that govern economic behavior, decision-making, and outcomes in society. It
provides valuable insights into how economies function, helping both scholars and
policymakers make sense of economic phenomena and make informed decisions.
The consideration of diverse goals that set off economic from other disciplines
sociology and psychology.
Exp. The consideration of diverse goals is a key factor that distinguishes economics
from other disciplines such as sociology and psychology. While economics does
consider diverse goals, it often simplifies human behavior by assuming rational
decision-making based on utility maximization. In contrast, sociology and psychology
take a broader view of human behavior, recognizing that goals and actions can be
influenced by social, cultural, psychological, and emotional factors. These disciplines
provide complementary perspectives on human behavior and society, each offering
valuable insights into different aspects of our complex and multifaceted lives.
Entrepreneurship and economic growth takes place when economic conditions
are favorable.
Exp. It is true, that entrepreneurship and economic growth occur when economic
conditions are good or favorable. Ang entrepreneurship ay nagbibigay-daan sa pagbuo
o paglikha ng trabaho, pagtaas ng produksyon, at paglago ng ekonomiya. Ngunit ito’y
nangangailangan ng suporta mula sa government policies, financial institutions, at ang
mismong kultura ng bansa na nag-e-encourage sa mga tao na nagtayo ng kanilang
mga negosyo. Kapag nagkakaroon ng balanseng economic conditions at suporta, mas
mataas ang tsansa para sa successful sa entrepreneurship at pag-unlad ng ekonomiya
Economic incentives are the main motivators.
Exp. Ang economic incentives ay ang main factors na nagmumula sa aspeto ng
ekonomiya na nagbibigay-ganang mga tao o organization upang kumilos o
magdesisyon in certain way. Ito ay isang pangunahing konsepto sa ekonomiks at
psychology na nagpapakita na karamihan sa mga tao ay madalas na inuunawa ang
kanilang sariling interest in financial at sa economic aspects. Ito ang ilang dahilan kung
bakit ang economic incentives are the main motivators sa karamihan ng mga tao:
1. Motivation to Continue: Kapag may inaasahang kita, mas malamang na magiging
masigasig ang mga tao na ituloy ito. Halimbawa, ang isang manggagawa ay mas
gaganahan na magtrabaho nang mas maayos kung may mataas na sweldo o bonus sa
katapusan ng buwan.
2. Savings Motivation: Ang possibility ng pag-iipon sa mga basic needs or pangunahing
pangangailangan, tulad ng pabahay o education, ay nagbibigay inspiration sa mga tao
na magtrabaho nang mas successful.
3. Entrepreneurship Motivation: Sa mundo ng negosyo, ang potensyal na kita at
pagsulong ng mga negosyo ay ang main incentives para sa mga negosyante. Ang mas
malalaking kita ay maaaring mas marami ang pagkakataon para sa paglago at pag-
angat.
4. Learning Motivation: Ang mga studyante ay maaaring magkaroon ng mas mataas na
concentration at determination sa pag-aaral kung alam nilang ang kanilang education
ay makakatulong sa kanila na magkaruon ng mas magandang kinabukasan.
5. Investment Motivation: Ang mga investor ay naglalagay ng kanilang pera sa mga
pamumuhunan na inaasahang magbibigay ng mataas na tubo. Ang potensyal na kita sa
mga pamumuhunan is may ganang mag invest.
In summary is… ang economic incentives ay may malaking papel sa pag motivate sa
mga tao na gawin ang kahit anong uri ng gawain o desisyon. Ito ay nagbibigay
direksyon sa individuals at organizations patungo sa mga goals na maaaring magbigay
ng mga benefits sa kanilang buhay or sa negosyo.
Investment and Marketing Opportunities
Exp. ang investment opportunities ay nagbibigay-daan na kumita ng pera habang ang
marketing opportunities ay nagbibigay-daan na makahanap ng mga kustomer para sa
produkto o serbisyo. Ang same aspects ng pagnenegosyo ay mahalaga para sa
tagumpay ng negosyo, at ito ay kailangan suriin at i-balance upang maabot ang mga
goals.
From 1755 to 1975 there contributed theories of entrepreneurship.
Exp. The theory of entrepreneurship in the field of economics has evolved over time,
with various economists contributing their ideas on the role of entrepreneurs in society
from 1755 to 1975. Let us briefly explore some of the key economists and their
contributions during this period:

1. Richard Cantillon (1755):

- Richard Cantillon, an Irish-French economist, is often to consider one of the earliest
thinkers to discuss entrepreneurship. In his work "Essay on the Nature of Commerce in
General," he introduced the concept of the entrepreneur as an individual who takes
risks by investing in production processes with uncertain outcomes. Cantillon
emphasized the role of entrepreneurship in allocating resources efficiently in a market
economy.

2. Jean-Baptiste Say (early 19th century):

- Say, a French economist, expanded on Cantillon's ideas and introduced the concept
of the entrepreneur as someone who brings together various factors of production (land,
labor, and capital) to create goods and services. Say argued that entrepreneurs played
a crucial role in the production and distribution of goods, driving economic growth.

3. Joseph Schumpeter (early 20th century):

- Joseph Schumpeter, an Austrian-American economist, is known for his
groundbreaking work on entrepreneurship and innovation. He proposed the idea of
"creative destruction," suggesting that entrepreneurs are agents of change who disrupt
existing industries and markets through innovation. Schumpeter believed that
entrepreneurship was a dynamic force that drove economic progress by introducing
new technologies and business models.

4. Frank Knight (1921):

 - Frank Knight, an American economist, made a distinction between risk and
uncertainty in entrepreneurship. He argued that entrepreneurs deal with uncertainty,
which cannot be quantified, unlike risk, which can be measured. Knight's work
emphasized the role of entrepreneurs in making decisions in an uncertain environment
and bearing the uncertainty associated with their ventures.

5. Israel Kirzner (1973):

- Israel Kirzner, an Austrian economist, contributed to the field of entrepreneurship by
emphasizing the role of entrepreneurs in identifying and exploiting arbitrage
opportunities in the market. He believed that entrepreneurs play a crucial role in
maintaining market equilibrium by discovering and acting on market inefficiencies.

These economists, among others, provided different perspectives on the role of

entrepreneurs in the economy. Over time, their ideas have influenced the development
of entrepreneurship theory, contributing to a richer understanding of how entrepreneurs
drive economic growth, allocate resources, innovate, and navigate uncertainty in
society. Their work continues to be a foundation for modern studies on entrepreneurship
and its impact on economies.