The Philippine Economy: How does an economy grow?

The Philippine Economy: How does an Economy Grow? The Philippines is a highly entrepreneurial country. The main reason that drives its entrepreneur spirit is its poverty. Small and medium-sized enterprises (SME) account for the largest share of Philippine entrepreneurs. SMEs, including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. SMEs currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic volume sales.

The Philippine Economy: How does an Economy Grow Challenges for entrepreneurs in Philippines include a lack of research and development, inadequate access to technology, financing – most entrepreneurs starting small business in the Philippines have difficulty acquiring capital, a lack of marketing advise and logistical problems in setting up and maintaining competitiveness in the community. For this reason, the Philippine government has identified the need to faster entrepreneurial spirit to jumpstart the lagging economy.

The Philippine Economy: How does an Economy Grow? To overcome these challenges today, the government is promoting Entrepreneurship and giving Filipinos the proper knowledge and tools in starting their own businesses. The Philippine government sees that Entrepreneurial efforts will help ignite economic growth, improve living standards, and build a worldwide market for Philippine products.

The Role of Entrepreneurship in Economic Development 1. Entrepreneurship employs the various resources present in the economy.

The Role of Entrepreneurship in Economic Development 2. Entrepreneurship provides employment opportunities to various individuals.

The Role of Entrepreneurship in Economic Development 3. Entrepreneurship is the backbone of the economy.

The Role of Entrepreneurship in Economic Development 4. Entrepreneurship has the ability to innovate goods and services thereby makes life more comfortable and convenient.

The Role of Entrepreneurship in Economic Development 5. Entrepreneurship has the ability to gain international popularity and prestige for a country.

The Role of Entrepreneurship in Economic Development 6. Entrepreneurship has the willingness to take risks, risks that society will otherwise be hesitant to take.