The strengthening of business activities in our country has long been overlooked by the national government.
Entrepreneurship, by definition, and literally quoting from this writer’s handout, is the dynamic process of incremental wealth creation. Wealth is created by those who take the greatest risks in equity, time, and professional commitment to create value for a product or service.
Here in our country we see entrepreneurship as a business negotiated by small and medium-sized enterprises. This idea of entrepreneurship is relatively new to us and is still in its infancy as the commitment to nurture it for full growth is still ambivalent for both government and the private sector.
Small and medium-sized businesses are not getting much help yet, although there are already banks and financial institutions out there who are committed to adding much-needed financial and technical assistance to boost their business and to those who already have the sustained financial and technical assistance operate.
The textbook definition of entrepreneurship is the process of creating something new with value by spending the necessary time and effort, accepting the financial, psychological, and social risks and uncertainties involved, and receiving the resulting rewards of financial and personal satisfaction.
Some small businesses aspire to become conglomerates because of the hard work, vision, and determination of their owners and operators.
Scope and scope depend on the prerogatives and goals of the owners in order for the businesses to grow to substantial sizes.
As it is, only the big conglomerates last for decades here in the Philippines because they’re too big to fail, so to speak.
Other factors that can contribute to the success and failure of any business include changing political fabric or structure, unstable financial and monetary policies, and sometimes acts of God such as disasters and other natural causes.
In our country, entrepreneurship can increase if our current group of young business people brings out very good innovations, technical know-how and fiery determination.
It can take years for the middle class to emerge as a powerful force in business.