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Joseph Schumpeter

Initiative An individual or group takes the initiative. 2. Organization Resources are brought together in organization to accomplish some objective (or the resources in existing organization are reorganized) 3.

Administration Those who took the initiative to take over the management of the operation 4. Relative Autonomy The initiators assume relative freedom to dispose of and distribute resources. 5. Risk taking The organization’s success or failure is shared by the initiator’s superiors and subordinates.

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Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country.

Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 ppercent of all business establishments and 60 ppercent of the exporting firms in the Philippines. According to the Department of Trade and Industry, SME’s currently employ about 55 ppercent of the Philippine labor force and contribute 30 ppercent to total domestic sales volume. Current problems that Filipino entrepreneurs encounter today in setting up and maintaining their competitiveness in their community are the * inadequate access to technology * financing capital * marketing advice * logistical problems

To further emphasize the importance of developing entrepreneurship education, a recent study by the Center for Asia Pacific Studies reveals, “out of every 100 children enrolled every year, 66 will complete elementary education, 42 will finish high school and only 14 will earn a college degree. ” A study by Smart Communications adds,” only 7. 7% of graduates get employed”. This mearns that out of 100 children that goes to school, only one will end up getting a job. The importance of developing an innovative and entrepreneurial culture is a crucial part of the Philippines developed state future.

Entrepreneurship directly leads to more business, more job opportunities and better quality of life. Starting and running a business can be a real option for young people, offering an alternative mearns of achieving both financial and personal independence. Supporting youth entrepreneurship can benefit both the Filipino Youth and the economy. It can: 1. create employment opportunities, through self-employment and by providing additional employment opportunities; 2. give young people a sense of meaning and purpose; 3. premote innovation and resilience in young people; and 4. help young people develop life skills.

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Joseph Schumpeter. (2018, Aug 28). Retrieved August 19, 2019, from https://phdessay.com/joseph-schumpeter/.