Entrepreneurship in the Philippines: Issues and Challenges

1. As what I’ve read in the article of Mr. Jose Ma. Conception III entitled “Youth

 Entrepreneurship in the Philippines: Issues and Challenges”, entrepreneurs are the backbone of our economy- means they are the one who assumes the responsibility and the risk for a business operation that is conducted in our economy of course. And it is stated that micro-enterprises is one of the most common enterprises that is established in our country.

I was surprised in knowing that because of the entrepreneurs in our country, we are able to gain progress in our economy. In having this kind of progress Filipino entrepreneurs also have problems in setting up and maintaining their competitiveness in their community like for example, most entrepreneurs encounter today are the insufficient access to technology, financial capital, marketing advice and logistical problems. By this, the government has found a way in order to enhance the entrepreneurial spirit and to have a higher economy. They now developed entrepreneurship education in order to help the graduates who are not employed to find a job or even to start their own business rather than to be involved with illegal drugs and crime in order to survive in this challenging world. The scarcity of jobs is one of the main reasons why most Filipinos specially the unemployed graduates leave the country just to find bigger opportunities abroad. They might earn higher income but still, they are suffering to work abroad because they are miles away from their loved ones.

Now I know that these challenges can be overcame by giving the youth a proper knowledge about Entrepreneurships so that they will engage to more business, more job opportunities and to have ideas on how to start building their own business to have a better quality of life. Giving entrepreneurial knowledge to Filipinos to start and run their own business that offers an alternative means of achieving both financial and personal independence might help the youth in our country and lessen the Filipinos who are living below the poverty line. We just have to encourage the young ones and make them believe in themselves that they will succeed on facing the risk that they may encounter as an entrepreneur one day. Because supporting the youth entrepreneurship not only improve our economy it also help millions of Filipino Youth in our country.

1. 1. The challenges that a Filipino faces according to the article are: the insufficient access to technology, financial capital, marketing advice, social rejection, logistical problems, and also decision-making.

2. I think that’s why many Filipinos remain poor and the disparity between the rich and poor is still very high because as we all know, our country is inhabited by corrupt people that mandates the government treating the people living below the poverty line unequally. And due to poverty, it causes many kinds of crimes committed by some Filipinos in order to survive.

1. The kind of business that I really am interested in is a Pharmacy. Because in our Barangay, there is a lot of stores and other kinds of  businesses constructed but I haven't seen one. We all know that pharmacy is where the practice of compounding and dispensing drugs and providing drug-related information to consumers takes place. By this, it would be easier for people in our barangay  to buy drugs without making any hassle specially in emergencies aside from this.

• Yes, my business does offer value to my customers. I can assure them that the information and advice in matters of health and hygiene is right and just. And I can assure my customers that the quality of drugs I offer suits their preferences.
• Yes, I really agree with it because every business needs to have an appropriate value proposition and offers a product feature that other competitors does not offer or shall we say the unique selling proposition. By this, customers or buyers will be attracted by the drugs we sell and services we offer. Aside from this, we will not get involve in competitions because we are the only ones that constructed pharmacy in our barangay.

1. 1. Yes, calculating the market size, market share and customer requirements really matters because by this, it would be easier to find a way for my business to succeed because aside from having information, you could also have a systematic arrangement before you venture into a business.

2. If the market size, market share, primary target market and their requirements were not calculated and recognized from the onset, the percussions maybe the business will fail and the me, an entrepreneur would be responsible for the loss of the business.