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1. Discuss the role of an innovating entrepreneur in economic development of a

The entrepreneur who is a business leader looks for ideas and puts them into effect in
fostering economic growth and development. Entrepreneurship is one of the most important
inputs in the economic development of a country. The entrepreneur acts as a trigger head to
give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not
only in the development of industrial sector of a country but also in the development of farm
and service sector. The major roles played by an entrepreneur in the economic development
of an economy are discussed in a systematic and orderly manner as follows.
(a) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilizing the idle savings of public. They
employ their own as well as borrowed resources for setting up their enterprises. Such types
of entrepreneurial activities lead to value addition and creation of wealth, which is very
essential for the industrial and economic development of the country.
(b) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed which is a
chronic problem of underdeveloped nations. With the setting up of more and more units by
entrepreneurs, both on small and large-scale numerous job opportunities are created for
others. As time passes, these enterprises grow, providing direct and indirect employment
opportunities to many more. In this way, entrepreneurs play an effective role in reducing the
problem of unemployment in the country which in turn clears the path towards economic
development of the nation.
(c) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less
developed and backward areas. The growth of industries and business in these areas lead to
a large number of public benefits like road transport, health, education, entertainment, etc.
Setting up of more industries leads to more development of backward regions and thereby
promotes balanced regional development.
(d) Reduces Concentration of Economic Power:
Economic power is the natural outcome of industrial and business activity. Industrial
development normally leads to concentration of economic power in the hands of a few
individuals which results in the growth of monopolies. In order to redress this problem a large
number of entrepreneurs need to be developed, which will help reduce the concentration of
economic power amongst the population.

(e) Wealth Creation and Distribution:

It stimulates equitable redistribution of wealth and income in the interest of the country to
more people and geographic areas, thus giving benefit to larger sections of the society.
Entrepreneurial activities also generate more activities and give a multiplier effect in the

(f) Increasing Gross National Product and Per Capita Income:

Entrepreneurs are always on the lookout for opportunities. They explore and exploit
opportunities, encourage effective resource mobilization of capital and skill, bring in new
products and services and develop markets for growth of the economy. In this way, they help
increasing gross national product as well as per capita income of the people in a country.
Increase in gross national product and per capita income of the people in a country, is a sign
of economic growth.
(g) Improvement in the Standard of Living:
Increase in the standard of living of the people is a characteristic feature of economic
development of the country. Entrepreneurs play a key role in increasing the standard of living
of the people by adopting latest innovations in the production of wide variety of goods and
services in large scale that too at a lower cost. This enables the people to avail better quality
goods at lower prices which results in the improvement of their standard of living.
(h) Promotes Country's Export Trade:
Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of
economic development. They produce goods and services in large scale for the purpose
earning huge amount of foreign exchange from export in order to combat the import dues
requirement. Hence import substitution and export promotion ensure economic independence
and development.
(i) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change and try to maximize profits by
innovation. When an enterprise is established in accordance with the changing technology, it
induces backward and forward linkages which stimulate the process of economic development
in the country.
(j) Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an
enterprise is established, the process of industrialization is set in motion. This unit will
generate demand for various types of units required by it and there will be so many other
units which require the output of this unit. This leads to overall development of an area due
to increase in demand and setting up of more and more units. In this way, the entrepreneurs
multiply their entrepreneurial activities, thus creating an environment of enthusiasm and
conveying an impetus for overall development of the area.

2. Indicate the limitation of rural industrialization policy in Philippines. Suggest

measures to improve the rate of rural industrialization.
The failure of the Philippine economy to achieve a full industrialized state is a confluence and
a result of political and economic policies that can be traced back to as far as the post war

The Philippine post war economic policy is said to have taken the trajectory of Import
Substitution Industrialization (ISI) which puts premium in strengthening the locally owned
industries catering to a huge domestic market to contain dollar outflow and encourage
domestic entrepreneurship (Kuruvilla, 1996). This strategy saw the rise of a new domesticindustrial capital elite; and expanded manufacturing sector which registered growth rates of
between 11% to 14% from the late 1940s to early 1960s (Toussaint, 2006). On the
downside, the dependence from imported capital and technology to sustain this strategy had
a negative impact on the balance of payments (BOP) in the 1960s and onwards (Ofreneo as
cited by Kuruvilla, 1996). The IMF-WB provided a short-lived solution (and imposition) to this
dilemma by extending stabilization loan on condition that the Philippine government adopts
an export- oriented industrialization (EOI) by deregulating and opening its economy to
unrestricted foreign investments (Bello, et. al. as cited by Kuruvalla, 1996).
The export oriented industrialization (EOI) is an imposition of the IMF-World Bank to the
Philippines. It is wedded in the antiquated Ricardian notion of industrialization based from the
comparative advantage of cheap labor. Under this scheme, the country became the agro
export base of Western democracies while suppressing the creation of industries of steel and
machine toolswhich are necessary for self-sustaining economy (Bello, 1981). This strategy
further pushed back the Philippine financial status under the Marcos dictatorship. Foreign
borrowings ballooned to unimaginable proportion just to keep the economy afloat, without
really contributing substantially to the vision of industrialization.
The Agriculture Sector has remained in the feudal age. It is necessary that meaningful
agrarian reform should take place. In addition, resources should be mobilized to pump in
technologies in terms of irrigation system, post-harvest facilities, and support infrastructure.
The peasants should have access to credit and financing institutions to increase productivity
and to encourage small to medium capital formation. As for the industries, direct investments
both local and foreign are still needed to spur industrial activity.
In terms of labor and employment creation, the economy must have the capacity to create
high quality sustainable jobs in all sectors. In addition, the government should promote
industrial harmony for two reasons 1. regular dialogues between labor and management to
encourage long term investment and increased productivity; and 2. it promotes settlement of
disputes thru arbitration and conciliation
On top of all of these is the key role of Government and its institutions in ensuring better
governance. Better governance where people has the capacity to enjoy life and government
output of Public Goods which include economic sustainability, law and order, public
infrastructure, and basic services.
3. Explain the essential components of a project report.
It is impossible to efficiently finalize a project without having developed a comprehensive and
informative report. Using project report templates helps project managers to communicate
necessary information on project development, implementation and completion to the key
stakeholders that have an interest or concern in the project. The following Project Report
Template is designed to help managers with developing a complete structure for their
Report Structure: The Key Sections
Abstract. The Abstract section of a typical project report template usually contains around
500-600 words covering the chosen project implementation methodology and providing
insight into various components of the project implementation process.

Acknowledgement. The Acknowledgement section gives a note of thanks in recognition of

the project inputs, governance, or any other support provided by key stakeholders involved
in the project. Usually this component of a typical project report document includes around
200-300 words to express thanks to all the people contributed to the successful completion of
planned work.
Table of Contents. The Table of Contents helps readers quickly and conveniently find what
they need. For efficiently writing a sample report it is important to make a detailed table of
contents to allow readers to get an overview of the project implementation steps and
understand what tools, solutions, systems and software were used during the
implementation. The goal of the Table of Contents is to conveniently organize the report
List of Figures. In the List of Figures there are listed all of the titles for figures and tables
used in the project reporting template. This section is dedicated to complete the report
structure and give readers a list of quick references to the figures and tables.
Key Chapters. A template of project report usually includes the Key Chapter section is the
body of the report to describe the key data and discussions on the project development and
implementation. The section may consist of several chapters. For example, in your project
report template there may be the following five chapters:


Methodology and Design.
Evaluation and Analysis.

Conclusion. The Conclusion section of the reporting template gives the main cause(s) of the
problem or opportunity highlighted by the project. It provides a summary of the discussions
made in the Key Chapters, outlines the main findings, and gives a reference to the
Recommendations report section.
Recommendations. The Recommendations section of a sample projector report is designed
to call people to action based on the findings, analyses and results that have achieved upon
project completion. It should be written with actionable and specific sentences and give a
solution for the problem investigated by the project. Often itemized and bulleted lists are
used to specify recommendations in the more convenient and readable manner.
Appendices. The Appendices section of a typical project reporting document includes feedback forms, maps, photographs, mathematical procedures, statistical calculations, diagrams
and raw data, any other material in support of project findings. For instance, in your formal
report template you can add such information as Sample Survey Form, Results of Statistical
Analysis, Gantt Charts, Resource Usage Diagrams, Project Schedule Template, and Issue Log.
References. The final section of your template for project reporting covers all the sources of
information used to make the research and develop the document. The References section is
usually designed as a list of books, journals, articles, research papers, formal documents and
reports, websites and online resources, and any other material used for preparation of the
project report template.
4. Examine the role of industrial estates in the economic development of a country
Industrial Estates are widely accepted as effective instruments for promoting development of
manufacturing industries especially in the medium and small scale sector. Industrial Estates

programmes are also being increasingly relied upon for promoting economic development of
Rural and backward areas.
Industrial Estate is defined as a tract of land development and sub-divided into plots
according to a comprehensive plan with provision for roads, transports and public utilities
with or without built up factories, sometimes with common facilities and sometimes without
them for the use of a community of industrialists
The primary objective of an industrial estate is to provide basic integral infrastructure to
medium and small scale industries, which have high value, but not enough resources to set
up facilities. Industrial estates help promote socio-economic development by pulling
investment resources, creating employment opportunities and amplifying raw material and
manpower resources. Moreover, it improves health care facilities, educational facilities and
social infrastructure too.
They have lead to the growth of urban areas by promoting all types of industries and
Industrial Township in the place. They provide all the necessary amenities to high-precision
industries like pharmaceuticals, software, etc. Furthermore, they also help in the
development of Special Industrial Parks that involve private industrial participation.
The private participation helps have a better location and design of industries that generate
high revenues. A perfect location has a great role towards success. The major factors to be
considered for the location is the advantage of the location with regard to the successful
running of small and medium scale industries, economic viabilities, transportation facilities,
presence of technological establishments, research and training facilities, proximities to
airports and railway terminal, etc.
The economic infrastructure facilities of industrial estates help promote industrialization and
no doubt, they act as a catalyst for the economic development of a country. The industrial
estates act as a pillar of strength paving way to the economic development of the country.
They accommodate workshops, factories and even slaughter houses with sufficient amenities
far from residential areas and urban areas. They help get rid of health hazards and accidents
caused by the industries. No wonder, they also help keep the cities clean and tidy by reducing
wastes and pollution.
An Industrial estate can bring in plenty of benefits like preventing groundwater pollution,
improved sewage treatment plants, employment, private business sector development, and
many more. No wonder, these industrial estates that are properly maintained, safe and within
a clear legal framework bring growth and development to the country.