RELEVANCE OF ENTREPRENEURSHIP AND welfare of their consumers in order that consumers will

ENTREPRENEUR TO ECONOMIC DEVELOPMENT prefer them over the other enterprises selling the same.
AND SOCIETY
➢CREATES EMPLOYMENT
When entrepreneurs put up their business, they employ MARKET
people who possess different competencies and personal Markets are where buyers and sellers come together to
values to help them operate the enterprise. obtain information and exchange commodities.
➢DEVELOPS NEW MARKET Commodity is something tangible, that has value and can
Entrepreneurs seek for new buyers or customers of their be exchanged; It is a raw material needed as an input in a
product or services. production it can be food, metal or other agricultural
resources
➢INTRODUCES INNOVATION
Introduces something new or to a change made to an Markets are composed of:
existing product, idea, or field to respond to the changes
✓ Customer
that are required in order to become sustainable in the
business ✓ Sellers
➢GENERATES NEW SOURCES OF ✓ Institutions and infrastructure
MATERIALS ✓ Others behind the scenes: importers, processors,
Entrepreneurs are always constant search for better and storage owners, wholesalers, credit suppliers,
cheaper sources of materials they need. Finding new government officials and policies
material provider help in the economic growth of the Market chain includes all levels of the market and actors
place. that have a role in the distribution and transformation of
➢STIMULATES INVESTMENT INTEREST IN the commodity.
THE NEW BUSINESS VENTURES BEING
CREATED
When entrepreneurs engage in a new business, it stirs
curiosity for other people to invest in the business because
of benefits it offers. This investment contributes to
economic growth.
➢IMPROVES THE QUALITY OF LIFE
The new product and services developed by the
entrepreneur contribute to the increase in the personal
benefit and convenience of people in society. The use of
automatic gadgets in cooking or washing clothes, mobile
phones, internet services, agricultural, machines, and
many other innovations leads to a better quality of life.
➢SERVES AS A ROLE MODEL
Entrepreneurs are people to be emulated by younger
generations in the community and society at large. The
attitude, behavior and personality traits like risk taking,
alertness and creativity are some of the characteristic that
will also make them successful entrepreneurs in the future.
➢BRINGS SOCIAL BENEFIT TO
THE PEOLE
Entrepreneurs pay taxes for every product or service sold
in the market. They also pay for permits and licenses to
operate their business. The income derived from all these
taxes by the government are then used for the people,
especially the poor to have more access in education,
health, infrastructures such as roads and bridges and
transportation.
➢ PROVIDES MORE ALTERNATIVE FOR
CUSTOMERS
The stiff competition in the market for quality and cheaper
products and services requires the entrepreneurs to come
up with more products and services consumers can choose
from. Entrepreneurs also become concerned about the
In a Market Chain commodities flow from producers
to consumers

TYPES OF ENNTREPRENEURS
1. INNOVATIVE ENTREPRENEURS
These entrepreneurs have the ability to think newer, better
and more economical ideas of business organization and
management. They are the business leaders and
contributors to the economic development of a country.
Ratan Tata = introduces the small car
Reinabelle Reyes = Salamander Amphibious Tricycle;
Tricycle that can go on land and water
Alfredo M. Anos Sr. = 3-in-1 truck Anos Fire
Ambulance and Rescue Vehicle (AFARV); a rescue
vehicle, fire truck, and ambulance in one.
2. IMITATING ENTREPRENEURS
These entrepreneurs are people who follow the path shown
by innovative entrepreneurs. They imitate innovative
entrepreneurs because the environment in which they
operate is such that it does not permit them to have
creative and innovative ideas on their own.
3. FABIAN ENTREPRENEURS
These types of entrepreneurs are skeptical about the
changes to be made in the organization. They do not
initiate any inventions but follow only after they are
satisfied with its success rate. They wait for some time
before the innovation become well tested by others and do
not result in a huge loss due to its failure.
4. DRONE ENTREPRENEURS
Drone entrepreneurs are those individuals who are
satisfied with the existing mode and speed of business
activity and show no inclination in gaining market
leadership.
Drone is a “person who lives on the labor of others”
5. SOCIAL ENTREPRENEURS
Drive social innovations and transformation in various
fields including education, health, human rights, workers’
rights, environment and enterprise development; aim of
solving social problems or effecting social change.
Cecilio Pedro = developed multi-flavored toothpastes for
children adorned with “SESAME STREET” characters
today.