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In the 18thCentury
sole proprietors “buy at a certain
century, the person centuries, entrepreneurs were
price and sell at an uncertain
with capital was differentiated frequently not distinguished from
price, therefore operating at a
from the one who needed managers and were viewed mostly
risk.”
capital. from an economic perspective
The entrepreneur was
distinguished from the capital
Towards the middle of the 20th
century, Joseph Schumpeter, an
21st Century
provider. Austrian-Hungarian-American DotCom Era, entrepreneurs in
economist and political scientist, the 21st century are considered
Jean-Baptiste Say, a French
refuted the idea of the heroes of free enterprise.
economist and businessman,
entrepreneurship as manager of Creativity and innovation have
described the entrepreneur as a
the firm, and espoused the made many of these
person who plays a central
concept of the entrepreneur as entrepreneurs able to exploit
coordinating role both in
innovator who seek opportunities high growth potentials.
producing and selling goods. He
and leads “existing means of
was someone who coordinates, “Today, many people regard
production into new channels.”
leads, and manages all the entrepreneurship as pioneer ship
Risk and financing is relegated to
activities of the firm. on the frontiers of business” –
the banker or to some other party
Kuratko & Hodgetts
whose sole aim is to provide
needed capital. Much of the significant changes
revolutionizing the world of
Peter Drucker, who came up with
business was due to the internet
a behavioral concept of the
which provide countless
entrepreneur – one who actually
opportunities for entrepreneurs.
searches for change, respond on
it, and exploits change as an The function of the
opportunity. entrepreneurs is to recreate or
revolutionize the pattern of
production by introducing an
invention. Innovation, the act of
introducing some new ideas, is
one of the most difficult tasks for
the entrepreneur.
Evolution of Entrepreneur in the
Philippines
Entrepreneurship has existed in the Philippines
since the interaction of the early Filipinos with
foreign traders, especially the neighboring
countries like Malaysia, Indonesia, and China. They
started business transaction through the barter
system wherein goods and services were means of
exchanges. Then countries moved towards a money
economy when people used different form of
money to pay for goods that they bought.
1835
1898
realized the importance of entrepreneurship to
individuals, society and the country, and how it
contributes to the nation’s economic development.
1972-1976
SME development regulatory framework and policies
started in 1970s when the 1935 Philippine Constitution
first recorded the national commitment to economic
success through industrial and technological growth.
The historical data show that the intensification of entrepreneurship development started in the 1970s. For
the first time, the SME sector given emphasis in the Philippines Development Plan (1972-1976). Then, the
1987 Philippines Constitution reinforced the commitment for the development of the private sector and
provided from a wide range of government reforms and reorganization.