Entrepreneurship is defined as the ability and the interest
to manage, develop and organize a new profitable and rewarding business idea by
a person called an entrepreneur whose skills features innovation, motivation
and more essentially risk-taking due to the high risk of creating something new
such as, starting a new business, designing and innovating product or offering
a new service.
Over the years, there has been confusions on the differences
between entrepreneur and business owner. Entrepreneurship generally includes
setting up a business and understanding all risks. This qualities makes
business owners like entrepreneurs. But in addition, entrepreneurs are more
Schumpeter, one of the economist, wrote in his book, “The Theory of
Economic Development”, through which he defines, ‘An entrepreneur as a
person who applies innovation as well as implements change in the economy’. Hence,
it is not just the business alone
that benefits from the innovation applied by the entrepreneurs. Entrepreneurship
produces monetary benefits and keeps the economy sustainable and resilient,
which gives rise to the significance of innovation in entrepreneurship. With the
constant change experience by the country, entrepreneurs help through changing
with the times and bringing new products and service in the economy from ones
that already exists.
entrepreneur can be defined as, “A person who assembles and then
integrates all the resources needed to transform the invention into a viable
business.” (Barringer and Ireland, 2008, p. 5). Entrepreneurs and
businesses both started with a need. They saw the need within the society and come up with a solution among
themselves. So, they grab the opportunity to make their lives more comfortable
by innovating their resources. And these solutions continue to develop making better,
easier and more useful transformation towards a sustainable corporate world.
to the Organization for Economic Cooperation and Development, “An entrepreneur
is someone who creates and exchanges value through identification and
employment of changes in resources, opportunities and/or innovation”.
(OECD, 2007) With the current demands and fast-changing economy due to
technology and other latest discoveries, changes in resources, opportunities
and/or innovation arises making individuals cope up with these trends
regardless of the circumstances that would put their wallets at stake. Thus, making
entrepreneurs come up with something better than what they have produced
through determining these changes maintaining the balance of the economy.
As markets grew, division of labor and productivity also
increase which lead entrepreneurship to innovation. The population of the Philippines has been gradually growing for many years. According to
the latest UN estimates, the 2018 population of the Philippines is 106.51
million. So with the increasing population, came the need for choosing a career
path and attaining a lifelong job to be well-settled. Due to lack of good
jobs and the increase in the numbers of unworthy jobs, the
majority of the people started to take maximum risks by starting their own
small businesses in order to gain maximum benefits.
The researchers aim to determine the perceptions of
Fidelis ABM students on entrepreneurship as future career that will help them
determine if there are Fidelis ABM students who can be of use in the economic
growth of their country. In addition, they also want to know the perceived
motivations of the students on considering entrepreneurship as their future
career and the positive attitudes that an entrepreneur must possess before
engaging into business.