Entrepreneurship In The Philippines Essay

The Filipinos is a gameyly entrepreneurial coarse. The main origin that drives its entrepreneur gist is its poverty. Small and medium-sized enterprises (SME) answer for for the largest sh be of Filipino entrepreneurs. SMEs, including micro-enterprises, distinguish for 99 portion of all moving in establishments and 60 part get on of the exporting firms in the Philippines. SMEs shortly work ab away 55 percent of the Philippine labor squash and chair 30 percent to append home(prenominal) volume gross revenue.Women hold significant lead positions in national and local government, universities, descent corporations and family transaction enterprises in the Philippines. 51% of entrepreneurs in Philippines argon female. Challenges for entrepreneurs in Philippines include a lack of research and development, hapless approach path to technology, financial supportmost entrepreneurs scoop egressing undersized business in the Philippines have difficultness acquiring capit al, a lack of merchandise advice and logistical problems.The Philippines government sees that Entrepreneurial efforts exit help ignite economic growth, remediate living standards, and build a oecumenical market for Philippine products so they pleasant foreign investors and offer incentive and back off by lowering tariffs, opening its absolute economy, including land ownership and free trade. Entrepreneurs ar the backb hotshot of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines.According to the part of Trade and Industry, SMEs currently employ about 55 percent of the Philippine labor military unit and contribute 30 percent to total domestic sales volume. Among the current problems that Philippine entrepreneurs encounter right away are the inadequate access to technology, financing capital, marketing advice and logistical problems in shot up and maintaining their combat in their community. For this reason, the Philippine government has identify the need to cherish entrepreneurial spirit to jump lucre our lagging economy.To further try the immenseness of exploitation entrepreneurship education, a late carry by the Center for Asia Pacific Studies reveals, out of every(prenominal) 100 children enrolled every year, 66 ordain complete unsophisticated education, 42 give finish high develop and exactly 14 will micturate a college degree. A schooling by Smart Communications adds, only 7. 7% of tweaks get employed. This means that out of 100 children that goes to school, only one will end up acquiring a subcontract.This has led LETS GO to ask What happens to the rest? Students who do not graduate or cannot influence decent affair in the country usually angle of dip into the trap of connexion the unemployed population, or resort to relations with illegal drugs and offensive activity as a means of living. The scarcity of jobs has further contributed to the hegira of skilled workers abroad, where 2,000 Filipinos yield the country ordinary to seek higher(prenominal) income and greater opportunities in career advancement.With this in mind, LETS GO believes that a workable source to overcome these challenges today is by promoting Entrepreneurship and freehand Filipinos the proper association and tools in start their own businesses. Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines.According to the Department of Trade and Industry, SMEs currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic sales volume. Among the current problems that Filipino entrepreneurs encounter today are the inadequate access to technology, financing capital, marketing advice and logistical problems in setting up and maintaining their competitiveness in their community. For this reason, the Philippine government has identified the need to foster entrepreneurial spirit to jump start our lagging economy.To further emphasize the importance of developing entrepreneurship education, a recent study by the Center for Asia Pacific Studies reveals, out of every 100 children enrolled every year, 66 will complete elementary education, 42 will finish high school and only 14 will earn a college degree. A study by Smart Communications adds, only 7. 7% of graduates get employed. This means that out of 100 children that goes to school, only one will end up getting a ob. What happens to the rest? Students who do not graduate or cannot find decent employment in the country usually fall into the trap of joining the unemployed population, or resort to dealing with il legal drugs and crime as a means of living. The scarcity of jobs has further contributed to the exodus of skilled workers abroad, where 2,000 Filipinos leave the country everyday to seek higher income and greater opportunities in career advancement.I therefore believe that a executable solution to overcome these challenges today is by promoting Entrepreneurship and giving Filipinos the proper knowledge and tools in start their own businesses. What better age to start planting the seeds of entrepreneurial knowledge and skills than among the youth. One is never too infantile to be an Entrepreneur The importance of developing an innovative and entrepreneurial culture is a crucial part of the Philippines developed allege future. Entrepreneurship directly leads to more business, more job opportunities and better quality of life.Starting and zip a business can be a real option for preteen people, offering an alternative means of achieving twain(prenominal) financial and personal in dependence. There are 24 million youth in the Philippines today and counting. Of these 24 million, 39% or 9. 36M are part of the labor force while 40% or 9. 6M are living below the poverty line. supporting(a) young people to consider business ownership as a viable option is becoming increasingly most-valuable given the current trend towards globalization. financial backing youth entrepreneurship can benefit both the Filipino Youth and the economy.