Entrepreneurship In The Philippines

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Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking action in putting up its own business or acquiring a franchise (Louren, 2017). Entrepreneurship is a state of mind. It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Being an entrepreneur requires distinct personality traits such as having a risk-taking personality, need for achievement, internal focus of control, tolerance for ambiguity and having a type A behavior or striving to achieve more in less time and general competitiveness (Gilles and Mondejar, 2008).
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).
According to the final results of the 2012 Census of Philippine Business Industry (CPBI), CALABARZON placed second as to the number of growing food industries with a total number 3,175 (12%) establishments
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