Entrepreneurship In The Philippines Essay

The Filipinos is a exceedingly entrepreneurial country. The main reason that drives its entrepreneur liven is its poverty. Sm t discover ensemble and medium-sized enterprises (SME) bankers bill for the largest sh be of Philippine entrepreneurs. SMEs, including micro-enterprises, account for 99 pct of all strain establishments and 60 percent of the exporting firms in the Philippines. SMEs originally employ intimately 55 percent of the Philippine labor push up and contribute 30 percent to integral domestic volume sales.Women hold signifi batht lead positions in national and local government, universities, transaction corporations and family business enterprises in the Philippines. 51% of entrepreneurs in Philippines be female. Challenges for entrepreneurs in Philippines include a lack of search and development, inadequate access to technology, fundingmost entrepreneurs starting small business in the Philippines have difficulty acquiring capital, a lack of market advice and logistical problems.The Philippines government sees that enterpriserial efforts exit help ignite stinting growth, improve living standards, and build a worldwide market for Philippine products so they welcome foreign investors and offer incentive and support by lowering tariffs, opening its entire economy, including land ownership and free trade. Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. microscopical 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 incision of Trade and Industry, SMEs currently employ ab come out of the closet 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 logisti cal problems in mountain up and maintaining their competitiveness in their community. For this reason, the Philippine government has identified the deficiency to foster entrepreneurial spirit to jumpstart our lagging economy.To further emphasize the importance of underdeveloped entrepreneurship education, a recent discover by the concentre for Asia Pacific Studies reveals, out of every 100 children enrolled every year, 66 will complete bare(a) education, 42 will finish high schooldays and only 14 will earn a college degree. A study by smart Communications adds, only 7. 7% of graduates get utilise. This means that out of 100 children that goes to school, only one will lay off up getting a air.This has led LETS GO to ask What happens to the rest? Students who do not graduate or cannot feel decent employment in the country usually fall into the en mariner of joining the unemployed population, or resort to dealing with illegal drugs and offense as a means of living. The scarcity of jobs has further contributed to the exodus of versatile workers abroad, where 2,000 Filipinos leave the country everyday to seek higher income and greater opportunities in career advancement.With this in mind, LETS GO believes that a possible source to overcome these challenges today is by promoting Entrepreneurship and giving Filipinos the proper experience 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 ca pital, 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 sustain decent employment in the country usually fall into the trap of joining the unemployed population, or resort to dealing with illegal drugs and villainy as a means of living. The scarcity of jobs has further contributed to the exodus of virtuoso(prenominal) 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 viable 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 Young to be an Entrepreneur The importance of developing an innovative and entrepreneurial culture is a life-or-death part of the Philippines developed state future. Entrepreneurship directly leads to more business, more job opportunities and better quality of life.Starting and running a business can be a real natural selection for young passel, offering an alternative means of achieving both financial and personal independence. 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. Encouraging young people to consider business ownership as a viable option is becoming increasingly important given the current trend towards globalization. documentation youth entrepreneurship can benefit both the Filipino Youth and the economy.