PIALAGO, CARLOS MIGUEL P.

BS-ECONOMICS 2A
1. Why is entrepreneurship an important management. These functions
component of economic development? contributes to the entrepreneur’s
: Entrepreneurship is significant to a ability to sustain and create a
capitalist economy like the profitable businesses.
Philippines, because it thrives in to an
economic system that supports 6. Why is innovation an important
innovation and hard work. The entrepreneurship activity?
nation immensely benefited when : Innovation is a method, a new
the entrepreneurship is successful. methods and procedures, and it is
Through entrepreneurship, goods important because it drives to the
and services are produced, and creation of a new production, and
employment is provided to many services. A process that can meet
people. changing customer needs in which
allows the entrepreneurs to
2. What is the entrepreneurship? Who is differentiate themselves and stay
the entrepreneur? competitive.
: Entrepreneurship refers to the
economic activity of a person who 7. What does innovation consist of?
starts, manages, and assumes the : Innovation consists of introducing
risk of a business enterprise, on the new ideas, methods, products or
other hand, entrepreneur refers to services which brings values to
person who undertakes business sector or individual, buyers.
entrepreneurial activities. It involves identifying and addressing
unmet needs, and solving a
3. What role does the entrepreneur play? problems, and improving existing
: Entrepreneur plays a big role in an processes. Innovation consist of new
economy, it identifies the economic products and new process of
needs like offering a business production, substitution, and
solution, assemble the resources improvement of tools and materials
needs or required and assumes the in production.
risk, either succeeding or failing, and
assume his assigned role in the 8. What stages comprise the transition from
development of the economy. An a new venture to a successful long-term
example for these activities is a new enterprise?
venture or undertaking risky : The transition from a new venture to
economic approach. a successful long-term enterprise is a
complex and multifaceted process.
4. In what ways are entrepreneurs useful to The transition from a new venture to
suppliers? a successful enterprises consist of
: There are several ways that make the the pre-start-up stage, start-up
entrepreneurs useful to the stage, early growth stage, and late
suppliers, first is the increased of growth stage. .
demand, second is the business
steady, and lastly is the partnership. 9. What is the reward accorded to the
In general, entrepreneurs plays a successful entrepreneur? What happens if
vital role in driving demands, he is not successful?
fostering innovation, and building Successful entrepreneurs often reap
lasting relationships that benefit significant financial rewards. They
both entrepreneur and suppliers. can generate substantial profits from
their ventures, which may come from
5. To make profits, what specific functions increased revenue, equity
are performed by the entrepreneur? ownership, dividends, or the sale of
: In taking or making profit, the
their businesses. On the other hand,
entrepreneur must identify the
Entrepreneurs who are not
opportunities, be innovative and
creative, assumes the risk, allocating successful may face financial
the resources, marketing and sales, difficulties, including loss of
and most importantly the financial investment, debt, and potential
bankruptcy.
 PIALAGO, CARLOS MIGUEL P.
BS-ECONOMICS 2A
10. Is entrepreneurship applicable only to
small business? Why or why not?
: Entrepreneurship is not only
applicable to a small businesses
because it can be applied to business
in all sizes, including large
corporation and start-ups, and it is
also conductive in maintaining the
growth of large corporation.

Case 1. Rose Restaurant: What Now My

Love?

1. Should Rose stop operating her

restaurant?
: I think she should not stop operating
her restaurant simply because the
business is doing well. Aside from
that, there is a lot of ways or
strategies in managing and operating
to keep the business going such as
hiring and training new employees to
supervise and manage the business,
restaurant. Another factor is that it’s
her dream to run a business and it
must have taken her a great deal of
time, work, money, and energy to
accomplish it.

2. If you were Rose, What additional

information would you need before making
a decision?
: If I were Rose, I’d like to continue my
investigation into the circumstances
that contributed to my restaurant’s
revenues increasing by 49% last year.
I wouldn’t think about the situation;
instead, I will conduct a research
study to analyze and to study to seek
for a best decision to access, and to
see situation and future
phenomenon. Making a decision is a
major responsibilities which requires
studies and research in order to
avoid a lot of regrets. And also, she
must consider her greatest regret
before taking a decision, this is the
aspect of an entrepreneur to assume
the possible risk of a business
enterprise.
 PIALAGO, CARLOS MIGUEL P.
BS-ECONOMICS 2A

Case 1. Rose Restaurant: What Now My Love?

1. Should Rose stop operating her restaurant?

: I think she should not stop operating her restaurant simply because the business is doing
well. Aside from that, there is a lot of ways or strategies in managing and operating to
keep the business going such as hiring and training new employees to supervise and
manage the business, restaurant. Another factor is that it’s her dream to run a business
and it must have taken her a great deal of time, work, money, and energy to accomplish
it.

2. If you were Rose, What additional information would you need before making a decision?
: If I were Rose, I’d like to continue my investigation into the circumstances that
contributed to my restaurant’s revenues increasing by 49% last year. I wouldn’t think
about the situation; instead, I will conduct a research study to analyze and to study to
seek for a best decision to access, and to see situation and future phenomenon. Making
a decision is a major responsibilities which requires studies and research in order to avoid
a lot of regrets. And also, she must consider her greatest regret before taking a decision,
this is the aspect of an entrepreneur to assume the possible risk of a business enterprise.