Importance of entrepreneurship:

Question 1

What are the importance of entrepreneurship

Answer 1

Entrepreneurship affects the lives of the individual , . Makes significant contribution to the local community , Make significant contributions to the Philippine economy.

Question 2

There are a few simple principles we can learn from the principle of entrepreneurship.
One of the most basic principles we can take from the person who has succeeded in
many facets of entrepreneurship is the importance of failure. Failure is not something
that you should fear, but instead you should embrace it and accept it as an important
part of learning the lessons of entrepreneurship. Failure is the opportunity to learn. As
important as failure is, we need to understand that to truly be successful; we must
continually risk doing what we do not know to learn.

Answer 2

Entrepreneurship affects the lives of the individual.

Question 3

Provides employment opportunity to those unemployed in the community.
 Entrepreneurship is important to other institutions such as banks and other finance
institutions, as they earn because of funding entrepreneurs.
 Entrepreneurship creates and satisfies demands in the market. Provides more
alternative for consumers.
 Facilitates the movement of the factors of production. Utilizes and mobilizes indigenous
resources.
Factors of production are: land, labor, capital and entrepreneurship.
 Creates new business opportunities.
 Promotes peaceful and loving community.
 It increases constructive competition.
 Introduces innovation.

Answer 3

Makes significant contribution to the local community

Question 4

Entrepreneurs pay taxes used for the development of country. Brings social benefit to
the people.
 It encourages competitiveness and thereby challenges entrepreneurs to keep improving
their product and services.
 Helps hasten the economic recovery process during financial turmoil or crackdown.
 Facilitates the smooth flow of money in the local market.
 Assists the government in its desire to have favorable economic ratings in the world.

Answer 4

Make significant contributions to the Philippine economy.