Entrepreneurship: The Road Map to Economic Self - Sufficiency of the Country
...e? How does this army of jobless people survive the crunch? Farther down the road in Ayala, just before it intersects EDSA is a cluster of buildings known as Glorietta. Inside are hundreds of small stores, each operated by different persons or entities. Some own the business they operate; some are franchisees. Collectively, these group of businessmen fall into one category: they are known in business lingo as entrepreneurs. They are the answer to the question posed above, the spark that gives life to the economy and the buoyant force that keeps it afloat. Theirs is the alternative that the army of the unemployed could look at when everything else is down. Basic economics invariably starts with the four factors of production: land, labor, capital and entrepreneurship. It is obvious however that the first three factors, even if they are all available, simply cannot result in production without somebody to manage them. Entrepreneurship translates from a general idea or concept to the entrepreneur’s initiative to make it a reality. To make it work, an exhaustive study of the target market, plus a calculated amount of risk taking, has to be undertaken. A good entrepreneur must know how to balance the risks he is taking against the prospective revenue he expects from his venture. The fields of opportunity available to entrepreneurs are limitless. Normally, entrepreneurship is associated with setting up a store; along this line, busine...