Defining Key terms
Entrepreneurship is the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customers.
Entrepreneur is a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self-owned business venture.
This operational definition puts emphasis on the concepts of advocacy and correct practices. These two concepts outline the difference between the owner of an ordinary small business (businessperson) and the entrepreneur.
Small Business refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship.
It is owned by one person with a limited workforce of not more than 20 persons.
This term also includes the small and medium enterprises that have been strongly promoted by both government and non-governmental organizations in their desire to improve the lives of the Filipino people through entrepreneurship.
Ordinary Small Business pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship.
Many Filipino families resort to opening ordinary small businesses since it is the easiest and most practical way to augment their income. A small amount of money can be used to start up a simple sari-sari store business or a small stall or pushcart in which food and other stuff can be sold in quantities.
Entrepreneur is a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self-owned business venture.
This operational definition puts emphasis on the concepts of advocacy and correct practices. These two concepts outline the difference between the owner of an ordinary small business (businessperson) and the entrepreneur.
Small Business refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship.
It is owned by one person with a limited workforce of not more than 20 persons.
This term also includes the small and medium enterprises that have been strongly promoted by both government and non-governmental organizations in their desire to improve the lives of the Filipino people through entrepreneurship.
Ordinary Small Business pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship.
Many Filipino families resort to opening ordinary small businesses since it is the easiest and most practical way to augment their income. A small amount of money can be used to start up a simple sari-sari store business or a small stall or pushcart in which food and other stuff can be sold in quantities.