BARRIENTOS, JAVIE C.. THE IMPORTANCE OF ENTREPRENEURSHIP

1. Entrepreneurship or Employment?
Entrepreneurship and employment are two different career
paths that a person can
choose depending on his or her personal aspirations and work
characteristics. It is really up
to the person at the end of the day on what career trail he or
she will follow, considering all
compelling career factors that are important to him or her.
Table 1.1 shows a comprehensive
list of the perks and the downsides of being an entrepreneur as
compared to being employed.

2. 1. Income
• Income generated
passively even
when the entrepreneur is
resting
• Opportunity income
unlimited,
depending on the
success of the
business
• Income only earned
when the
business is successful
• Income generated
actively
(i.e., on working hours
only): no work = no pay
• Income usually fixed
per
month and increases
every
year depending on the
employer and the
employee's
performance
• Income earned whether
the
business is Successful
Important
career
Factors
Entrepreneur Employee

3. 2. Hiring and firing
organizations set
up and major key
result areas
• Provides jobs:; is the owner
of the business and conducts
the talent Selection
• Fully responsible for serving
customers, making the
business
profitable/sustainable, and
providing employee
satisfaction. has the power to
disengage nonperforming
employees applying the due
process policy of
disengaging personnel can
venture into expansion of
business such as franchising
and
buying other similar
businesses
• seeks for a job; is the one
applying for a job and is
interviewed by the company's
hiring officers
• Has the goal of satisfying
only the employer or the
direct supervisor
• Fully dependent on the
employer's performance; is
at risk of losing his or her
job if the company does
not perform well; may find
it difficult to just leave their
below par employer if this is
their only source of income
Can only work for the current
employer exclusively

4. 3. Daily task
• performs all necessary
variable tasks to
establish and manage a
startup business, which
usually takes most of the
entrepreneur's time:
spend more hours on
work than a regular
employee and
sometimes gets no sleep
• Prepares policies,
procedures, and
memoranda for the
business
• Has routine tasks and
works
on regular or normal
hours
• Follows policies,
procedures,
and memoranda from
the
employer

5. BUSINESS
BUSINESS
5. Leisure time
and vacation
Has a flexible
schedule and can
take
unlimited number of
vacation days
(applicable only if the
business has
stabilized already)
eurship
• Has a limited
number of vacation
days imposed by the
employer

6. 5. Taxation
s
Taxed on the gross
income,
cannot use expenses
incurred related to the
job such as food and
transportation expenses
to
claim for deductions
from
taxable income

7. 6. Comfort level at
work
• Is comfortable in
doing multiple
and challenging
tasks and takes
accountability with
the risks and
profits of the
business; does not
want to be confined
in a box; thinks
outside the box or
sometimes thinks
there is no box
May be comfortable
with
routines and minimal
risks;
may also be
comfortable in
working for the
company itself

8. BUSINESS
BUSINESS
BUSINESS
Here is a list of the most common
small businesses in the
Philippines

9. .1. Sari-sari store. There are approximately more than one
million sari-sari stores
the Philippines. Situated in almost all neighborhoods, these
convenience stores
provide affordable basic retail products to nearby communities. A
sari-sari store
is one of the easiest businesses to set up due to the minimal
capital required and
because it can be managed at home, where the business

10. 2. Rice retailing.
Beecause rice is the staple food of Filipinos and
other Asian countries, rice retailing business is
very common in the country. According to the
infographic presented by Ruppler (2012),
Filipinos spend 20% or 20 centavos per every
peso for rice. An average Filipino consumed an
average of 92 kilograms (kg) of rice from the
1980s to |990s, 11| kg from 2008 to 2009, and ||9
kg from 2009 to 2010.

11. 3. Food cart business
This business is also very popular in the Philippines. The
numberof food cart businesses is not as big as the number of' sari-sari
stores, but food carts are present in almost every populous location. They
are usually located inside or outside the malls, schools, parks, train
stations, and offices. Popular food items sold in food carts are dumplings
(siomai), boiled fertilized duck eggs and
quail eggs deep fried in batter (tokneneng and kwek kwek), fish balls and
squid balls, burgers, fried noodles, shavarma, hotdogs, sandwiches,
pizza, donuts, and pastries. Popular beverages sold by food carts are
sago gulaman (tapioca pcarls and jelly), soft drinks, mineral water, milk
tea, coconut juice, and other juices.
Food cart businesses are usually under franchising arrangements.

12. 4. Printing business. This business is also lucrative in the
Philippines because the
demand is very high. Usually situated near schools and offices,
printing businesses
cater to the needs ofstudents for their projects and also to
ofices for their advertising
and business requirements (tlyers, billboards, magazines,
newspapers, journals,
and calendars). Printing businesses also cater to the printing
demands of occasions
such as weddings, anniversaries, birthdays, funerals, and
graduations.

13. 5. Buy-and-sell business.
This business is one of the emerging businesses in the
Philippines, and it is not just done traditionally in brick-and-
mortar stores but also over the Internet. The influx of buy-
and-sell Web sites has changed the behavior of how
Filipinos exchange goods in the most efhcient and
practical way. Everyone Can technically be a seller even
without an actual business.

14. 6. Street food business.
Just like the food cart business, this kind of business is
widespread in the Philippines. Street food businesses are
literally located in streets, selling almost the same food
products being sold by the food cart business. Majority of the
street food business owners are selling grilled food items such
as barbecue. Some unusually popular street foods are isaw
(chicken intestines), betamax (chicken blood), and adidas
(chicken feet). The famous balut (developing
duck embryo) is also sold in the streets. These street food
businesses have been successful and are timeless.

15. 7. Flea market business or tiangge.
In this type of business, entrepreneurs set up a
small space and sell any type of goods in a palengke setup
that is normally in an
open space. Customers are more interested to buy from
these flea markets because
they can bargain for the price. Products being sold range
from clothes, to food
items, to souvenirs, and to household effects.

16. 8. Online selling business.
This business deals with adding the Internet as a
marketing and transaction channel for selling. This is
very similar with the buy-and-sell business except that
the focus is on selling existing and established
products
online. The Internet has revolutionized the way
Filipinos transact business.

17. 9. Cellphone loading business.
More than 95% of Filipinos are prepaid n mobile phone
users, according to an article published by the Philippine
Daily Inquirer (2012). Moreover, 80% of Filipino households
have access to mobile phones. This is the reason why
there are so many cellphone loading stations in the country.
Some enterpreneurs link the cellphone loading business to
their eXiSting businesses at the sari-sari store, food cart, or
online business.

18. 10. Laundry and dry cleaning business.
This type of business is often located . ce ntral business
districts and areas with several condominiums and townhouses
furthermore, these business establishments also have a
signihcant presence near
schools, dormitories, and apartments. One thing common about
the residents of these places is that they do not have enough
time to wash and dry their clothes and just give the job to the
laundry and dry cleaning business.

19. 11. Hair styling and makeup business.
One of the successful businesses in the Philippines is the
hairstyling business, which includes parlors and barber
shops.
Aside from the core service of giving haircuts, this business
also offers auxiliary services such as hair treatments (perm,
straightening, highlighting), massage, and nail styling.
Filipinos are generally conscious about proper grooming and
hygiene, so that's why this business is profitable.

20. 12. Spa gym, and nail care business.
Related to the hair styling and makeup business
is the spa, gym, and nail care business. One of the ways
Filipinos cope with stress is by going to a spa. This business
offers a range of massage treatments that can relax the
stressed areas of the body, as well as other skin treatments
such as facials and body scrubs. Filipinos now also go the
gym because more Filipinos are becoming
health-conscious. Nail care is very much enjoyed by Filipino
women who avail of a manicure, a pedicure, or both. Filipino
men are also focusing into their overall

21. 14. Tutorial business.
This business caters to students who are not able
to catch up with their lessons, or those who just
want to be ahead in class. A tutorial business
composed of experts in a particular field who
transfer their knowledge to anothe for a fee. In the
Philippines, the tutorial business has become an
important aid in reinforcing and enriching the
students' basic education knowledge.

22. 15. Baking business.
A lot of bakeries are present in almost all
neighborhoods in the Philippines because bread
is the second staple food of Filipinos. Pan de sal
is the most common bread being offered by this
business

23. 16. Web site development and design/blogging.
The popularity of the Internet brought
so many opportunities to Internet-savvy budding entrepreneurs. In this
business, the
Web site developer conceptualizes and implements a Web site for
another businesswhose objective is to inform, persuade, and remind its
customers. Blogging,
although initially made as a site to write your personal thoughts, has
become a
Source of income by most online writers, depending on the writer's
agenda.

24. 17. Direct selling business.
This business is also very common in the Philippines. It is a face-
to-face selling of products bya sales agent. The products include
fashion
accessories, health and wellness items, clothing, food
supplements, and homecare items.
18. Car wash and car care business.
You often see this business in large cities because
of the proliferation of cars. In fact, the demand for car care
increases every year.

25. 19. Bar café, and restaurant.
The number of foodies (food enthusiasts) has
increased because the Filipino palate became
globalized. Filipino consumers' demand for
variety and quality taste has evolved as well; thus,
these businesses are continuously thriving.

26. 20. Water station and LPG (liquified
petroleum gas) station.
These businesses can
never go wrong as they continuously serve
households, supplying them with their purified water
and gas needs. The products that they sell are used
for daily consumption, which is why a lot of these are
found in almost every corner in the
Philippines, especially in the urban areas.