why entrepreneurs are important

Why Filipino Entrepreneurs are Important for the Economy

In a country where the average person earns around $290 a month, it’s no wonder why many people are struggling to get by. This is why Filipino entrepreneurs are so crucial to the Philippine economy. They provide jobs, help grow businesses, and create products and services that improve people’s lives. Here are five reasons why Filipino entrepreneurs are essential for the Philippine economy:

Importance of Filipino Entrepreneurs

  • They Provide Jobs
  • They Help Grow Business
  • They Create Products and Services
  • They Generate Tax Revenue
  • They Help Create a More Competitive Economy

They Provide Jobs

They provide jobs. Filipino entrepreneurs create jobs not just for themselves but also for other Filipinos. In fact, according to DTI 2020 MSME Statistics, small and medium enterprises account for 62.66% of all jobs in the Philippines. This means that without entrepreneurs, many Filipinos would be unemployed.

They Help Grow Businesses

They help to grow businesses. By starting and scaling their businesses, entrepreneurs help contribute to the Philippine economy’s growth. 2016, for example, small and medium enterprises contributed around PHP610 billion to the country’s gross domestic product.

They Create Products and Services

They create products and services that improve people’s lives. Entrepreneurs always develop new products and services that make life easier and better for people. From food delivery apps to online shopping platforms, entrepreneurs are constantly finding new ways to improve the lives of Filipinos.

They Generate Tax Revenue

They generate tax revenue. When businesses are successful, they generate tax revenue for the government. This is important because it helps to fund public services like education and healthcare.

They Help Create a More Competitive Economy

They help to create a more competitive economy. By starting businesses, entrepreneurs help to make the Philippine economy more competitive. This is important because it attracts foreign investors and helps to improve the country’s overall economic standing.

Summary

The five points above show why Filipino entrepreneurs are essential for the Philippine economy. They provide jobs, help businesses grow, generate tax revenue, create products and services that improve people’s lives, and help to make the economy more competitive. If you’re considering starting a business in the Philippines, know that you would be essential to the country’s economic development. Thanks for reading! I hope this article was helpful.

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FAQ

Why entrepreneurs are important to our economy?

Entrepreneurs play a vital role in our economy by creating new businesses and jobs. They help drive innovation and economic growth and are essential to a thriving society.
There are many reasons why entrepreneurs are essential to our economy. One of the most important is that they create new businesses. This is critically important for economic growth, as it helps to increase competition, spur innovation, and ultimately lead to higher productivity and living standards.

How does an entrepreneur help the society?

An entrepreneur helps society by creating jobs and economic opportunities. They also help bring new products and services to the market, which can improve everyone’s quality of life. Additionally, entrepreneurs often take an innovative and creative approach to problem-solving, which can lead to new solutions for longstanding social issues. Ultimately, entrepreneurs play a vital role in driving progress and prosperity for all.

How can entrepreneurship help you in the future?

There are many ways in which entrepreneurship can help you in the future. Starting your own business can allow you to be your boss, set your hours, and control your destiny. As an entrepreneur, you will also learn valuable skills such as problem-solving, marketing, and financial management. These skills will help you run your own business and can be transferred to other areas of your life.

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