Development of Entrepreneurship in the Philippines
Entrepreneurship in Philippine: Setting
History of Entrepreneurship in the Philippines Entrepreneurship, in general, started during the dawn of civilization, when one artisan trades one of his crafts for another item during the age of barter system or trades his craft for gold coins when coinage replaced the barter system. This system went unchanged up until the Middle Ages, when banking was considered another form of entrepreneurship, wherein bankers would lend kings and clergymen funds for their projects.
Definition of an Entrepreneur
But the term entrepreneur became first used during the 16th century, denoting that an entrepreneur is a person who undertakes a business venture. The term was refined during the 17th and 18th centuries when the industrial revolution was gaining speed in developed countries and in their colonies. Even in the Philippines, then a colony of Spain, the business atmosphere is taking shape. With the Manila-Acapulco trade system, many businessmen were becoming successful. But mainly it was a one-sided affair, wherein only Filipinos of Spanish descent can have opportunities.
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Background of Entrepreneurship in the Philippines
San Miguel Brewery can trace back its history to Spanish-Filipino entrepreneurs Enrico Barretto and Pablo Roxas who were granted royal grants by Spain. Bank of the Philippine Islands and Meralco can also be traced back to its start as royal grants by Spain. That changed during the American occupation. Americans were espousing many freedoms, including free enterprise. During the pre-war years, many companies, mainly with American help, came into fruition. Companies like PLDT, Globe Telecom, Squires Bingham & Co. and the franchising of Coca-Cola helped many entrepreneurs and also helped the shaping-up of the economy during those times. Even during times of war and the Japanese occupation, many entrepreneurs risked their investments just to make money and make their lives comparatively secure. Examples of these are theatre and music club owners and restaurateurs, who previously tended to Americans, came to serve Japanese officers and diplomats. Philippine Airlines was started before the attack on the Philippines by the Japanese, and San Miguel brewery continued making beverages even though the war is in full swing.
Entrepreneur People in the Philippines and Their Companies
Entrepreneurship in the Philippines greatly diversified after the war and during the times of Martial Law. Companies like ABS-CBN, Petron, GMA Network, Metrobank, Max’s, FPIC, ICTSI, Jollibee, SM Prime and JG Summit Holdings were founded either after the war or during the Marcos presidency and helped not only the economy of the country, but also helped reconstruct the infrastructure of the country and helped it rise up to competitive status globally. Even in the present condition in the country’s economy, many entrepreneurs still strive and risk just helping not only themselves, but others as well.
One good example would be Joey Conception’s GoNegosyo and other social entrepreneurship efforts. Many see profit from the age of electronics. IP E-Games and Level-Up were companies who saw the potential in the internet and gaming industry, and industry that is quickly gaining ground in the country. The companies mentioned in this paper are mainly now corporate giants, who have been know throughout the country, but in the world of entrepreneurship, the small-fry and unnamed in this paper are the ones who are shaping the economy.
The Philippines is an entrepreneurial country. According to recent statistics, small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. According to the Department of Trade and Industry, SME’s currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic sales volume.
Philippines’ Entrepreneurship: Conclusion
If this is true, then entrepreneurship is the key to the success of the economy of the country, and that people should try to risk and venture into business in order to not only help themselves, but also others and the whole country as well. These small enterprises are the bricks that build our economy.