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Republic of the Philippines Central Luzon State University College of Agriculture Department of Agricultural Management What Distinguishes Entrepreneurs from Businessmen? Filipinos as Entrepreneur Submitted in partial fulfillment of the requirements in AGBUS 1100 - Introduction to Agribusiness 1 st^ Semester SY 2023- Submitted by: GLORYTHEA CASSANDRA A. GERONIMO BSAb 1-
What Distinguishes Entrepreneurs from Businessmen? An entrepreneur is someone who started his or her own firm. Entrepreneurs establish a company to generate goods or services for profit. They are frequently referred to as “risk takers” because they start their firm without knowing whether or not it will be successful. Entrepreneurs start businesses to make their ideas a reality. We sometimes conflate businessmen with entrepreneurs, but both terms allude to a distinct individual approach to business. According to the former Asian Institute of Management Professor Quintin G. Tan, there is a strong motivation to succeed among entrepreneurs because people always depend on them, so they cannot afford to fail. As stated above, entrepreneurs are called “risk takers” because they create firms and produce new products to offer to their target market. They hold the biggest responsibility— to save their business at all costs. If their business is about to close or about to go bankrupt, he or she has to do something. Tan says that entrepreneurs are creative and have strong interpersonal abilities. Being creative leads to the development of fresh and innovative commercial practices. Exploring new niches and coming up with fresh ideas leads to efficiency, which finally offers an entrepreneur a competitive advantage. Successful communication and interpersonal skills are required for entrepreneurs to start and expand their businesses. Entrepreneurs must be able to clearly and compellingly convey their vision and goals to team members, investors, and customers.
Businessmen favor safer investments with bigger potential returns, such as stocks or real estate. They are more restrained than entrepreneurs in their approach to company because they are not interested in taking chances or accepting responsibility for failure when things go wrong—they want something that ensures them a consistent income. A businessman has the advantage of knowing how to make money. They understand how to profit from his service, and he understands how to keep his business going efficiently. Investing in various firms and getting advice from specialists about your investments is easier as a business owner than as an entrepreneur—the possibility for higher returns on investment, which will allow you to make more money. To sum it up, entrepreneurs are the market leaders while businessmen are the market players.
Filipinos as Entrepreneur Four out of every five Filipinos would prefer to operate their own business if they could, citing a variety of advantages such as the ability to manage one’s time. According to a study accomplished by OCTA Research for Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship, 78 percent of respondents want to be entrepreneurs. The poll, which was conducted in March among 1,200 Filipinos aged 18 and up from all socioeconomic backgrounds, also revealed that 31 percent of them desire to be able to manage their own time and schedule, with this becoming the top motivation for going into entrepreneurship. Having no boss to report to or get along with was given as a top reason for wanting to start their own firm by 30% of respondents. Others included boundless profit potential (16%), the necessity for daily money (12%), and the desire to work or earn elsewhere (11%). According to the Global Entrepreneurship Monitor (GEM) 2013 report, Filipinos view entrepreneurship “as a reliable means to improve one’s economic and social standing.” The report also stated that the country’s large population, high educational attainment, and growing domestic consumption expenditure motivate the population to engage in entrepreneurial activities.
proportion among Asia Pacific and South Asian countries. “More than half [ percent] believe they have the capabilities and skills needed to start a business.” “In terms of the ability to start a business, Filipinos rank highest in the region,” according to the survey. REFERENCES: Vasquez C. (2022). Differences Between Entrepreneur and Businessman Quimpo-Espino M. (1999) What Makes an Entrepreneur Different? Monzon M. (2023). 78% of Pinoys Prefer to be Entrepreneurs Reyes R.R. (2015). Filipinos View Entrepreneurship Positively
