Entrepreneurship is defined as the ability and the interestto manage, develop and organize a new profitable and rewarding business idea bya person called an entrepreneur whose skills features innovation, motivationand more essentially risk-taking due to the high risk of creating something newsuch as, starting a new business, designing and innovating product or offeringa new service.Over the years, there has been confusions on the differencesbetween entrepreneur and business owner. Entrepreneurship largely involvesputting up a business and assuming all risks. This characteristics makesentrepreneurs similar to business owners. But in addition, entrepreneurs aremore like innovators.
JosephSchumpeter, one of the economist, wrote in his book, “The Theory ofEconomic Development”, through which he defines, ‘An entrepreneur as aperson who applies innovation as well as implements change in the economy’. Hence,it is not just the business alonethat benefits from the innovation applied by the entrepreneurs. Entrepreneurshipproduces financial gain and keeps the economy sustainable and resilient, whichgives rise to the importance of innovation in entrepreneurship. Entrepreneurs helpthe country by changing with the times and producing new products and servicefrom ones that already exists.Anentrepreneur can be defined as, “A person who assembles and thenintegrates all the resources needed to transform the invention into a viablebusiness.
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” (Barringer and Ireland, 2008, p. 5). Entrepreneurs andbusinesses began with a need. Theysaw the need within the community and among themselves that they have come upwith a solution.
So, they seize the opportunity to innovate to make the livesmore comfortable. And these solutions kept evolving to make it better, easierand more useful transforming every inventions to a sustainable corporate world.Accordingto the Organization for Economic Cooperation and Development, “An entrepreneuris someone who creates and exchanges value through identification andemployment of changes in resources, opportunities and/or innovation”.(OECD, 2007) With the current demands and fast-changing economy due totechnology and other latest discoveries, changes in resources, opportunitiesand/or innovation arises making individuals cope up with these trendsregardless of the circumstances that would put their wallets at stake. Thus, makingentrepreneurs come up with something better than what they have producedthrough determining these changes maintaining the balance of the economy.As markets grew, entrepreneurship would lead to innovation,which would lead to an increasing division of labor and increased productivity.
The population of the Philippines has been steadily growing for many years. According tothe latest UN estimates, the 2018 population of the Philippines is 106.51million. So with the increasing population, came the need for choosing a careerpath and obtaining a job to become well-settled.
Due to lack of goodjobs and the increase in the numbers of unworthy jobs moreand more people wanted to opt for a career path that was independent. In thequest for having a stable job and a career, the majority of the people startedto take maximum risks by starting their own small businesses in order to gainmaximum benefits.The researchers aim to determine the perceptions ofFidelis ABM students on entrepreneurship as future career that will help themdetermine if there are Fidelis ABM students who can be of use in the economicgrowth of their country. In addition, they also want to know the perceivedmotivations of the students on considering entrepreneurship as their futurecareer and the positive attitudes that an entrepreneur must possess beforeengaging into business.