The term entrepreneur which most people recognize means a some who organized and assume the risk of a business in return the profits.
Richard Cantillon
Distinguished between risk, which is insurable and uncertainty which is not
Frank H. Knight
Entrepreneurship is about taking risk
Knight and peter drucker
Measurable statistically
Risk
Hard to measure statistically
Ambiguity
Impossible to estimate or predict statistically
True uncertainty
3 types of uncertainty
Risk
Ambiguity
True uncertainty
Took a different approach emphasizing the role of innovation. Someone who carries out “ new combination”
Joseph A. Schumpeter
The essence of this low level activity. They hope to make profit by buying cheap and selling deer.
Friedrich A. Hayek and Israel M. Kirzner
MSMED
Micro small and medium Enterprises development
An act to promote entrepreneurship by threatening development in assistant program
Republic act no. 9501
Recognizing that msme have the potential for more employment generation and economic growth therefore can help provide a self-sufficient industrial foundation for the country
Section 2 declaration of policy
Msme shall be defined as any business activity or enterprise engage in industry
Section 3 msme as beneficiaries
This act shall be known as the magna carta for micro small and medium enterprises
Section 1 title
Barangay micro business enterprises act of 2002
Republic act 9178
Economic development by encouraging the formation and growth of barangay microbusiness enterprises
Sections 2 declaration of policy
Refers to any business entity or enterprises engage on production processing or manufacturing of products or commodities including agro processing trading and service
Section 3 definition of terms
