CONCEPT, IMPACT, and SUPPORT for ENTREPRENEURSHIP

DEVELOPMENT

CINDY ALMODOVAR SUMAO-Ireporter

ENTREPRENEURSHIP= is the act of being an entrepreneur,

which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".

= the pursuit of opportunity without regard to resources currently controlled.

• Entrepreneurial activities are substantially different depending on the type of organization that is being started.

• Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities.

• Many "high-profile" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business.

SOCIAL and ECONOMIC IMPACT of ENTREPRENEURSHIP

• Entrepreneurship creates employment.

• Entrepreneurship improves the quality of life.

• Entrepreneurship contributes to more equitable contribution of income and therefore eases social unrest.

• Entrepreneurship utilizes and mobilizes resources to make the country productive.

• Entrepreneurship brings social benefits through the government.

Role of Government in Entrepreneurship

Governments should create different types of support institutions:1. To provide information on regulations, standards, taxation, customs duties, marketing issues;

2. ) To advise on business planning, marketing and accountancy, quality control and assurance;

3. ) To create incubator units providing the space and infrastructure for business beginners and innovative companies, and helping them to solve technological problems, and to search for know-how and promote innovation;

4. To help in looking for partners. In order to stimulate entrepreneurship and improve the business environment for small enterprises.

ASSISTANCE PROGRAMS TO SME’s

Development and management of industrial estates.

Suspension/deferment of Sales Tax

Power subsidies

Capital investment subsidies for new units set up in a particular

district.

Seed Capital/Margin Money Assistance Scheme

Priority in allotment of power connection, water connection.

Consultancy and technical support

Sen. MANNY VILLAR

25TH PRESIDENT OF THE SENATE OF THE PHILIPPINES

Manuel Bamba Villar, Jr. was born on December 13, 1949 in Tondo, an impoverished and densely populated district of Manila.He was the second-born of the nine children of his parents in a poor family.His father, Manuel "Maning" Montalban Villar, Sr., was a government employee from Cabatuan, Iloilo who worked as an inspector for the Bureau of Fisheries. His mother, Curita "Curing" Bamba, was a seafood vendor from a poor family in Orani, Bataan.The family lived in a small rented apartment in a run down slum area.Villar's father was eventually granted a year-long scholarship for higher education in the United States, which lead to a job promotion to a director position in the Department of Agriculture and Natural Resources upon his return.Due to cramped conditions in Tondo, Villar's father obtained a P16,000 loan from the Government Service Insurance System, payable in 20 to 25 years, to build a home in San Rafael Village, Navotas.

As a child, Villar initially attended Isabelo delos Reyes Elementary School, a nearby public school in Tondo. He also assisted his mother in selling shrimp and fish at the Divisoria Public Market, as early as age six, in order to help earn the money to support his siblings and himself to school. However, accompanying his mother interfered with his education and he was forced to drop out from school during Grade 1.He was then enrolled at Tondo Parochial School (later renamed Holy Child Catholic School), a private school in Tondo run by priests, to complete his elementary education.

Villar finished his high school education at the Mapúa Institute of Technology in Intramuros. He attended the University of the Philippines - Diliman and earned his bachelor's degree in business administration in 1970. He returned to the same school to earn his master's degree in business administration in 1973. He later characterized himself as being impatient with formal schooling, and eager to start working and go into business.

Business careerAfter obtaining his bachelor's degree, Villar began his professional career working as an accountant for Sycip, Gorres, Velayo & Co. (SGV & Co), the country's largest accounting firm. He resigned from SGV & Co. to start his first business, delivering seafood in Makati.However, when his largest customer was unable to pay him, he negotiated a debt restructuring of sorts, selling discounted meal tickets to office workers in exchange for receivables.He then worked briefly as a financial analyst for the Private Development Corporation of the Philippines, where his job was to sell World Bank loans. Wanting to start a business of his own again, he quit his job and availed of one of the loans, which offered attractive rates.

In 1975, with an initial capital of P10,000, Villar purchased two reconditioned trucks and started a business delivering sand and gravel for construction companies in Las Piñas.[4][7] This eventually segued into building houses, as Villar took out a seven-year loan from a rural bank offering low interest rates, and began what would become the country's largest home building company, with an emphasis on low-priced mass housing.A notable innovation of Villar's companies was to sell house and lot packages, when the common practice at the time was to sell lots for future homeonwers to build upon. He initiated mass housing projects through economies of scale, utilizing the cost advantages of developing a large scale project in order to bring down housing prices.The number of homes built by Villar's companies totaled to over 200,000 units.

In July 1995, Villar's flagship property, C&P Homes, was listed on the Philippine Stock Exchange and grew by more than a third in one day, ballooning Villar's 80% stake in the company to $1.5 billion. Villar had concentrated on low-cost housings which were bought by the home buyers themselves, giving opportunities for the low and middle income Filipino families to acquire homes. He also wanted to set an example to Filipino entrepreneurs that what they set their mind on can be achieved.

Vista Land and Lifescapes, Inc. , a family owned business of Villar , is also listed in the privately owned Philippine Stock Exchange. Their shares of stocks were bought primarily by foreign funds which had given the government, as well as the PSE, good revenues.

Villar has received several awards for his achievements during his profesional and business career, including being one of the Ten Outstanding Young Men in 1986, the Agora Award for Marketing Management in 1989, Most Outstanding CPA by the Institute of Certified Public Accountants in 1990, and Most Outstanding UP Alumnus in 1991. In 2004, he was named the Most Distinguished Alumnus, the highest recognition given by the University of the Philippines Alumni Association.

As of 2011, Forbes magazine ranks him as the 17th wealthiest person in the Philippines, with his net worth of US$620 million or ₱ 26.95 billion (43.47 exchange rate).

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