Universitas Islam Malang Conference, Economics, Business, Entrepreneurship & Social Sciences International Conference 2022

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Ruffa Mae Mary A. Del Rosario, Denny Candra Kirana, Ghina Kholidayanti

Last modified: 2023-07-13


The Philippines is a highly entrepreneurial country. The main reason that drives its entrepreneurial spirit is its poverty. Small and medium-sized enterprises (SMEs) account for the largest share of Philippine entrepreneurs. SMEs, including micro-enterprises, account for 99 percent of all business establishments’ unemployment of the exporting firms in the Philippines. SMEs currently employs about 55 percent of the Philippine labor force and contribute 30 percent to total domestic volume sales. Therefore, a viable solution to these challenges today is promoting Entrepreneurship and giving Filipinos the proper knowledge and tools to start their businesses. What better age to start planting the seeds of entrepreneurial knowledge and skills than among the youth? One is never too young to be an Entrepreneur. Developing an innovative and entrepreneurial culture is crucial to the Philippines' developed state future. Entrepreneurship directly leads to more business, more job opportunities, and better quality of life.

Women hold significant leadership positions in national and local government, universities, business corporations, and family business enterprises in the Philippines. Starting and running a business can be a real option for young people, offering an alternative means of achieving financial and personal independence. There is 24 million youth in the Philippines today and counting. Of these 24 million, 39% or 9. 36M are part of the labor force, while 40% or 9. 6M are living below the poverty line. Encouraging young people to consider business ownership a viable option is becoming increasingly important, given the current trend toward globalization. Supporting youth entrepreneurship can benefit both the Filipino Youth and the economy.