Entrepreneurship Review PDF

TH2003 Review of Entrepreneurship Concept Entrepreneurship matters in our economy. Its wide growth and continuous existence make a relevant contribution to different industries. According to Global Entrepreneurship Monitor, a research project that annually reports the national entrepreneurial activ...

TH2003 Review of Entrepreneurship Concept Entrepreneurship matters in our economy. Its wide growth and continuous existence make a relevant contribution to different industries. According to Global Entrepreneurship Monitor, a research project that annually reports the national entrepreneurial activity of different countries, the desire to pursue entrepreneurial careers is equally distributed worldwide. In the year 2013, for the United States, the adult population starts to build businesses in the past three-and-a-half years, and around 2,000 colleges and universities offered entrepreneurial courses. In the Philippines, entrepreneurship started ever since trading happened, though it is not culturally cultivated because the normal family setting lets a child pursue his education and find a job later. Yet, the Association of Southeast Asian Nations' economy highlighted that it stood as second place in the basic education in terms of entrepreneurship training. The main desire of building entrepreneurship is to give people the ability to create products and services to make a living at its most comfortable. And it is observable that a lot of people see this as an appealing career. One way or another, everyone can have a desire to become an entrepreneur (Barringer & Ireland, 2019). Making life easy and comfortable by creating businesses that will produce products and services is the main reason why people are into business and why there is a lot that sees this as a great career to choose. Entrepreneurship is an innovative way of taking every opportunity by being accountable for today's resources to fulfill future needs and wants. Let us say, those people who make gadgets or produces new technological items as they see the need for easy communication, or the need for a product to do quick kind of work such as cellular phones, laptops, and tablets. They make the most out of what is available to make or produce something that will support a person or community's needs and wants. Entrepreneurship is also defined as creating something new with value by giving time and effort by supporting it with financial, psychic, and social risks. In return, this will give an entrepreneur earnings with personal satisfaction and independence. (Hisrich and Peters, n.d.). This means that entrepreneurship is a large act of risk to make something beneficial and valuable, including money, giving the producer and consumer a sense of independence and fulfillment. Introduction to Tourism and Hospitality Entrepreneurship Entrepreneurs introduced the concept of tourism businesses. Some entrepreneurs may not be aware that what they are to offer is part of a tourism-related business. Understanding tourism and hospitality entrepreneurship will help us analyze why entrepreneurship plays a vital role in transforming the supply of leisure and recreational opportunities for both. Tourism entrepreneurship is a pursuit of growing wealth, employment, and social good by professionally applying knowledge, skills, and competencies. This is through monetizing tourism-related new ideas set by an individual or a group of people by establishing a new enterprise, or by cultivating development from an existing one. (Sinha, n.d.) This is building or managing businesses related to tourism. Let's say a starting entrepreneur desires to have his own travel agency. He'll apply all his knowledge, skills, and competencies to establish it. Another example is if a long-time businessman desires to be more known or wants to reach a larger market, he will create related products and produce relevant services that apply and can be developed from what is already built. Hospitality entrepreneurship, on the other hand, is about doing businesses that are relevant to the hospitality industry, such as lodges or accommodation-related businesses and restaurants reaching the wide-variety of the market, either domestic or international, enough to help in the growth of the national economy. 01 Handout 1 *Property of STI  [email protected] Page 1 of 5  TH2003 These two (2) play a vital role in producing more than just services and products that will elevate people's ways of living. They are around to mold people's knowledge and skill enough for them to think of the best venture to create that will make a good lift to the industry and economy. People and nation-building are the heart of building entrepreneurship. Note, however, that tourism and hospitality businesses are interconnected. This means that the tourism business will flourish with the help of hospitality-related services. That being the case, it is important to note that entrepreneurship is about setting up a business or businesses taking on financial risks in the hope of profit. Classifying Tourism Businesses The types of tourism businesses vary depending on the length of stay, mode of transportation used, distance traveled, the purpose of the trip, and the price paid by the tourist. Moreover, different tourism businesses are existing because of the following criteria. (Nonsiej & Shimray, 2017) The Conditions of the Primary Region and Destination Domestic tourism business - Domestic tourism is the type of tourism where people travel or do a business within their country of origin. (Stainton, 2020). With this, it can be noted that a domestic tourism business is a business that is existing or being developed to give people products or services that will make their stay comfortable while generating profit from it without the need to go outside the country. In essence, it focuses on building business within the country of premises. International tourism business - Defined by the United Nations World Tourism Organization (UNWTO), international tourism includes the movement of inbound and outbound tourism, which involves residents or visitors' activities outside the country of reference. The international tourism business is the type of business that crosses the country or national boundaries. An example of this is Air Asia Berhad, an airline company based in Malaysia but extends its market range by having a hub here in the Philippines. These businesses are distance-focused, meaning the business' existence varies on how limited or broad a particular entrepreneur visioned to plant the seed of his idea, how far he is willing to reach and meet the need to develop something that will make this living easier and more convenient. Temporal Standard ‘Tourism for very extensive period’ business - These are the businesses that extend over a year and operate even out of season. They are usually the type that adapts to production while being accountable for government policies and social changes. These are the businesses that are established and will keep operating despite the season. Unlike resorts that are getting much attention only during the summer season, hotels and restaurants are some of the businesses that were built to last if it can adapt to the changing demands of the market. 01 Handout 1 *Property of STI  [email protected] Page 2 of 5  TH2003 Tourism of long period business - These are the businesses that make every production manageable. It usually tries adapting to changes with its market, prices, technology, and productions. They can go or deny the expansion or reduction of the production of their services (Grant, 2019). These are the businesses that are established to withstand a timeframe set upon planning. It can continue its production or stop depending on how it performs and appeals in the market. Some examples of this type are the theme parks and museums. Tourism of compact period business - There are seasonal fluctuations in demand that are happening in every industry. Fluctuation impacts the existence of a business. Seasonal fluctuation is just a short period change in demand that affects businesses (Basu, n.d.). Just see the resorts and beaches that boost their sales during the summer and Christmas shops that extend their operating hours for late shoppers. Entrepreneurship is a deep sense of willingness to know what type of business a person is into. It is diving into the reality that seasons change, and it will surely affect whatever a businessman will put up to. It is important that before beginning everything, one is certain of what he is building — what season it can withstand and how capable it is to be still even out of its season. Age and Occupation Standard Youth and grown-up’s tourism business - The market of youth tourism is growing over time, which increases the interest to develop further studies as to why this is happening. Entrepreneurs believe that studying the action of the market will impact the development of socio-cultural, economic, and environmental aspects. Thus, leading to the development of businesses that will help meet these changes. (Blomgren & Ljungstorm, 2018) Studying the action of the market — for instance, the youth and grown-ups', implies that whatever their movements are or demands can be used to analyze the ventures to produce or to develop the need in a business to maintain or increase the said interest. Some of the emerging tourism businesses that can be categorized under this are the travel agencies offering packaged tours specially designed for barkada groups that come with specific activities they are into, such as Netflix and PS4 within the booked accommodation. Other businesses linked to this are those food establishments that offer themes or interior designs and even picture-worthy food. Specific for adult group tourism business - Leisure and tourism activities are the relevant combinations of the elderly's discretionary time. (Zhang, 2018). This means that this type of tourism business, mainly for the adult group, focuses on ventures that cater to leisure and tourism activities. Travel agencies can cater to this as they arrange packages with tours that include visitation of museums or heritage or places that don't need much effort to walk or do extraneous activities. Adult group tourism businesses are around as it is believed that vacation travel improved elders' quality of life intimacy. (Lee & Tideswell, n.d.). As they can't do much at this point in life, adult tourists spend their money and energy going places to ease boredom and keep their spirit kicking. 01 Handout 1 *Property of STI  [email protected] Page 3 of 5  TH2003 As people love to go places, and businesses must capture all ages, an entrepreneur needs to be familiar with different kinds of business they can and will offer depending on the distance, season, or age brackets of the market. Note that this is also applicable to the hospitality sector. As the two (2) are interrelated, details can also be applied for one who wants to venture into business. Entrepreneurial Mindset and Behavior The pursuit of becoming someone requires a series of characteristics and character development. Entrepreneurship is not a one-time big-time kind of thing, and being an entrepreneur is not just a profession. There are four (4) major characteristics a successful entrepreneur must possess. (Barringer & Ireland, 2019): Passion for the business - Successful entrepreneurs have a passion for the business. They are motivated and dedicated to making a difference by thinking of the best way to produce something that will help the people and the community they belong to. Passion starts with a desire to produce something beneficial and eventually putting it into action. This is an important characteristic as people who are just starting for business can easily give up because of unforeseen situations, but passionate people keep on pushing despite failures. Product/Consumer focus - This is a relevant characteristic as this will help the entrepreneur know what products or services to produce to meet consumer needs. This highlights the entrepreneur's ability to analyze the community's need to give them the best product or service enough to make living easier and convenient. The start and development of Royal Caribbean is a story of how they care for their consumer. They begin with the mere purpose to set a high standard image for the consumers to set expectations and look forward to its services. In developing, they exceeded such expectations by providing extraordinary amenities such as hotels, dining, and entertainment. They see the need for a package kind of service where people can travel and experience it all – home, leisure, and food. Tenacity despite failure - This emphasizes that successful entrepreneurs are not afraid of failure. They take every wrong decision or failing moment as part of building something. Tenacity means being still or firm even when their set expectations didn't go well. It is part of making something beneficial and with value. Thomas Edison clearly stated that he didn't fail 1,000 times, but rather made 1,000 steps of building a light bulb. Successful entrepreneurs see failure as a step toward their foreseeable goals. Another success story is the man behind the Marriot International Hotel, J. Williard Marriot, who started his business with just A&W rootbeer with good service and good price. It wasn't an easy journey, as they need to adapt to all the changes that will need to meet more than consumers' thirst. With him is Conrad Hilton, who got into the business because of an encountered accident. Planning to buy a bank turned into a sudden purchase of a local hotel that led him to more than ten (10) hotels under Hilton Worldwide. 01 Handout 1 *Property of STI  [email protected] Page 4 of 5  TH2003 Execution intelligence - One of an entrepreneur's main characteristics is its creativity to turn a brief idea into a feasible business or venture. The creation of Starbucks is a good example of executing one's intelligence. When Howard Schultz, the former Starbucks' Chief Executive Officer (CEO), saw the need for a good place to relax, he eventually started something that leads to today's known coffee shop. It is important for an entrepreneur to always find himself taking every opportunity to take his idea into action. Entrepreneurs make the most of every opportunity. These characteristics should be manifested to have a successful venture. However, note that there are a lot of characteristics an entrepreneur should possess to be successful in the tourism and hospitality sectors. These are just some of those. All in all, the desire to produce something must be aligned by focusing on the products and services the consumers need while accepting failure as part of executing intelligence. References Barringer, B.R. & Ireland, R.D. (2019). Entrepreneurship: Successfully launching new ventures. (6th ed. Global ed.). Pearson. IEduNote. (2017). Entrepreneurship: Definition, origin, concept. Retrieved from https://www.iedunote.com/entrepreneurship-definition on August 05, 2020. Laverty, M., and Littel, C. (2020, January 16). Entrepreneurship. OpenStax. Nisay, J.T. (2019). The goal is to stay on top. Retrieved from https://businessmirror.com.ph/2019/04/25/the-goal-is-to-stay-on-top/ on December 18, 2020. Nongsiej, Prosperous & Shimray, Somipan R. (2017). The role of entrepreneurship in tourism industry. ResearchGate. Royal Caribbean Group (2020). Our story. Retrieved from https://www.royalcaribbeangroup.com/our- history/ on December 18, 2020. Sinha (n.d.). Tourism enterprise, entrepreneur, and entrepreneurship. Retrieve from https://yourarticlelibrary.com/essay/tourism-enterprise-entreprenuer-and- entrepreneurship/41107 on August 07, 2020. 01 Handout 1 *Property of STI  [email protected] Page 5 of 5  TH2003 Opportunities vs. Ideas Idea is a thought that could possibly or impossibly meet the criteria of an opportunity. This is a crucial starting point in entrepreneurship because most businesses fail even doing what is needed as they produce something that is not capable of solving any problem or meeting any need. They don't have any potential criteria for an opportunity to start with. Let us say a particular individual thought of building new resorts or hotels. If this idea happened right before the COVID-19 pandemic, he or she might have a problem then. This pandemic stops the operation of many ventures, and tourism businesses were one of those. This case must be carefully evaluated in introducing an idea, or such instance should be considered when planning. Opportunity is the idea that people put into action. It is a collection of situations that give an observable need for a new product, service, or business. For example, a person has an idea of creating new packages for a travel agency that could possibly gather more potential markets. The entrepreneur then will put that idea into action by creating an actual travel agency package. In this example, the idea needs to be analyzed first before considering it as an opportunity to become a business. The analysis is important to ensure the success of the business. There are two (2) stimulations or ways to see development out of an idea to produce opportunity (Barringer & Ireland, 2019): Externally stimulated – This stimulation is defined as seeing an opportunity after starting a business. This happens through the researching and developing phases of the business. Ideas here are formed while thoroughly studying an upcoming business or reinventing what's already around. This leads to either a new product being introduced, new services provided, or a new venture related to what is already operating. Come to think of those new flavors being introduced by an established coffee shop, new menus from different known restaurants, and new product lines or upgraded services from hotels, airlines, or any businesses that are already existing – those are part of the external stimulation. Internally stimulated – This stimulation happens upon seeing a problem or gap in a community, and from there, an entrepreneur thinks of a product, or service, or business that will suffice the said gap. It wasn't always about generating money or being known, and a business usually starts with the idea that turns into an opportunity to give solutions to one community's problem. One example of this internal stimulation is when the founder of Facebook, Mark Zuckerberg, and his dorm mates desired to create a way to let Harvard Students connect easier and share photos all together for campus and school-related purposes. To fully identify an opportunity aside from these two (2) stimulations, an opportunity has four (4) characteristics: Attractive, Timely, Durable, and Anchored in a product or service, or business that creates or adds value for its buyer or consumer. (Barringer & Ireland, 2019) An idea that is attractive, timely, durable, and anchored in a product or service or business that creates or adds value for its buyer or end-user is considered an opportunity for an entrepreneur. 02 Handout 1 *Property of STI  [email protected] Page 1 of 5  TH2003 Attractiveness, in terms of opportunity is the ability of an idea to produce a product, service, or business that will be appealing to the potential market. This characteristic tends to go with what is trending and being patronized by a wide range of consumers. An opportunity needs to have an advantage to a certain situation that can call the possible consumer's attention before turning it into a venture. Timely is defined as the characteristics of an idea to support the need of a place by meeting the demand of a product or service for whatever season it may serve. This means that an idea to be considered an opportunity to become a business needs to meet the people's current needs and demands and the market. Durable means the durability of an idea or its possibility. An idea to be considered an opportunity may take some time to be developed or established but not impossible to do so. It also needs to be able to go along with the changes or adapt to any possible advancement in a community. The durability of an idea simply means how possible it is to be done and how well it will stay established. Anchored in a product, or service, or business that adds value to the buyer or consumer means that an idea to become an opportunity must highlight its ability to produce a product or service beneficial to its end-user or consumer. Meaning, an idea without any purpose of solving a problem or meeting a need is not considered an opportunity for a business. An entrepreneur must realize which among the listed ideas is a leading opportunity to produce a product or service that will satisfy buyer or consumer needs. Identifying Trends, Gaps, and Opportunities Aside from the discussed stimulations and characteristics, identifying opportunities can be situated by observing trends, solving problems, and finding gaps in the market. (Barringer & Ireland, 2019) Observing trends - Change is constant in a developing world; that's why it is important for an entrepreneur to constantly keep an eye on economic, social, and technological changes and advances. It's relevant to adapt to the changes and be in line with all the aspects that can develop in the future years. Every business's start is important, and it is a call for disaster to not know what the next step should be. Some businesses are made for success; however, they forget that business is an unending process. They end up not adapting to change nor developing new to boost up their businesses. Entrepreneurs must keep in mind that even the usual market they used to serve can be of a different need and wants as time goes by. Being the first mover in an industry doesn't guarantee a lifetime advantage. Nokia's CEO admitted that they don't do anything, and they lost. And, in doing nothing, a business can collapse. This can be possible in tourism and hospitality businesses. An entrepreneur must be wise in the process of starting and continuing his/her business. Unexpected advancement is not for the complacent businessman. 02 Handout 1 *Property of STI  [email protected] Page 2 of 5  TH2003 Solving problems - Entrepreneurs don't sit and stare when a problem occurs. They acknowledge it, and the next thing they do is to find the best solution possible. Numerous companies started from people who see the problem and realized that the solution to that problem could be a business opportunity. (Barringer & Ireland, 2019). An entrepreneur's first moves whenever they see a problem or a need is to think of the best way to solve it. The creation of Google started with two (2) students' desire to solve the need for getting ideas for a certain topic from different websites or links. The more extracted links, the better. This problem-solving skill didn't only suffice the need of finding a website, and this is now a useful tool all over the world that generates different services useful for everyone who'll be needing information, may it be school, work, or household-related, anything with an internet connection is a one-click away possible answer. Finding gaps in the market place - Part of making the most of every situation is finding the gaps in the marketplace. It is important to know that when producing or developing something to fulfill a need or meet a want, an entrepreneur is aware of the gaps, where they are coming from, and to whom the meeting of those gaps will make sense beneficial. Examples of these are those existing ventures producing new product lines or flavors from their existing ones, recreating current services, or developing an old one to meet all kinds of consumer's needs. Another way of finding the gap and doing a business out of it is to develop existing products or services by creating new categories for a different target market (Barringer & Ireland, 2019). An example of the business created to fill a gap in the marketplace is Anytime Fitness and 24-Hour Fitness to facilitate 24-hours fitness centers that will accommodate people who aren't working with usual working hours. Here are some of the factors that can contribute to finding the gaps to discover opportunities (Osorno and Bajao, 2020):  Markets - Analyzing the potential consumer and the competitors within the market an entrepreneur wanted to serve is an important factor in discovering opportunities. This will let him see what the gaps are needed to be met through the prices and quality of products or services offered in the market.  Individual interests - Analyzing the common interest of the people or community where the business will possibly be built is another factor. As everyone differs so as the interest, the demand may vary as there are into clothes but not much into food, there are some into travel, but others for the known products in the destination.  Capital - The business process needs financing. Being able to know the common issues with this would be beneficial. This can let an entrepreneur see whether the funding he is capable of will suffice the need of the business he'll put up to and can meet the gap he wants to fulfill.  Skills - Common mistake of some starting entrepreneurs is that they put up a business because it is widely in demand without considering if their skills will meet the said business. From this, one must attest what skills they need to develop and improve to make their venture successful. 02 Handout 1 *Property of STI  [email protected] Page 3 of 5  TH2003  Suppliers of inputs - The lack of materials or production of a product, service, and/or business is a way for an entrepreneur to know the next step. He must look or find ways how those desired business ideas will eventually be an existing venture.  Technology - As the world continues to develop, so as technological advancement. An entrepreneur must analyze the further needs to create something valuable enough to be patronized by people, thus meeting the needs or wants. In today's generation, people are really giving much attention to great inventions that promote innovation and convenient life The entrepreneurs must be able to identify every trend, problem, and gap. They must acknowledge everything related to it and make ways to utilize it in creating opportunities. Analyzing these three (3) ways should always point out seeing success in a possible business venture. Techniques for Gathering Ideas As previously discussed, an idea can either be an opportunity or not. But a lot of people tend to develop more ideas before seeing an opportunity because collecting ideas is the best way to come up with the one that can really be an opportunity. There are three (3) main ways entrepreneurs use to gather ideas: brainstorming, focus group, and library and internet research (Barringer & Ireland, 2019). Brainstorming - Brainstorming is the way of generating several new ideas about a specific topic. There are two (2) approaches to brainstorming. The first is the informal that comes up from an individual through writing all the interesting business ideas, and the other one is formal that incorporates a group of people with a facilitator. This formal brainstorming comes with four (4) specified rules (Barringer & Ireland, 2019):  Criticism is prohibited - This rule prohibits any chuckles, raised eyebrows, or any facial expression that will show being skeptical or doubtful.  Freewheeling - This rule is allowing every idea to be welcomed regardless of rules or restraints. This means everyone can share his/her idea even if it seems unserious, weird, or petty as it may lead to a good opportunity that can possibly solve a problem or meet a need.  The brainstorming is fast-phased. This rule restricts formal brainstorming to get the essence of a shared idea instead of writing everything perfectly. This is also an important rule as this maximizes the time of the whole brainstorming process.  Leapfrogging is the rule that let the facilitator acknowledge one idea and move to another quickly. This is called leapfrogging as it allows the jumping from one idea to another, enabling more ideas to be gathered and see the best opportunity possible that can be used. Brainstorming for some classrooms set-up is a way of collating ideas for a topic to be discussed during a group presentation or even during thesis making. In business, it serves the same purpose, to gather ideas that will turn into an opportunity to create and develop products and services that will improve means of living. 02 Handout 1 *Property of STI  [email protected] Page 4 of 5  TH2003 Focus Group - The focus group discussion emphasizes the concept of the statement that the same birds with the same feathers flock together as this is the collaboration of five (5) to 10 people sharing a familiar understanding of a particular topic. The focus group is happening with a trained moderator to refine the idea processed from the brainstorming. His main goal is to keep the group "focused" while generating active discussions (Barringer & Ireland, 2019). Focus group discussion varies on how well the moderator asks questions and keep the discussion going. It can be a set-up in a bakeshop that serves widely known cheesecake by inviting five (5) or more customers. It can start with a question about the main thing that consumers hate about their cheesecake. In this scenario, one of them may answer that they are only selling New York Cheesecake. Another one may add that though it is always appealing and sumptuous, it would be great if there are various choices like Blueberry, Strawberry, Chocolate, or Mango Cheesecake. The moderator will continue the discussion with a follow-up question about who will buy the said varieties of cheesecake if available. If five (5) or more raised their hands during the discussion, it could be considered as a great opportunity to build a new product line available for the consumers. If there is a need to validate this, the focus group discussion can also be facilitated with another group, asking the same questions. Focus group discussions are making room to know the opportunities that can be used to produce something. It tends to refine a broad idea of business to a specific and simpler one, meeting the need to produce a thing that will help people nowadays. Library and Internet Research - The third but most common way of generating new ideas is to do library and internet research. Before, people go from library to library to gather or get a pile of books to develop one idea. Nowadays, life is easier. Doing internet research makes it easy for people to be directed to pages, articles, or blogs to give people numerous possible ideas. But if a person wants to go the traditional way, he can do it by dropping by any library he believes will give him the book he needs. This can be done easier by explaining to the librarian the topic/s he wants to research and ask for advice regarding what book is suitable for it. No matter what way the entrepreneur finds the best to gather an idea, the purpose of doing so must lead to building something that is of gain. References Ahmer (2019). Why Nokia failed. Retrieved on 10 August 2020 from https://www.doersempire.com/why- Nokia-failed. Bajao, G. T. & Osorno, R. D. (2020). Entrepreneurship in tourism and hospitality. Goodfellow. Barringer, B. R., & Ireland, R. D. (2019). Entrepreneurship: Successfully launching new ventures (6th ed. Global ed.). Pearson. 02 Handout 1 *Property of STI  [email protected] Page 5 of 5  TH2003 Advantages of Entrepreneurship Businesses have a pushed-back to our economy as it exists in different industries whenever development or advancement is being met, and provision of the solution and new product or service is continuously happening. But in business, destruction can be a good idea too. Creative destruction is the theory that believes in producing new products and services – more beneficial, more innovative, more efficient, and advanced from a deteriorating venture. (Barringer & Ireland, 2019) Turning opportunity into the action of producing products and services of value leads to the advantages of entrepreneurship that set goals of making a new thing, innovating, or refining an established firm already, allowing it to become helpful to those various industries it belongs to, and the people it caters to. Potentially, this can help industries advance and uplift the economic movement. Becoming their own boss, pursuing their own ideas, and having financial rewards are the three (3) main reasons why people would want the idea of being entrepreneurs. (Barringer & Ireland, 2019). Becoming boss - Entrepreneurs are pushing through to become their own boss not because they are hard to work with or hate the idea of submitting themselves to authority but because of being tired of working for a traditional job or simply having the desire to have their firm. (Barringer & Ireland, 2019) Entrepreneurs becoming their boss allow them to have more time to do different things aside from a whole day kind of work. It also allows them to develop more skills than usual. They become more independent in choosing the right ways to lead and manage people. Becoming their boss allows them to be responsible and make them into a bigger person by seeing deeper needs and finding solutions to fulfill those. Pursuing own idea - In establishing a business, entrepreneurs find it advantageous to pursue their own idea as some existing ventures or corporations are not open to any changes or ideas for development. Entrepreneurs are fond of seeing their ideas in front of them, and turning it into a business is the best way to do so. Disneyland, one of the pioneering themes park established in California, started from an individual's desire to pursue his own idea to provide a facility that will not only educate but also entertain both adults and children. Financial rewards - Entrepreneurs find it fulfilling to do the things they love while at the same time generating money from it. Aside from this advantage, they can easily track where the money is coming and going, and from there, they can think of a personal way to let the money grow even more. In the eagerness to earn more, people either stay on their job and do a sideline business or choose to become a full-time businessman. Whether the purpose is having personal or professional growth, these advantages will only matter and make sense if people will maximize each of them. Aside from the mentioned advantages of entrepreneurs to people, below are some of the entrepreneurs' contributions to product and services: (Osorno & Bajao, 2020) 03 Handout 1 *Property of STI  [email protected] Page 1 of 5  TH2003 Develop new markets – Being resourceful and creative are natural to entrepreneurs. Entrepreneurs keep on finding ways to adapt to changes and the development of the world. They find the most efficient and convenient way of meeting the markets' needs by not limiting their leading to that of the usual business setting that makes a firm organizes, plan, and coordinates more ventures. Discover new sources of material – Entrepreneurs are naturally innovative. They keep developing ways to have sources of materials that make them ahead of others that never see the need to improve existing materials. Their discoveries make them greater in terms of product and service supplies, costs, and qualities. Mobilize capital resources – In facilitating labor and capital, entrepreneurs take over a load of organizing and coordinating their production. They reproduce capital resources in terms of infrastructure and relevant existing productive resources. (Osorno & Bajao, 2020). For some, these resources are more of money, but entrepreneurs look beyond. They see it as the facilities and means of production. They make the most of every capital resource by consistently building up and maximizing it for future expansion or new ventures. Introduce new technologies, new industries, and new products – Taking every opportunity to have a profitable result, entrepreneurs are pushing through every day to produce a new or unique product. This is anchored in the hopes of giving people the satisfaction for whatever they need by letting them experience comfort and convenience in a likable manner. From this, they make an effort to introduce new things or think of new ways to let existing technologies, industries, and products meet modern standards. Create employment Businesses are the largest sector that employs people. It provides products or services to suffice the need of the consumers, but they also hire people who will work for production. As the demand for the product and service increases, the demand for people who need to work increases. Analyzing the Dynamics of the Global Tourism and Hospitality Environment The advancement and emergence of globalization and technology, along with the continuous growth of income from developing countries, the impact of international terrorism, global instability, global warming, and even climate change, leads to the changes and needed adaptation of the global tourism and hospitality environment. (Fyall et al., 2019) Dynamic is defined as the process of constant change, activity, and process. Meaning, it is something no one is in control of. And since it is out of hand, the only thing people can do is to either be drowned by the adjustment or adapt to it. In an environment where businesses need to continue their progression, industries within must try to go along with it. There are five (5) main forces that exemplified how to deeply understand how to cope with the transitions mentioned above: globalization, contribution and effects, balance, adaptability, and self-Control. (Fyall, 2019) Globalization relates to the ability of an industry to cope with the changes in the market. The global travel, tourism, and hospitality brands existing within reach or going further impacts each other. The setbacks of being an opportunity to one may or may have a negative effect on another. (Fyall, 2019) Each brand belonging to tourism and hospitality industries within a country or reaching a wide range will surely affect each other. They can stand being an opportunity or a threat. One way or another, globalization will make a lead to how these industries should push through despite that fact. 03 Handout 1 *Property of STI  [email protected] Page 2 of 5  TH2003 Contribution and effects as the second force magnify the youth's participation as they are the ones whose awareness is observable regarding the influences of these industries on nature, society, and the economy. They are easier to persuade than the generations before. (Fyall, 2019) Trends make a product or a service capable of being used as an opportunity to become a business. With this, the youth is easily captivated because they have more time to explore and see the world through a single tap on their mobile phones or gadgets. As the world is in its technology era, their contribution and the effects they cater to the changing environment matters. Balance in terms of sustainability and awareness of the environment is another force that exemplifies the importance of sustaining the core values of a destination over traditional development. (Fyall, 2019) The importance of knowing how to start in developing something begins in acknowledging what things will be affected or what can be destroyed yet can be improved in a better way. If destructing the environment for some is a good way of starting a business, re-assess. An entrepreneur needs to remember that in sustainability, one must respect the breath of something before trying to give it a new life. One example is those wide farms turned into subdivisions. Adaptability from its word adapt, industries must be able to immerse to the changes and transitions of the environment and the market itself. (Fyall, 2019). Industries, either starting or developing, needs to always be prepared for the adjustments. Market changes, people's needs go with these changes, and available resources today may not be available tomorrow. Entrepreneurs must understand this transition and be able to cope up with it. Self-control is the ability of these two (2) industries to cope up without compromising the market conditions (Fyall, 2019). In analyzing the dynamics of the tourism and hospitality environment, the ability of the people making the most of these two (2) industries to pursue development without forgetting the people and the purpose, it serves matter. In everything that people do, doing less is not always bad, and exerting much effort is not always good. Self-control is knowing what is fine to compromise and what is not. Development is always a good idea; the way of doing it is another story. Analyzing and acknowledging the dynamics of the tourism and hospitality environment is an important part of the entrepreneurship world. Being prepared in terms of knowing how to survive along the way of doing business matters. Drawbacks in Entrepreneurship, Pitfalls, and Failures The drawback is a disadvantage or the negative part of the situation. A pitfall is a likely mistake or problem in the situation. Failure is the fact that someone or something is failing or not succeeding. (Cambridge Dictionary, n.d.) All these are bound to happen even in starting a new business. Drawbacks, pitfalls, and failures are common outcomes of entrepreneurial processes. Encountering these three (3) gives an entrepreneur both positive and negative feedback. Allowing the cost of both is believed to have significant effects with regards to entrepreneurs' decision-making skills and behavior. On a broader note, failures help an entrepreneur to develop knowledge, skills, and new solutions that can lead to economic growth. 03 Handout 1 *Property of STI  [email protected] Page 3 of 5  TH2003 The statement that “One must take compliments and criticisms altogether as a plant needs both sunshine and rain for it to grow.” goes the same in entrepreneurship. Entrepreneurs must realize that failure happens, and it is part of creating a business. They should take the good to start up something that will meet the need of a community, society, and eventually, the country itself, and take the bad as a lesson learned to do things better. The Collaboration Business Consulting, a boutique management consulting firm located in San Luis Obispo, California, USA, and happened to expand at San Francisco that creates sustainable and profitable growth for businesses, believes that there are three (3) main entrepreneurship pitfalls that kill a business. Those are ego-tripping, chasing sexy, and distrusting trust. Ego-tripping - Success in business boosts one's pride, but when it grows, an entrepreneur must be able to abandon his ego. He must realize that business is for the good of the people working with him. He must be able to let go of the mindset that, "I alone can do this.". He must learn to focus on leading the business more successfully without forgetting his people. (Collaboration LLC, 2017) The idea may start from a single individual that leads to an opportunity for some. But, it is important for a businessman, despite owning the desire to become one's boss, to acknowledge the people who helped him start or could help in continuing the business. Chasing sexy - Sexier in business is not always what is around. Entrepreneurs tend to go big and far because they are fond of jumping from new ideas to another. But most of the time, as their focus is being shaken, the existing business collapses. Entrepreneurs should focus on making their business large and certain to continue growing before creating a new one (Collaboration LLC, 2017). It is important to keep an eye on what is happening in the present times, though it's not a bad idea to go beyond and dream big. To have focus is the most relevant part of starting and building a business. The changes and adaptation to it do not mean an entrepreneur will stop giving attention to existing ventures as innovation is always possible. Finding better or sexier in entrepreneurship may stop the existing business, which is good to become being at its best. Distrusting the trust - Growing business means growing people, not only in skills but in number. It is important to trust people by giving them work and believe that they can and will do it. With a clear and strategic growth vision, entrepreneurs evoke their trust (Collaboration LLC, 2017). Entrepreneurs are called not only to manage all alone. They ought to trust people that what they started will be taken care of. They impart knowledge and skills to different kinds of people, and in growing them, they believe and take accountable actions that will lead to people to get their work done with satisfaction. There are also four (4) commons failures that entrepreneurs experienced, as viewed in the international studies on small businesses up to date (Osorno and Bajao, 2020). Poor or non-existent management skills - Many starting or developing entrepreneurs can either be of good leadership or not. Starting up a business doesn't always equate to having leadership or managerial skills. There are creative, innovative, and resourceful people who don't know how to handle others; they have a hard time leading, or not even trying to learn how to do so. 03 Handout 1 *Property of STI  [email protected] Page 4 of 5  TH2003 Inability to manage adverse external impacts occurring in the business environment such as rising inflation and interest rates - This factor occurs when an entrepreneur became too complacent or comfortable with his/her invention or produced a business that he/she stopped adapting to the changes of the market and the needs of the people. Unfamiliarity or unpreparedness towards business movement or industry advancement often leads to failures and hasty decisions. Insufficient capital - To put up an opportunity into business, entrepreneurs invest financially. Most aspiring businessmen or entrepreneurs underestimate the large amount of money they need to start a business. Aside from this, they don't understand enough how much money should be needed to operate the business. This common mistake in a business can be avoided by having the initiative to know everything about money handling before starting up one's business. Resisting to accept others' advice - Relating this to ego and distrusting others, no man is an island. For an entrepreneur to continue to grow and handle his venture successfully, he must be willing to accept advice, especially those coming from people who are doing the business for a long time. It is not bad to acknowledge that one has still a lot of things to learn and analyze. Drawbacks from pitfalls and entrepreneurship is also a step ahead. Entrepreneurs should remember that failure will only be a hindrance if they allow it to take over. Either they develop a new idea, find a better way to do things, acknowledge the mishaps, or let it be the end of their potentials. Knowing and analyzing the benefits, challenges, and errors in entrepreneurship are important. It will be a reminder of dos and don'ts. References Bajao, G. T. & Osorno, R. D. (2020). Entrepreneurship in tourism and hospitality. Goodfellow. Barringer, B. R., & Ireland, R. D. (2019). Entrepreneurship: Successfully launching new ventures (6th ed. Global ed.). Pearson. Collaboration LLC (2017). Three pitfalls of an entrepreneur that kill your business. Retrieved on August 12, 2020 from https://collaboration-llc.com/wp-content/uploads/2018/01/Three-Pitfalls- of-Entrepreneurship-Collaboration-Business-Consulting.pdf – 2017. Dr. Tublin, P.A. (2018). Why you MUST fail to succeed. Retrieved on 10 August 2020 from https://www.huffpost.com/entry/why-you-must-fail-to-succ_b_14497468. Fyall, A., Legohorel, P., Frochot, I. and Wang, Y. (2019). Marketing for tourism and hospitality: Collaboration, technology, and experiences. Routledge. Lee, C.K. (2017). Business failure and entrepreneurship: Three essays on the effects of the cost of failure. Surface. 03 Handout 1 *Property of STI  [email protected] Page 5 of 5  TH2003 Legal Issues for Entrepreneurs Starting a new business tend to create conflicts compared to being in a traditional working environment where structure and rules are already implemented. To understand where to stand and what are the boundaries are part of the ethics in entrepreneurship. In becoming a successful entrepreneur with a growing and developing business, legality is a relevant factor. Being able to establish a well-known and reliable business name will capture the interest of the market generating more customers and profit along the way. Analyzing legal issues that include intellectual property, contracts, fraud, conflict of interest and employment, and antitrust laws are relevant factors to do it. Intellectual property (IP) - This is an individual's unique idea turned into an invention or patent, or utility model. Someone's design or industrial design, a brand name that incorporates the trademark, or a literary and artistic work is also known as copyright. The Republic Act No. 8293, known as the Intellectual Property Code of the Philippines, is the act that prescribes the intellectual property code and establishing the intellectual property office, providing for its powers and functions and other purposes. Section 2 declares that it shall protect and secure the exclusive rights of scientists, investors, artists, and other gifted citizens to their intellectual property and creations, particularly when beneficial to the people, for such periods as provided in this Act. Part of the State's policy is to streamline administrative procedures of registering patents, trademarks, and copyright to liberalize the registration of transfer of technology and enhance the enforcement of intellectual property rights in the Philippines. Intellectual property rights per Section 4 encompass the following: a) Copyright and Related Rights; b) Trademarks and Service Marks; c) Geographical Indications; d) Industrial Designs; e) Patents; f) Layout-Designs (Topographies) of Integrated Circuits; and g) Protection of Undisclosed Information (TRIPS Agreement – Agreement on Trade-Related Aspects of Intellectual Property Rights) Anyone can take the credit for something as long as they can prove the ownership and claims. Likewise, everyone is capable of protecting what is theirs. That is what intellectual property is. It is like a birthmark – it is personally owned, and no one else can use it. Contract and Torts - The contract and tort law are an important part of entering entrepreneurship. Defined by the Civil Code of the Philippines, a contract is "a meeting of minds between two persons whereby one binds himself concerning the other, to give something or to render some service." A contract has a force law between agreeing bodies adhering to good faith. Force of law refers to the legality of the contract, and good faith signifies the fair and honest intention not to destroy the right of any of the agreeing bodies. Three (3) elements a valid contract must have: Consent – this is being satisfied once parties agree on the terms of the contract Object – service to be provided or performed under the contract Cause – this is the 'why" of the contract that dictates its nature. 04 Handout 1 *Property of STI  [email protected] Page 1 of 7  TH2003 There are three (3) types of contracts that submit to the consideration of cause: o Onerous contracts – includes or entails other things or undertakings of value o Remuneratory contracts – includes a benefit that holds legal obligations but agrees that the service or benefit is being remunerated o Gratuitous contracts – includes liberality or generosity that involves contracts of donation There are situations in business where people become so full of themselves that they abandon what they said or agreed over something. Let's say two (2) companies verbally agreed on something. Without a contract, one can deny the said agreement because there are no legal papers to attest to the truth. But with a contract, the court can verify who is declaring the truth. That is the relevance of it. Any signed paper by two (2) agreeing parties are considered legal and can't be altered despite future disagreements. The contract is mainly discussed under the Civil Code of the Philippines, Title II, Book IV, Article 1305-1422. A tort is a liability that arises from the breach of duty affixed by the law that magnifies the invasion of any legal rights that cause loss or damage, causing an individual to be troubled. A corporation's liabilities go the same. Any tortious act from an agent or people (stockholders, members acting as a body, or directors) shall be liable under the said corporation. Tort Law is the law that protects the rights of people from any physical, financial, or privacy breaching harm. Tort Law in the Philippines is the combination of common and civil law system, also known as Quasi Delict, and it can be identified as an intentional tort or negligent tort of strict liability tort. The Civil Code of the Philippines, Article 2176, states that: "Whoever by act or omission cause damage to another, there being fault or negligence, is obligated to pay for the damage done. Such fault or negligence, if there is no pre-existing contractual relation between the parties, is called a quasi-delict." Elements of a valid tort: 1. There must be an act or omission; 2. Damage or injury is caused to another; 3. Fault or negligence is present; 4. There are no pre-existing contractual relations between the parties; and 5. A causal connection between damage done and act/omission. Antitrust Law – also known as the Philippine Competition Act (PCA) or the Republic Act 10667. This promotes and protects a competitive market and sets boundaries for ventures to avoid abusing their position of power that will either exclude or limit other entrepreneurs to access the market. This fulfills the national economy's constitutional goal to attain a more equitable distribution of opportunities, income, and wealth. Furthermore, it increases the productions of goods and services for the benefit of the people while expanding productivity without neglecting the desire to raise the quality of life. In this law, a State shall have a competitive market. This means that there is a market with multiple buyers and sellers driving lower prices and giving people options that boosts efficiency and innovation and enforce business to excel. This Act reflects that competition: Promotes entrepreneurial spirit; Encourages private investments; Facilitates technology development and transfer; and Enhances resource productivity. 04 Handout 1 *Property of STI  [email protected] Page 2 of 7  TH2003 Antitrust law is existing to give equal justice to everyone and to acknowledge all the efforts and ideas that turn into reality. It is acknowledging that everyone should be given the same attention as others. The consumer, the changes, and the community will decide what and to whom they will invest their patronage. Conflict of Interest – This happens when there is an interest in a certain aspect – financial, work, personal relationships, or business outside that will compromise each other. (Laverty & Littel, 2020) Under the Republic Act No. 6713, known as the "Code of Conduct and Ethical Standards for Public Officials and Employees, Section 3", conflict of interest arises when a public official or employee is a member of a board, an officer, or a substantial stockholder of a private corporation or owner or has a substantial interest in a business. The interest of such corporation or business, or his rights or duties therein, may be opposed to or affected by the faithful performance of official duty. Section 9. Divestment states that "A public official or employee shall avoid conflicts of interest at all times. When a conflict of interest arises, he shall resign from his position in any private business enterprise within thirty (30) days from his assumption of office and/or divest himself of his shareholdings or interest within sixty (60) days from such assumption". Honorary government workers, casual or temporary workers, are exempted from this requirement. One of the few companies' policies that exist to avoid this is that a male and a female employee are not allowed to work under the same department if they are together, in a relationship, or as a couple. Also, a relative of an individual, immediate family, or extended family cannot work with the same department. This is to extend the policies and rules without giving room to anyone to be of advantage of anything belonging to the business exclusively. Fraud - This is the misleading action that uses another person's identity to deceive and let an offender have an unlawful gain or deny a victim's right. This often happens in finance, real estate, investment, and insurance. This also includes the personal or sale of real property. (Chen, 2020). Likewise, the Committee of Sponsoring Organizations of the Treadway Commission defined it as an intentional act that counterparts the truth for personal gain resulting in someone else's loss. It is an act by an individual or corporate bodies obtaining money, properties, and services for personal or business gains by deceiving others or concealment, not limited to any physical force. There are three (3) elements of fraud: An act of omission – failure to act Intentional deceit or concealment Victim's loss and perpetuator's gains (personal or business advantage) The Philippines has a law to protect people or enterprises from this kind of illegal activity. The Republic Act No. 8799, known as "The Securities Regulation Code" declares that, "The state shall establish a socially conscious, free-market that regulates itself, encourage the widest participation of ownership in enterprises, enhance the democratization of wealth, promote the development of the capital market, protect investors, ensure full and fair disclosure about securities, minimize if not totally eliminate insider trading and other fraudulent or manipulative devices and practices which create distortions in the free market." 04 Handout 1 *Property of STI  [email protected] Page 3 of 7  TH2003 This Act entails the securities for the following: a) Shares of stocks, bonds, debentures, notes, evidence of indebtedness, asset-backed securities; b) Investment contracts, certificates of interest or participation in a profit-sharing agreement, [certifies] certificates of deposit for a future subscription; c) Fractional undivided interests in oil, gas, or other mineral rights; d) Derivatives like option and warrants; e) Certificates of assignments, certificates of participation, trust certificates, voting trust certificates, or similar instruments f) Proprietary or nonproprietary membership certificates in corporations; and g) Other instruments as may in the future be determined by the Commission. Falsification of papers and documents is not hard when an individual is working in a company and started to have a personal interest that leads to this Act. Situations rampant in banks and firms are those where some people try to be someone else to get money from a registered account by stealing the identity. Some are happening through an inside job. With this, every aspiring or starting entrepreneur or even the developing businesses should protect the truth. It should be the protection of the enterprise for its people and the market they serve. It is relevant for an entrepreneur to be mindful of these legal issues to avoid future conflicts with the business, reflecting a company's integrity and testimony. This will make a big impact on the company's name as a good reputation is never paid. Public Policy in Entrepreneurship Policies used in business serve as entrepreneurs' basis on what, why, and how to do things. Public policy is a collection of rules imposed by the government to meet the need of the public. This goes along with every activity that respects the societal characteristics and structures. This can also be defined as the government's movement regarding the practices and decisions an industry can and cannot do. Tourism policies are a series of government-mandated do's and don'ts. It can be decisions or practices, or agreements within a business or related venture aiming to produce various goals related to tourism. (Velasco, 2017) May it is for business or not, policies are created to respect the industry by setting limitations and boundaries. This should be reflected through the product or service they offer to the consumers, as protocols are not only for safety measures. These policies are existing as well for entrepreneurs and the government to take accountability for every action that will be taken. In the Philippines, Presidential Decree No. 564, Chapter 1, Sections 1-3, states the declaration of policy and creation of the Philippine Tourism Authority. Section 1. Declaration of Policy. It is hereby declared to be the policy of the State to promote, encourage, and develop Philippine tourism as an instrument in accelerating the development of the country, strengthening the country's foreign exchange reserve position, and protecting Philippine culture, history, traditions, and natural beauty, internationally, as well as domestically. 04 Handout 1 *Property of STI  [email protected] Page 4 of 7  TH2003 Section 2. Creation of Philippine Tourism Authority. To carry out the above policy, there is hereby created a corporate body to be known as the Philippine Tourism Authority, hereinafter called the Authority, which shall be attached to the Department of Tourism. Section 3. Principal Office. The Authority shall maintain its principal office in the Metropolitan Manila area, but it may establish branches and agencies elsewhere within the Philippines as may be necessary for the proper conduct of its business. Hospitality policies are a series of operations set to ensure consistent and fair deliverance of products and services. This is existing and used in businesses to know what, why, and how a hospitality-related venture should be organized and facilitate. Having a set of standards and limitations to know the do's and don'ts is a good start-up to avoid any possible conflicts that will cause law-related issues. To comply is an entrepreneur disposition as this will serve how well he will be able to build his venture abiding by these matters, not compromising what he can offer. Permits and Registrations Entrepreneurs must be aware that acquiring licenses and permits are mandatory in starting up a business or in developing one. Local or international, any venture must have these for them to operate (Barringer & Ireland, 2019). In a developing world where people are full of ways to abuse other people for personal interests, scam is something that turned out to be normal these days. That is why legality is what most people are looking for before patronizing a product. Business Registration Requirements Some places require business registration for all the new emerging businesses. In the Philippines, it is mandatory. There is a government agency that facilitates registering business. The Bureau of Internal Revenue (BIR), along with the Department of Trade and Industry (DTI), caters to the concerns for this. For partnerships and corporations, they should register with the Security and Exchange Commission (SEC). There are a set of requirements in registering one's business that differs on the kind of business they are operating. The revised Revenue Memorandum Circular No. 57-2020 entitled Streamlining of Business Registration Requirements and Revised Checklist of Documentary Requirements provides the updated documentary requirements for BIR applications. Someone who would want to establish a business should refer to this to make sure he or she is complying with the mandates of the government. Tax Permits This tax allows a business to collect sales tax and other national taxes required by a state or government. This is being charged to sell goods and other products or services. In the Philippines, there is a mandated tax for corporate business, according to BIR, called the percentage tax. A percentage tax is a business tax imposed on persons, entities, or transactions specified under Sections 116 to 127 of the National Internal Revenue Code of 1997 (also known as Tax Code), as amended and required under special laws. This law mandates that corporations pay a tax rate of 3% to 30% as the maximum depending on what ventures they have. 04 Handout 1 *Property of STI  [email protected] Page 5 of 7  TH2003 Copyright, Patent, and Trademark A patent is a legal grant of protection or right for a new product, process, or design given to its originator. A patent allows the owner to restrict others from making, using, and selling the product of his invention during the patent's life. However, patent owners may grant a license or permission to use and even sell their patent to other parties. A patent's term shall last for twenty (20) years from the filing date of application and must be maintained every after the 5th year. There are three (3) conditions set by the Intellectual Property Code of the Philippines for an invention to be granted with a patent: It has to be new (it should not be coming or formed from any part of the prior art domain). It should have an inventive step. It must be industrially applicable (it can be reproduced and be used in any industry). Copyright is the authority of the owner of the work, product, or service to reproduce the invention for a specific time frame – seventy years, including the author's life. (Laverty & Littel, 2020). In the Philippines, under the Intellectual Property Office, copyright is the legal protection bestowing rights for the owner for every original work. This includes the original creation of literary and artistic works. If an entrepreneur will create something and decides to have copyright over it, there's no one else that can share it with others aside from its owner. Copyright Infringement in business is growing and is happening all over the world. This happens when a business presents an exact copy or shows similarity from an original form of others. Copyright has lifetime protection of the author's life and an additional 50 years from the date of application. It includes copyright protection for the following works of joint authorship; Works of anonymous or pseudonymous works; Photographic works; Works of applied arts; and Audi-visual works. Trademark – this differentiates the business giving them the full right to use a name, symbol, jingle, or character in conjunction with a specific product or service, and no one can do the same in selling their products. (Laverty & Littel, 2020). A trademark is a business' brand identity's protection because it gives the owner the exclusive authority of rights preventing potential competitors from exploiting or using their mark in any form. Trademark stands for the rightful owner of a business for whatever original emblem they are using to let the public know that they exist. It is their identity, source-identifier, differentiator, quality indicator, and advertising device. It exists to protect the company's ownership and to be remembered. Let's say, for Jollibee, the smiling bee is their symbol, and no other company can use their bee design, exactly as it is, without their authority. Furthermore, this can be a source of income if another entity wants to do a franchise. 04 Handout 1 *Property of STI  [email protected] Page 6 of 7  TH2003 For a company to apply for a trademark, there should be distinctive features of the mark for the Intellectual Property Code of the Philippines to approve it. A trademark's term shall last for 10 years from the issuance date and needs to be renewed every 10 years. All these legalities and policies set for entrepreneurs exist to protect a company, its products, and services from setting limitations and boundaries for all the people involved – the manufacturer, producer, and the consumer. References Ateneo De Manila University (n.d.). What is fraud?. Retrieved on December 22, 2020, from http://www.ateneo.edu/internalaudit/what-is-fraud. Barringer, B. R., & Ireland, R. D. (2019). Entrepreneurship: Successfully launching new ventures (6th ed.Global ed.). Pearson. Bureau of Internal Revenue (2020). 2020 Revenue memorandum circulars. Retrieved on December 02, 2020 from https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2020%20RMCs/RM C%20No.%2057-2020.pdf. Bureau of Internal Revenue (2020). Annexes A1-A11: Checklist of documentary requirements. Retrieved on December 02, 2020, from https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2020%20RMCs/RM C%20No.%2057-2020%20Annexes%20A1-A11P.pdf. Conrad, A. (2018). Privacy torts under Philippine laws and jurisprudence. Retrieved on December 21, 2020 from https://privacyph.net/2018/07/04/privacy-torts-under-philippine-laws-and- jurisprudence/. Conventus Law (2019). Philippines – What makes a contract valid. Retrieved on December 21, 2020 from https://www.conventuslaw.com/report/philippines-what-makes-a-contract-valid/. Laverty, M. & Littel, C. (2020, January 16). Entrepreneurship. OpenStax. GOVPH (n.d.) Official Gazette: Republic act no. 8293. Retrieved on December 21, 2020 from https://www.officialgazette.gov.ph/1997/06/06/republic-act-no-8293/. GOVPH (n.d.). Republic of the Philippines – Intellectual property office of the Philippines. Retrieved on December 21, 2020 from ipophil.gov.ph/services/. GOVPH (n.d.).Republic of the Philippines – Philippine Competition Commission: Ensuring businesses compete and consumers benefit. Retrieved on December 22, 2020 from https://www.phcc.gov.ph/philippine-competition-law-r-10667/. Nicolas & De Vera Law Offices (n.d.). When can a corporation be liable for tort or damage?. Retrieved on December 21, 2020. Office of the Ombudsman (n.d.) Republic Act No. 6713. Retrieved on December 22, 2020, from https://www.ombudsman.gov.ph/docs/republicacts/Republic_Act_No_6713.pdf. Pocinho (2019). Tourism and public policy. ResearchGate. Velasco (2017). Tourism policy. ResearchGate. 04 Handout 1 *Property of STI  [email protected] Page 7 of 7