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1. Ricky Reyes

Reyes owns a spa and hair salon business. Today, Reyes owns a total of 43 salons all over the Philippines. He also have his own learning institution. With these following reasons, Reyes is nominated to present the Philippines to the Ernst and Young Entrepreneur of the Year award.

Systemaric in Planning and Monitoring

Reyes' first shop was located at the corner of a laundry shop. His equipments were only a wall mirror, a shampoo chair, a bowl, and a dryer. Its wasnt that much to the point where his shop can give him wealthy life but for him, it meant everything since it was something he could call his own.He planned to expand his business.after two years, three more of his shop were opened on Logarda, Taft Avenue and Blumentritt. Reyes has the trait of being systematic in planning. He started from the bottom but with help of being systematic in planning, he rose up and now, his businesses are providing him help and prosperity.

2. Henry Sy

Sy is a retail magnate who own a well-established 33 SM Malls. He is also a bank magnate and owns a majority share in China and De-Oro-EPCI bank. Today, he is the biggest banker and the richest man in the Philippine beating both the Ayalas and Lucio Tan.

Goal Seeker & Committed

Sy was from Xiamen China. He was born in October 1924. Sy was not born rich or wealthy. At the age of 12 he went to Philippines being determined to change the miserable life of his father. He was always commited with his goals to get succeed. He did everything that helps him to alleviate life and work hard. After many years, he enrolled himself to a school. He gets graduation degree in commerce from "Far Eastern University. He sold, thrifted shoes to save more money. He want to change his life. He never forget to stand back up and attain a goal in life.

3. Andrew Tan

Tan engaged himself in a real estate developing condominiums. He also has a fanchise of a fastfood chain, Mcdonalds. He is rated as the 10th Richest man in the Philippines in 2018.

Persistent

Tan is a son of a poor immgrant from Fujian China. They migrate to hongkong when he was four years old. In hongkong, their life there were not so great, they share an apartement with four other families. At the age of 16 he came to the Philippines to join his father who was then working in a transistor radio factory. Together, they rented a cramped 20-sqaure meter apartment. He preffered to walk rather than to get a ride in order to save money when he was atill studying accountancy at the University of the East. He also often eat 'banana cue' just to save more money.This is one of young Tan's difficult time of life but it did not stop him since he is persistent to achieve his dream. Tan's main dream before was just to settle down with a small grocery store but ended up achieving big businesses.

4. Edgar Sia

Sia founded the Injap Land corporation (now DoubleDragon Properities). He also co-founded the barbecue chain Mang Inasal in Iloilo City.

Information Seeker

Edgar ‘Injap’ Sia II was born in Iloilo City in 1977 and grew up in Roxas City, Capiz province. He is the eldest of three siblings. Despite Injap being a true-blue provincial guy and unfamiliar with the complexities of the big business environment of the Philippine Capital, he made sure he is able to learn and adapt fast, he seeked information and knowledge, gaining familiarities about the business world. In 2011, Sia become the youngest billionaire in the Philippines at the age of 34 after selling his 70% stake in Mang Inasal to Jollibee Foods Corp.

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Innovation theory

This theory was propose by Joseph Schumpeter. It talks about how the economic development is the product of structural change or innovation. In other words, when there is a combination or upgrading of products then it will help the economy develop. The attached video talks about how Schumpeter   not just saw entrepreneur as a business owners but are people who engage on experimentation and combination of things that makes a new product. The created products brought new method of production and marketing. Schumpeter's theory also says that when costumers are interested in buying the experimented or combined products then it would motivate them to buy. When the costumers love the product, then it is a success. On the other hand, if the costumers are not satisfied with the product then its a lost. For example  when you open up a traditional Mexican restaurant, Schumpeter wouldn’t recognize or consider you as an  entrepreneur simply because you open up a business. What will make you  an entrepreneur in Schumpeter's eyes is when you add a little 'innovation' or 'uniqueness' that no one has ever thought before. To sum up everything, innovation theory says that for entrepreneur and their creative and innovative thinking is what makes the economy develop and grow.

Learning-Alertness Theory

This theory was propose by Israel Kirzner. This theory states that entrepreneur are smart and alert people. The attached video will help you know about Kirzner's theory. The video states that, Entrepreneurs will know if there is an imbalance in Supply and in demand. It also means that entrepreneur will take advantage of the imbalance. For example if you’re a merchant to a very popular product of alcohol, but the manufacturer of that alcohol  you get the supply from  only give you three sets of barrel. Since that’s the only amount of alcohol you can get because of the number of your  barrels. Now, since you know that you can only get three barrels of alcohol, you'll came up with the idea of making or buying barrels so that you can get more supply. Coming up with thus idea  is when Kirzner's theory is applied. To sum up everything, Entrepreneurs are opportunist of the imbalance.

Sociological Theory

This theory was propose by Max Weber. This theory states that social cultures are the primary driving element of entrepreneurship. The attached video  talks about sociological theories of  entrepreneurship which includes Weber's theory. The video explains that Religion  brought a big impact on economic development. It also says that economic growth is dependent on ethical value system. For example, you live in a place where Christianity is abundant. You came up with the idea of selling products that you think would be necessary for Christianity. For example, you sell cross, you sell sacred statue. In doing this, you apply Weber's sociological theory. The video also states that the intensity of entrepreneurial growth is dependent on the ethical or cultural beliefs of costumers.

Gap-Filling Theory

This theory was propose by Harvey Leibenstein. This theory states that entrepreneurs are gap fillers and input completer. The video that we attached states that entrepreneur will find a solution to what the market fails to have. For example, you saw a product of a company which is a simple chair. You came up with the idea that you can add some things and details to the chair. So you started a business which you manufacture a chair with an arm or cellphone holder. With this, you are filling what the market has failed to do so which is to provide the chair with its full potential.  When you added some extra things on a product that the market has failed to do so then you are an input completer. To sum up everything, an entrepreneur will always find a way to improve a product to its highest potentials that the other entrepreneur fails to do so. Some people think that this type of competition is not  healthy but in fact this will help our economy to grow.

Keynesian Theory

This theory was propose by John Maynard Keynes. This theory mainly talks about How Government can help economic balance. The video attached states that in order for people to have money, the government should spend more money. For example, during the great depression, a lot of people didn’t have a job so the president during that campaigned and made a decision which is called the "new deal". The new deal was about spending a lot of government money so that people could go back to work and make money circulate in the economy again. If you ask, where does the government got this money? The answer is taxes. During the downfall of the economy, the government got the money from taxes. But the taxes at that time were low. In other words, when Keynesian theory is applied, during the downfall of an economy, the amount of taxes to be paid is low, during the bloom of an economy, the amount of taxes to be paid is high.