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WHAT MOTIVATES ENTREPRENEURS?

A STUDY OF THE VALUE SYSTEMS OF FILIPINO
ENTREPRENEUR
Arnel Onesimo O. Uy, De La Salle University

ABSTRACT

Given the pivotal role of the entrepreneur in nation building and economic development,
the key to unleashing his full potential for economic growth is to identify and understand his
values and value system which affects his attitude and subsequently his behavior. While there are
studies on what are the character traits of Filipino entrepreneur, a few have explored the
personal value system that affects these attributes and characteristic traits. This study identified
the value system of Filipino entrepreneurs using the universally accepted Rokeach Value Survey
(RVS) and in the process provided an explanation to underlying the findings of other studies
about the characteristics and styles of Filipino entrepreneurs following the VALUES-
ATTITUDE-BEHAVIOR framework. Furthermore, the study tested whether the value systems are
homogeneous and concludes by discussing the implications to economic policies of the country.

INTRODUCTION

The idea that cultural factors such as personal values affects or even leads to economic
development of a country has pre-occupied researchers for decades Literature also credits
development to the rise of entrepreneurial activities at least in the case of the United States. On
the other hand, the underlying effects of cultural norms and value systems such as
individualism/collectivism, loyalty, independence, Confucian value system, family and networks
on management practices and innovation are continually investigated. This series of studies has
finally cascaded into the field of entrepreneurship. Definitions of entrepreneurship have evolved
from personal characteristics to organizational and cultural aspects. Initial conceptualization of
entrepreneurship in literature merely consisted of several personality traits like innovativeness,
risk taking, achievement orientation, proactive orientation and the like (Schumpeter, 1934;
McClelland, 1961; Miller, 1983).

International Journal of Entrepreneurship, Volume 15, 2011