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Magna Carta for Micro, Small and Medium Enterprises (RA 9501)

Entrepreneurship refers to the process of starting and running a new business, typically driven by a visionary individual or team identifying opportunities and risks. It often involves innovation, either in the form of new products, services, or ways of doing business. Businesses, on the other hand, are organized entities aimed at selling goods or services to make a profit. They can range from small startups to multinational corporations. Both entrepreneurship and business require strategic thinking, resource management, and a clear understanding of market dynamics. While every entrepreneur starts a business, not every business is entrepreneurial in nature; some prioritize stability over innovation.

Enacted by the Philippine Congress in 1991 as RA 6977, amended by Republic Act 8289 in 1997, and further amended by RA 9501 in 2008, the law is geared towards the development of the Filipino entrepreneurial spirit by providing a business environment conducive for MSMEs.