Entrepreneurship

Entrepreneurship is the process of identifying, developing and bringing a vision to life.

Meaning of Enterprise: It is an establishment, a venture, or a small-scale business setup.

Meaning of Self Employment: is managing and controlling one’s business i.e. to be self–reliant. A small business is the seedbed of entrepreneurship.

Entrepreneurship is a self-employed person who puts together all the factors of production to start a new venture. In other words, an entrepreneur is a person who organises and manages a commercial undertakings or business undertaking.

Pros / Advantages / benefits of Entrepreneurship

1. You are your own boss
2. You have control over your future
3. There are more opportunities for you to make decisions
4. Financial rewards – profit, income etc.
5. Job security
6. Self – satisfaction
7. Recognition

Cons / Disadvantages / drawback of Entrepreneurship

1. Chance of business failure
2. Time – consuming
3. Income may not be secure or regular
4. Stress
5. Financial risk
6. Sacrifices

Some world famous entrepreneurs are:

1. Bill Gate
2. Watt Disney
3. Coco Channel
4. Steve jobs
5. Oprah Winfrey
6. Samuel Okeke

Classes of Entrepreneurs

1. Small scale business

2. Medium scale business

3. Private or self-owned establishment or business

4. Large scale business

Assignment

1. What is entrepreneurship?
2. Give five qualities of successful entrepreneur in Nigeria