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ENTREPRENEURSHIP

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

Entrepreneurship It 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

  • You are your own boss
  • You have control over your future
  • There are more opportunities for you to make decisions
  • Financial rewards – profit, income etc.
  • Job security
  • Self – satisfaction
  • Recognition

Cons / Disadvantages / drawback of Entrepreneurship

  • Chance of business failure
  • Time – consuming
  • Income may not be secure or regular
  • Stress
  • Financial risk
  • Sacrifices

Some world famous entrepreneurs are:

  • Bill Gate
  • Watt Disney
  • Coco Channel
  • Steve jobs
  • Oprah Winfrey
  • Samuel Okeke

Classes of Entrepreneurs

  • Small scale business
  • Medium scale business
  • Private or self-owned establishment or business
  • Large scale business

Assignment

  • What is entrepreneurship?
  • Give five qualities of successful entrepreneur in Nigeria

See also:

FACTORS OF PRODUCTION

PRODUCTION

DEVELOPMENT IN KEYBOARDING

PRINTER’S CORRECTION SIGNS

THREE COLUMN CASH BOOK

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