MEANING OF ENTREPRENEURESHIP
Entrepreneurship comes from the French verb ‘entrepreneur’, which means to ‘undertake’, Entrepreneurship is the act or art of organization or owning a business by taking financial risks with a view to making profit.
Table of Contents
- Define entrepreneurship
- What is the chief purpose of entrepreneurship?
FACILITIES AVAILABLE FOR SELF-EMPLOYMENT
If you want to be self-employed, you have to start off by thinking of a new idea for business. Thequestions listed below will help you think of ideas for a business
- Where do I live?
- Do I live in a city, town or rural area?
- What types of goods or services are required in my area or home?
- What opportunities are there for starting a business?
- Which geographical condition exists in that area, farmland, desert or savannah?
- What can I grow or sell in my area?
- Can I use the natural resources around me to start a business if I am living near the coast or a river?
- Are there factories industries or shops near me?
- Can I supply them with goods or service?
Once you are able to answer these questions satisfactorily, you then need to classify, these facilities into three broader headings-
- The natural environment With natural resources such as land, soil, air, weather, animals, birds fish,
plants, trees and geographical conditions, you should think about how you could used these natural resources without damaging the environment, to start a business.
- The social Environment This includes human resources such as family, friends, neighbours, social resources like clinics and schools, and schools, and physical resources like the things that are built such as shops, factories, roads, houses, businesses, railways, ports, etc.
- The Economic Environment: This includes economic resources like jobs and work that help the citizens bring in an income and help them to make, spend and save money. A business idea could be to offer people services of some kind, to help them make, spend or save money.
Some of the Nigerian Entrepreneurs who have made it and are worth noting and admiring are as
S/N NAME COMPANY FOUNDED
- AlikoDangote The Dangote Group
- CosmasMaduka Coscharis Group
- Femi Otedola Zenon Oil & Gas
- Jim Ovia Visafone
- Wale Tinubu Oando Petroleum
- Stella Okoh Emzor Pharmaceutical Ind. Ltd
- Raymond Dokpesi Daar Communication Plc.
S/N NAME COMPANY FOUNDED
- Bill Gates Microsoft
- Richard Branson Virgin Atlantic
- Michael Dell Dell Computers
- Steve Jobs Apple Computers
- State four notable Nigerian entrepreneurs and their two foreign counterparts.
- List four questions that lead to self-employment.
GENERAL EVALUATION/REVISION QUESTIONS
- State three environmental factors to consider in trying to be self-employed.
- List three notable Nigerian entrepreneurs and the business or founded by them
- Who is an entrepreneur?
- What is the chief aim of business enterprise?
- What is economic environment?
WEEKEND ASSIGNMENT SECTION A
- The main aim of establishing a business is to ______A. satisfy customers feed well C. make profit D. face competitors
- The question ‘Are there factories, industries or shops near me? ‘is expected to be answered by
- primary six exam candidate B.someone thinking of establishing a businessC. a common entrance exam candidate D. a university graduate
- The reward to the entrepreneur as a factor of production is ______A. risk B. money C. Profit D. Capital
- The facilities available for self-employment are analysed/classified into the following environments except A. economic social C. advertising D. natural
- Which of the following is NOT a member of the group? A. Land B. Transport C. LabourD. Entrepreneur
- List five Nigerian entrepreneurs worth admiring .
- State four questions a person trying to be sel-employed will likely ask and answer