Entreprenuership Education SS2 Book Keeping Lesson Note

WHO IS AN ENTREPRENEUR?

The entrepreneur is the individual or group of people who develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. The entrepreneur is referred to as the owner of the business. The entrepreneur is the person who coordinates, controls and organizes the process of production to make a profit. It is one of the factors of production.

CHARACTERISTICS OF AN ENTREPRENEUR

The following are attributes of an entrepreneur:

1. They bear the risk of the business.
2. Controls other factors of production.
3. He decides the course of a production.
4. He organizes the other factors of production.

WHAT IS AN ENTERPRISE?

An enterprise is a business set up by an individual or group of individuals or by a government to provide goods and services for a purpose. An enterprise can be a private, public or voluntary agency enterprise.

WHAT IS A BUSINESS?

A business is an economic activity performed to produce goods or services that provide satisfaction for the consumers.

ENTREPRENEURSHIP 

Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. It is the process of starting a business or other organization. Entrepreneurship is seen as an important course that needs to be taught in schools because it will bring about development that is necessary to meet the needs of the country.

IMPORTANCE OF ENTREPRENEURSHIP

1. It creates an avenue for people to work and contribute to the development of the country.

2. It brings about development in the Economy i.e. it creates various economic activities which lead to the production of goods and services and therefore provides a source of income for the people.

3. Entrepreneurship creates employment opportunities.

4. It helps the upliftment of a country.

5. It helps an individual to be creative.

6. Entrepreneurship makes room for the provision of a variety of goods and services; entrepreneurs produce many goods and services to the one imported therefore creating room for people to make choices.

7. It serves as a means of livelihood

PROBLEMS OF ENTREPRENEURSHIP IN NIGERIA

Some of the problems of Entrepreneurship in Nigeria are as follows:

1. Corruption: There are some situations where entrepreneurs are forced to pay some illegal levies, corrupt government officials demand bribes before approving factory plans and even before granting loans.

2. Inconsistent Government: Political instability resulting in instability in government policies affects the development of entrepreneurship in Nigeria, each change in government brings about a new change in regulations guiding the registrations and giving financial assistance to needy entrepreneurs.

3. Security Problems: This is a very serious problem in entrepreneurship in Nigeria, we have the Boko haram and Fulani herdsmen in the north, the Niger Delta militants in the south-south, kidnapping and robbery in the south-west and rape cases everywhere, so there is fear everywhere.

4. The problem of obtaining capital to start a business: The cost of starting a business in Nigeria is high because of corruption, and poor and inadequate supply of infrastructural facilities.

5. Lack of technical and managerial know-how: The entrepreneur is expected to have a rudimentary technical knowledge of the enterprise and some knowledge about the management of his or her business choice, failure to do this will bring about a problem in the business.