Entrepreneurship – JSS1 Business Studies Lesson Note (Second Term)

Entrepreneurship is the process of identifying, developing and bringing a vision to life. An entrepreneur is a self-employed person who puts together the factors of production to start a new venture, and who organises and manages the business. A small business is the seedbed of entrepreneurship.

Behavioural objectives

By the end of the lesson, students should be able to:

• define entrepreneurship, enterprise and self-employment;
• state who an entrepreneur is;
• list the advantages and disadvantages of entrepreneurship;
• name some world-famous entrepreneurs;
• list the classes of entrepreneurs.

What are entrepreneurship, enterprise and self-employment?

• Entrepreneurship is the process of identifying, developing and bringing a vision to life.
• Enterprise is an establishment, a venture or a small-scale business set up.
• Self-employment is managing and controlling one’s own business, that is, being self-reliant. A small business is the seedbed of entrepreneurship.

Who is an entrepreneur?

An entrepreneur 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 undertaking or business undertaking.

What are the advantages 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.

What are the disadvantages of entrepreneurship?

• It is time-consuming.
• Income may not be secure or regular.
• Stress.
• Financial risk.
• Sacrifices.

Who are some world-famous entrepreneurs?

• Bill Gates
• Walt Disney
• Coco Chanel
• Steve Jobs
• Oprah Winfrey

What are the classes of entrepreneurs?

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

Evaluation

1. What is entrepreneurship?
2. What is an enterprise?
3. State who an entrepreneur is.
4. Give five advantages of entrepreneurship.
5. Give three disadvantages of entrepreneurship.

Assignment

1. What is entrepreneurship?
2. Name three world-famous entrepreneurs and list the classes of entrepreneurs.