Entrepreneurship JSS1 Business Studies Lesson Note

TOPIC: ENTREPRENEURSHIP

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

Meaning of Enterprise: is an establishment, a venture, a small-scale business set up.

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 organizes and manages a commercial undertaking or business undertaking.

Pros / Advantages/benefits of Entrepreneurship

•                     You are your 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 

•                     Time – consuming
•                     Income may not be secure or regular
•                     Stress
•                     Financial risk
•                     Sacrifices

Some world-famous entrepreneurs are:

•         Bill Gates
•         Watt Disney
•         Coco Channel
•         Steve jobs
•         Oprah Winfrey

Classes of Enterpreneurs

•         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 entrepreneurs in Nigeria