Importance Of Entrepreneurship JSS1 Business Studies Lesson Note

TOPIC: IMPORTANCE OF ENTREPRENEURSHIP

Entrepreneurship is important. It benefits the locality by creating jobs for people and leads to a better standard of living.

Importance / Advantages of Entrepreneurship

•         Entrepreneurship helps in identifying and developing managerial capabilities
•         It helps in making a wide variety of goods and services available of living of the people.

An entrepreneur studies a problem, identifies its alternatives, compares the alternatives in terms of cost and benefit implications, and finally chooses the best alternative.

Entrepreneurs contribute significantly towards national objectives in income generation and distribution, regional development of the economy, and increasing the total output of goods and services.

Entrepreneurs develop new products, new techniques, new assembly lines, and new markets.

Entrepreneurs who are self-dependent utilize locally available resources.

Entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human, and financial resources and direct them toward the achievement of objectives through managerial skills.