ENTREPRENEURSHIP

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.

EVALUATION

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.

SUCCESSFUL ENTREPRENEURS

Some of the Nigerian Entrepreneurs who have made it and are worth noting and admiring are as

follows:

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.

INTERNATIONAL ENTREPRENEURS

S/N NAME COMPANY FOUNDED

Bill Gates Microsoft
Richard Branson Virgin Atlantic
Michael Dell Dell Computers
Steve Jobs Apple Computers

EVALUATION

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