ENTREPRENEURSHIP

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

Meaning of Enterprise: It is an establishment, a venture, or a small-scale business setup.

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 organises and manages a commercial undertakings or business undertaking.

Pros / Advantages / benefits 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

Cons / Disadvantages / drawback of Entrepreneurship

Chance of business failure
Time – consuming
Income may not be secure or regular
Stress
Financial risk
Sacrifices

Some world famous entrepreneurs are:

Bill Gate
Watt Disney
Coco Channel
Steve jobs
Oprah Winfrey
Samuel Okeke

Classes of Entrepreneurs

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 entrepreneur in Nigeria