Entrepreneurship

Entrepreneurship is gotten from the French verb ‘entrepreneur’, which means ‘to undertake’. Entrepreneurship is the process of starting a business or other organization for the purpose of making profit. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. It is defined as an individual who organizes or operates a business or businesses.

Meaning of Enterprise

Enterprise refers to economic and business, nonprofit and government agencies responsible for production and distribution of goods and services. It can also be defined as effort made by people to achieve something. For example people have the initiative to start project to face challenges and to take risk in order to achieve their goals.

Meaning of Self Employment

Self-employment is the act of generating one’s income directly from customers, clients or other organization as opposed to being an employee of a business or person. Self-employed people generally find their own work rather than being provided with work by an employer.

There are encouragements from the government to people to become self-employed rather than seeking for white collar job.

Facilities Available for Self Employment

The following facilities are available for self-employed people:

1. Tax facilities and subsidies
2. Micro credit facilities are available to start-up businesses in need of loan.
3. Social facilities e.g. social amenities, security.
4. Educational facilities; in schools and colleges, (NDE) National Directorate of Employment.
5. Natural environment: Land, soil, air, weather, animals, plants and geographical conditions.

Successful Entrepreneurs

An entrepreneur is an individual who organizes or operates a business or businesses. He has the ability to lead a business in a positive direction by proper planning, to adapt to changing environment and understand their strengths and weaknesses. The entrepreneur is commonly seen as an innovator-a generator of new ideas and business processes. Management skill and strong team building abilities are often perceived as essentials leadership attributes of successful entrepreneurs.

The following are the successful entrepreneurs:

International Entrepreneurs

National Entrepreneurs

Local Entrepreneurs

These entrepreneurs include the following:

1. Shop owners dealing in provisions and cosmetics
2. Local butchers.
3. Spare part dealers.
4. Kerosene sellers.
5. Restaurant owners.
7. Fashion designers.
8. Business centre owners.
9. Hair dressers etc.

Importance or Functions of Entrepreneurship

1. Entrepreneurship create job opportunities: He hires people to work with him
2. Entrepreneurship cause economic growth: By creating wealth to the people
3. They provide new and best product at low prices
4. They provide strength to small businesses: most of the time, entrepreneurs prefer to invest their money in small businesses.
5. Entrepreneurship pay taxes: tax paid by entrepreneurs further contributes to state income.
6. Entrepreneurship creates demand for products which in turn create job for other business i.e. buying raw materials will in turn more jobs.
7. Entrepreneurship introduces new technologies in the market: they create new products and provide new services.
8. Entrepreneurship stimulates the economy by instilling confidence in people.
9. Entrepreneurship contributes positively to the growth of G.D.P.

EVALUATION

1. Define the following terms (i) entrepreneurship (ii) self-employment (iii) enterprise
2. Give three facilities available for self-employment.
3. State any FIVE (5) importance of entrepreneurship.
4. Name any three successful entrepreneurs each in your (i) locality (ii) country (iii) international community.