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