IMPORTANCE OF ENTREPRENEURSHIP

Meaning of Entrepreneurship: Entrepreneurship, as we have earlier noted, 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.

 

IMPORTANCE OF ENTERPRENEURSHIP

1. Entrepreneurs have the ability to bear risks and so create jobs by establishing businesses
2. Wealth Creation; Individuals who search for business opportunities usually create wealth by entering into entrepreneurship

3. Contribution to Research and Development almost two-thirds of all innovations in the world are due to the efforts of entrepreneurs. Entrepreneurs thus make the world a better place to live in

4. Personal Growth And Experiences; The individual has maximum capacity for growth and opportunity if he/she is into entrepreneurship.

5. Rewarding entrepreneurship is a challenging tasks, the rewarding in most cases is much more than what one expects

6. Provision of self-sufficiency: The entrepreneur does not only become self-sufficient but he/she provides a goods standard of living for his employees.

 

EVALUATION

1. State three (3) importance of entrepreneurship.
2. How does the entrepreneur create wealth?

 

GENERAL EVALUATION/REVISION QUESTIONS

1. Why is entrepreneurship a challenging tasks?
2. State five (5) importance of entrepreneurship.
3. How does entrepreneurship lead to self-sufficiency?
4. How does entrepreneurship make for personal growth and experience?
5. What is the reward of the entrepreneur for contributing to production process?

 

WEEKEND ASSIGNMENT  SECTION A

1. The entrepreneur as a factor of production is rewarded with A. interest B. Profit C. Rent salary
2. The main aim of establishing a business is to _______A. provide service   get many customers           C. pay tax to the government       D. make profit
3. The entrepreneur organizesA. all the other factors of production   B, Only land and capital C. land and labour  D. only bank loans
4. The entrepreneur helps the growth of the economy in the following ways except
5. avoiding to pay tax B. offering employment opportunities C. contributing to research D. creation of goods and services
6. Which business organization assists the entrepreneur in risk-taking?
7. Transportation B. Banking C. Insurance    C. Advertising

 

Section B

1. State five (5) importance of entrepreneurship.
2. Explain in detail one of the importance of the entrepreneur to the society

 

See also

ENTREPRENEURSHIP

ETHICS IN SOURCING CHEMICALS

HONESTY IN BUSINESS

TYPES OF OCCUPATION

FACTORS OF PRODUCTION