Classwork Series and Exercises {Business Studies – JSS1}: Entrepreneurship II

Business Studies, Jss1, Week 3

Topic: Entrepreneurship II

Contents:

Importance of Entrepreneurship

It creates employment opportunity; it creates an avenue for people to work and contribute to the development of the country.
It brings about development in the Economy; it creates various economic activities which leads to the production of goods and services and therefore provides a source of income for the people.
It makes room for the provision of a variety of goods and services; entrepreneurs produce many goods and services to the one imported therefore creates room for people to make choices.
It helps to the upliftment of a country
It helps individual to be creative
Its serves as a means f livelihood

Problems of Entrepreneurship in Nigeria

Some of the problems of Entrepreneurship in Nigeria are as follows:

Corruption; there are some situations where entrepreneurs are forced to pay some illegal levies, corrupt government officials demand for bribes before approving factory plans and even before granting loans
Inconsistent Government; political instability resulting in instability in government policies affects the development of entrepreneurship in Nigeria, each change in government bring about new change in regulations guiding the registrations and giving financial assistance to needy entrepreneurs
Security problems; this is a very serious problem in entrepreneurship in Nigeria, we have the boko haram and Fulani herdsmen in the north, the Niger Delta militants in the south –south, kidnapping and robbery in the south –west and rape cases everywhere, so there is fear everywhere.
The problem of obtaining capital to start the business; the cost of starting a business in Nigeria is high because of corruption, poor and inadequate supply of infrastructural facilities.
Lack of technical and managerial knows how; the entrepreneur is expected to have the rudimentary technical knowledge of the enterprise and some knowledge about management of his or her business choice, failure to do this will bring about problem in the business.

Characteristics of Entrepreneur

The following are attributes of an entrepreneur

Test and Exercise

All are importance of Entrepreneurship in Nigeria except (a) It creates employment opportunity (b) economic development (c) reduces the economy trade (d) source of employment
One of these is not a characteristics of an entrepreneur (a) they bear the risk (b) controls other factors of production (c) do not care about the profit of the business (d) organizes other factors of production
Inconsistent in government can lead to (a) growth in the economy (b) changes in government policies (c) progress in entrepreneurship (d) none of the above
The problems associated with entrepreneurship in Nigeria are these except (a) corruption (b) security problems (c) lack of technological know how (d) sufficient population to demand for goods
Entrepreneurship serves as a means livelihood in the sense that (a) people can live in hood (b) people can survive through it (c) people do not need to work (d) the environment people live will provide food for them. https://passnownow.com/classwork-support/