Classwork Series and Exercises {Business Studies – JSS1}: Entrepreneuship

Business studies,JSS 1,Week 2

Topic: Entrepreneurship

Contents:

1. Meaning of Entrepreneurship
2. Importance of Entrepreneurship
3. Types of Enterprises

Meaning of Entrepreneurship

Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. It is the process of starting a business or other organization.

Entrepreneurship is seen as an important course that needs to be taught in schools because it will bring about development that is necessary to meet the needs of the country.

The Entrepreneur

The entrepreneur is the individual or group of people who develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. The entrepreneur is referred to as the owner of the business.

The entrepreneur is the person who co-ordinates, controls and organizes the process of production in order to make profit. It is one of the factors of production

Importance of Entrepreneurship

Entrepreneurship can be in form of the following ways:

1. Business: A business is any economic activity performed to produce goods or services that provide satisfaction for the consumers.
2. Enterprise: An enterprise is a business set up by an individual or group of individuals or by a government for providing goods and services for a purpose. An enterprise can be private, public or voluntary agency enterprise.
3. Public Enterprise: A public enterprise is a venture or an organization set up either the local, state or federal government for the provision of essential social services for the people. Examples: Nigerian Television Authority (NTA) Public Educational Institutions etc.

Types of Enterprises

1. Private Enterprise: A private enterprise is a business enterprise which is set up by individuals or group to meet the needs of the people with the aim of making profit and also to provide employment for people. Examples of private enterprises in Nigeria are Dangote Sugar Company, African Independent Television (AIT) etc.

• Voluntary agency enterprises: They are non-governmental organizations (NGO) set up by willing individuals, religious groups and people with common ideas to provide social and welfare services for society member. Examples of Non-Governmental Organizations are: Rotary Club of Nigeria, Boys Scout of Nigeria, The Nigerian Red Cross Society of Nigeria etc.

Test and Exercise

1. —————– is the person who develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. (a) capital (b) entrepreneur (c) philanthropist (d) president
2. The type of enterprise that is made majorly for the purpose of making profit (a)private enterprise (b) public enterprise (c) non-governmental organization (d) none of the above
3. One of these is an example of Voluntary agency enterprises (a) Dangote sugar company (b) African Independent Television (AIT) (c) Nigerian Red Cross Society (d) Nigerian Television Authority (NTA)
4. Any economic activity performed to produce goods or services that provide satisfaction for the consumers is (a) market (b) satisfaction (c) investment (d) business
5. The capacity and willingness to develop organize and manage a business venture along with any of its risks in order to make a profit is (a) entrepreneur (b) business (c) entrepreneurship (d) all of the above. Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
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