JSS1 Second Term Business Studies Lesson Note – Entrepreneurship

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WEEK 4

Topic: ENTREPRENEURSHIP

CONTENT (I) meaning of entrepreneurship, enterprise, self-employment

ENTREPRENEURSHIP

Entrepreneurship is 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 models, 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.

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.

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 business 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.

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