Back to: BUSINESS STUDIES JSS1
Welcome to class!
In today’s class, we will be talking about entrepreneurship. Enjoy the class!
Entrepreneurship
Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks 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.
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 coordinates, controls and organizes the process of production to make a profit. It is one of the factors of production.
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
Business
A business is an economic activity performed to produce goods or services that provide satisfaction for the consumers.
Types of enterprises
Entrepreneurship can be in the form of the following ways:
- 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.
- Private Enterprise: A private enterprise is a business enterprise, which is set up by individuals or group to meet the needs of the people to make a profit and 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 Nigeria, Boys Scout of Nigeria, The Nigerian Red Cross Society of Nigeria etc.
In our next class, we will be talking more about Entrepreneurship. We hope you enjoyed the class.
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