ENTREPRENEURSHIPBasic Concept

ENTREPRENEURSHIP

The word entrepreneurship originated from the French word, “entreprende” which means “to undertake” (Akanni, 2010). Literarily it means “to undertake risks toward achieving a stated goal”.

ENTREPRENEURSHIP EDUCATION,

Entrepreneurship education is the form of education designed for the learner to become an entrepreneur. Entrepreneurship education is an approach to stimulate students to be curious and creative. Stimulating the students’ entrepreneurial abilities makes them confident about their strengths and weaknesses.

Entrepreneurship education is viewed as a specialized training given to the students or trainees to acquire skills, ideas, managerial abilities and capabilities for self-employment than being employed for pay. Entrepreneurship education is a training given to awaken sense of initiative of an individual and ability to turn ideas into action.

It includes creativity, innovation, risk-taking, as well as the ability to plan, manage projects in order to achieve the objectives and to master one’s own life. Entrepreneurship education in a school curriculum ensures that each learner has a chance to become an entrepreneur and each student is the architect of his/her fortune.

OBJECTIVES OF ENTREPRENEURSHIP EDUCATION Paul (2005) stated that entrepreneurship

education aims to achieve the following among others. To offer functional education to the

youths that will enable them to be self-employed and self-reliant

Provide the graduates with adequate training that will enable them to be creative and innovative in identifying novel business opportunities

To serve as a catalyst for economic growth and development.

To reduce poverty.

To create employment opportunities. Reduction in rural-urban migration. Provide the graduates with enough

training and support that will enable them to establish a career in small and medium size businesses.

To inculcate the spirit of perseverance in the youths and adults which enable them to persist in any business venture they embark on.

Create smooth transition from traditional to a modern industrial economy.

ROLES OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT

Hamza (2010) quoted Joseph Schumperter, views entrepreneurship as a process which brings economic development through combination of factors of production these factors include: Land, Labour, capital and the entrepreneur, whenever these factors were put in place for the realization of a specific goal (Wealth Creation) then it is an economic development:

However; entrepreneurship is the dynamic need of a developing nation and sustains the process of economic development in the following ways: Employment Generation National Income (increase in GDP) Disposal of economic power among citizen Balanced regional development Reducing unrest and social tension amongst

youths Innovations in enterprises Improvement in living standards Economic independence of a national

ENTREPRENEURSHIP

UNDP (2010), Shane (2010) in Hamza (2014) defined entrepreneurship as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential.

Entrepreneurship is the act of being an entrepreneur, which can be defined as “one who undertakes innovations, finances and displays business acumen in an effort to transform innovations into economic goods”. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.

ENTREPRENEUR Hornby (2006) defined an entrepreneur as a person who makes money by starting or running businesses, especially when this involves taking financial risks. Drucker (1995) in Hamza (2010) defined an entrepreneur as someone who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield. This definition has two aspects that deserve to be underlined. First there are resources that undergo manipulation, second the activity seeks to attain “higher productivity” and greater yield”.

In business context, it means to start a business, identify a business opportunity, organize resources, manage and assume the risk of a business or an enterprise.

Entrepreneur is someone whose sees opportunity and proactively utilize these opportunities to achieve a target goal. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services.

CHARACTERISTICS OF ENTREPRENEUR: An entrepreneur has the following

characteristics: Entrepreneurs are disciplined and can

hold them self-accountable. Entrepreneurs like to be in control. Entrepreneurs are very confident and

believe in themselves. Entrepreneurs they love what they do

and know their market.

Entrepreneurs are very passion about succeeding in life.

Entrepreneurs always learn from their mistakes and don’t make it twice.

Entrepreneurs are willing to keep learning new skills.

Entrepreneurs are good leaders and can lead a team to complete a common goal.

Entrepreneurs will take a risk on new opportunities.

ACTIVITY 1:

Identify 20 qualities of entrepreneur, which Two among these 20 qualities are essential for up-coming entrepreneur.

1.2mrks