Business Studies - Yr7

TERM: THIRD TERM
WEEK: TWO
TOPIC: ENTREPRENEURSHIP
CONTENT:
Entrepreneurship
 Meaning of Enterprise
 Meaning of Self Employment
 Facilities Available for Self Employment
 Successful Entrepreneurs
 Importance or Functions of Entrepreneurship
SPECIFIC OBJECTIVES: By the end of the class, the students are expected to:
i. explain the meaning of enterprise;
ii. explain meaning of self-employment;
iii. mention the facilities available for self-employment;
iv. list successful entrepreneurs internationally, nationally and locally;
v. state the importance or functions of entrepreneurship.
NOTE 2:
Entrepreneurship
Entrepreneurship is the process of starting a business or other organization for the purpose of making
profit. It is gotten from the French verb ‘entrepreneur’, which means ‘to undertake’. The
entrepreneur develops a business model, acquires the human and other required resources, and is
fully responsible for its success or failure.
Meaning of 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.
Meaning of 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

1. Tax facilities and subsidies
2. Micro credit facilities are available to start-up businesses 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.
Successful Entrepreneurs
An entrepreneur is an individual who organizes or operates a business or businesses. He has the
ability to lead a business in a positive direction by proper planning, to adapt to changing environment
and understand their strengths and weaknesses. The entrepreneur is commonly seen as an innovator-a
generator of new ideas and business processes. Management skill and strong team building abilities
are often perceived as essentials leadership attributes of successful entrepreneurs.
The following are the successful entrepreneurs:
International Entrepreneurs
S/NO NAME COMPANY FOUNDED
1. Bill Gates Microsoft.
2. Richard Branson Virgin Atlantic.
3. Steve Jobs Apple Computers
4. Michael Dell Dell Computers
5. Oprah Winfrey Oprah Winfrey Network
6. Amancio Ortega Inditex Group
7. Liliane Bettencourt L’Oreal
National Entrepreneurs
S/NO NAME COMPANY FOUNDED
1. Abdulsamad Rabiu BUA Group
2. A. C. Okafor Chicason Group
3. Aliko Dangote The Dangote Group
4. Folorunsho Akakija Famfa Oil Limited
5. Jim Ovia Visafone
6. Mike Adenuga ` Globacom
Local Entrepreneurs
These entrepreneurs include the following:
1. Shop owners dealing in provisions and cosmetics
2. Local butchers.
3. Spare part dealers.
4. Kerosene sellers.
5. Restaurant owners.
6. Fashion designers.
7. Business centre owners.
8. Hair dressers etc.
Importance or Functions of Entrepreneurship
1. Entrepreneurship create job opportunities: He hires people to work with him
2. Entrepreneurship cause economic growth: By creating wealth to the people
3. They provide new and best product at low prices
4. They provide strength to small businesses: most of the time, entrepreneurs prefer to invest their
money in small businesses.
5. Entrepreneurship pay taxes: tax paid by entrepreneurs further contributes to state income.
6. Entrepreneurship creates demand for products which in turn create job for other business i.e.
buying raw materials will in turn more jobs.
7. Entrepreneurship introduces new technologies in the market: they create new products and
provide new services.
8. Entrepreneurship stimulates the economy by instilling confidence in people.
9. Entrepreneurship contributes positively to the growth of G.D.P.
STUDENT’S EVALUATION
1. Define the following terms (i) entrepreneurship (ii) self-employment (iii) enterprise
2. Give three facilities available for self-employment.
3. State any five (5) importance of entrepreneurship.
4. Name any three successful entrepreneurs each in your (i) locality (ii) country (iii)
international community.
STUDENT’S ASSIGNMENT
 Write five (5) other successful international entrepreneurs and national entrepreneurs.

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TERM: THIRD TERM

Meaning of Self Employment

Facilities Available for Self Employment

2. Richard Branson Virgin Atlantic.

3. Steve Jobs Apple Computers

4. Michael Dell Dell Computers

5. Oprah Winfrey Oprah Winfrey Network

6. Amancio Ortega Inditex Group

7. Liliane Bettencourt L’Oreal

2. A. C. Okafor Chicason Group

3. Aliko Dangote The Dangote Group

4. Folorunsho Akakija Famfa Oil Limited

5. Jim Ovia Visafone

6. Mike Adenuga ` Globacom

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