Familiarizing the

Basic Concepts in
Entrepreneurship
• Economy is the system by which the production and
consumption of goods and services is organized in a country
or community.
• Employment is the state of being employed or having a job;
the occupation for which you are paid.
• Enterprise is any activity which provides customers with a
product (goods/services) with a view to making a profit.
• Entrepreneur a person who organizes and operates a
business/es, taking on greater than normal financial risks in
order to do so.
• Small business is one that is independently owned and
operated by the owner.
ENTREPRENEURSHIP
as the process of designing, launching and
running a new business, which is often initially
a small business, or as the "capacity and
willingness to develop, organize and manage a
business venture along with any of its risks to
make a profit.
 Entrepreneurship
and Socio-Economic
Development
• Transforming ideas into economic opportunities is the index
of Entrepreneurship. You only have to be a keen observer of
what is happening in your environment. There and then you
can formulate what business you can later on engage in.

• Entrepreneurship is the capacity for innovation, investment

and creation and expansion in new markets, products and
techniques. It has an extra ordinary feature which is the
creation of something new or something unique. It is also a
new way of making something out of something that already
exists thus, creating new markets.
• Economically, entrepreneurship invigorates markets. The
formation of new business leads to job creation and has a
multiplying effect on economy.
• Socially, entrepreneurship empowers citizens, generates
innovation and changes mindsets. These changes have the
potential to integrate developing countries into the global
economy.
• Entrepreneurship is an important factor in economic
development. This means that a country or society with a lot
of entrepreneurs would tend to be a productive community
and thus produce wealth and spur economic development.
 Socio-Economic
Benefits of
Entrepreneurship
1. Entrepreneurship creates employment
2. Entrepreneurship improves the quality of life
3. Entrepreneurship contributes to a more
equitable distribution of income and therefore
eases social unrest.
4. Entrepreneurship utilizes resources for national
productivity.
5. Entrepreneurship brings social benefits through
government.
Q1_L1-L2 (DATE)
(SURNAME) (GR/SEC)
1. Makes a personal
sacrifice or extends
extraordinary effort
to complete a job.
2. It pertains to
influence, control
and authority.
3. Sets SMART
objectives to
achieve.
4. Does things
before asked or
forced to by events.
5. It is a goal, aim or
objective that you
successfully
attained.
6. Find ways to
do things better,
faster, or cheaper.
7. Does personal research
on how to provide a
product or service and
how to manage a
business.
8. It is deciding in
advance, what
things to do and
how to do these.
9. Seizes unusual
opportunities to start a
new business, obtain
financing, equipment, land
workspace of assistance.
10. Uses deliberate
strategies to
influence or
convince others.
11. The system by which
the production and
consumption of goods and
services is organized in a
country or community.
12. Plans by breaking
large tasks down into
time-constrained sub-
tasks.
13. Keeps financial
records and uses
them to make
business decisions.
14. The process of designing,
launching and running a new
business, which is often initially a
small business, or as the "capacity
and willingness to develop, organize
and manage a business venture along
with any of its risks to make a profit.
15. Seeks
autonomy from the
rules or control of
others.
16. Places self in
situations involving a
challenge or
moderate risk.
17. Any activity which
provides customers with a
product (goods/services)
with a view to making a
profit.
18. Takes repeated
actions or switches to an
alternative strategy to
meet a challenge or
overcome an obstacle.
19. Expresses strong self-
belief in own ability to
complete a difficult task
or meet challenge.
20. A person who organizes
and operates a business/es,
taking on greater than
normal financial risks in
order to do so.
1.B 6.C 11. D 16. R
2.Q 7.J 12. T 17. E
3.H 8.P 13. L 18. N
4.K 9.M 14. G 19. S
5.A 10.O 15. I 20. F