Lecture materials for GSE224

1. ENTREPRENEURSHIP
Basic Concept

2. 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”.

3. 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.

4. 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.

5. 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

6. 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.

7.  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.

8. 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:

9. 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

10. 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.

11.  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.

12. 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”.

13. 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.

14. 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.

15.  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.

16. ACTIVITY 1:
Identify 20 qualities of entrepreneur, which
Two among these 20 qualities are essential for
up-coming entrepreneur.
1.2mrks