Entrepreneurship Skills: Meaning And Importance

Table Of Contents

1. Meaning Of Entrepreneurship
2. Meaning Of Enterprise
3. Meaning Of Self Employment
4. Facilities Available For Self Employment
5. Successful Entrepreneurs In Your Locality
6. Importance Of Entrepreneurship

Meaning Of Entrepreneurship

Entrepreneurship is the capacity and ability of an individual or group of people to develop, organize and manage a business venture, along with any of its risks, in order to make profit.

In our article on production in this blog, we look at entrepreneurship with the other factors of production like land, labour and capital. An individual who rather than work as an employee, runs a small business and assumes all the risks and rewards of the business, is regarded as an entrepreneur. There are so many successful entrepreneurs in our immediate localities and at the state and national levels. They are successful businessmen and women. You can name them.

Enterprise:

An enterprise is a business outfit or undertaking requiring ability and capacity to many with profitability. Enterprise can also be a company or a project involving a lot of challenges. An example, is a large scale organisation engaged in the production or manufacture of goods and services. It can also be a small business involving buying and selling of goods and services.

Self Employment:

Self employment is any engagement in which an individual works for himself, instead of working for an employer who pays salary. It is the act of generating one’s income directly from the consumers as opposed to paid employment. Self employment has become a necessity in view of the absence of enough employment opportunities in the country. It enables a person to provide his needs, extend to others and in some cases, provide employment for others. Therefore, self employment creates wealth and helps to reduce poverty. This form of business is different from the sole proprietorship business because it can use the services of other people to make the business more successful.

Facilities Available For Self Employment

This refers to factors that encourage or promote self-employment. They are:

1. Skill Acquired:

To be self employed, there must be skill acquired in a trade which enables one to make money by offering service to people. One can become an entrepreneur after acquiring a particular skill e.g welding, catering services, barbing etc.

2. Professionalism:

This is competence and expertise in a field, which results from training and learning. Lawyers, teachers, accountants, engineers are professionals. Professions have opportunities to engage in self employment.

3. Personal Interest:

Some people decide to be self employed out of personal interest. Such people would not like to work for others in order to earn a living.

4. Available Infrastructures:

Infrastructures are those basic amenities that promote or enhance business. Government provides basic infrastructures like water, electricity, roads, which enhance business life. The availability of basic amenities promotes self employment.

5. Unemployment Rate:

High rate of unemployment in a society pushes people into self employment. In a situation where jobs are hard to come by or job seekers far out number the available jobs in the economy, self employment becomes the way out.

6. Population Rate:

High population growth and available job opportunities can never meet. The economy cannot cope with high population growth. This drives people to learn trades to be self employed.

7. Talent:

Talent refers to natural ability or endowment a person possesses. Talented persons have more opportunities to become self employed. Examples, musician, comedians, craftsmen, blacksmiths, who develop their talents can become self employed.

8. Environment:

The environment refers to the surrounding of man. Those who live in riverine areas become fishermen and sand excavators. Those in the grassland area become cattle rearers etc. Therefore, environment influences People’s occupation occupation so much. It influences people to take up activities that give them money without waiting to be employed.

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Successful Entrepreneurs In Your Locality

i. Mr frank Nneji Of ABC Transport PLC, Owerri

ii. Chief Femi Otedola

iii. Chief Orji Uzor Kalu-SLOUK

iv. Chief Pascal Dozie of Diamond Bank PLC

International:

v. Alhaji Aliko Dangote of Dangote Group Of Companies.

Importance Of Entrepreneurship

1. Entrepreneurship creates wealth and employment opportunities: This reduces poverty, hunger and frustration in the society. As a consequence, it reduces crime rate, in the society.

2. It reduces over dependence on government by the citizens: Some successful entrepreneurs provide social amenities like hospitals, roads, electricity for the people, Government is therefore relieved of some burden which enables government to concentrate efforts on other areas of need.

3. Entrepreneurship helps to stabilize the economy through employment generation, wealth creation and industrialization.

4. Entrepreneurship helps to generate revenue to government through tax and duties paid by business entrepreneurs. This is important for economic and national development.

5. Entrepreneurship encourages even development through decentralization and spread of industries.

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