Meaning of terms - JSS1 Business studies Lesson Note

i. Entrepreneurship:

Entrepreneurship refers to the process of starting and managing a business venture, taking on financial risks in the hope of making a profit. It involves identifying opportunities, gathering resources, organizing factors of production (like land, labor, and capital), and assuming the risks associated with the business's success or failure. Entrepreneurs are innovative individuals who are willing to take risks and create value through their ventures.

 

ii. Enterprise:

Enterprise can refer to either a business or a project undertaken with initiative and risk. In the context of a business, enterprise typically refers to a commercial or industrial undertaking, involving the organization, operation, and management of resources (such as capital, labor, and materials) to produce goods or services for profit. It embodies the spirit of entrepreneurship, where individuals or groups take calculated risks to create and manage businesses.

 

iii. Self-employment:

Self-employment refers to individuals who work for themselves rather than being employed by an external entity. Self-employed individuals may operate as sole proprietors, freelancers, independent contractors, or small business owners. They have autonomy over their work and are responsible for managing all aspects of their business, including finances, marketing, operations, and customer relations.