Entrepreneurship

Syllabus tag: KCSE | Business Studies | Form 1 | Topic 5 Entrepreneurship

Lesson objectives

By the end of this topic, you should be able to:

• Define entrepreneurship and state its importance to the economy.
• Describe the characteristics of a successful entrepreneur.
• Distinguish a business idea from a business opportunity.
• Describe the sources of business ideas and the contents of a business plan.

Summary

Entrepreneurship is the process of identifying a business opportunity, mobilising resources and bearing the risk of exploiting it. It creates employment, forms capital, uses local resources and saves imports. A business idea is a thought about what might be done; a business opportunity is an idea with a market that will actually pay — the distinction is the topic's core.