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What is Entrepreneurship?


Entrepreneurship is an act of identifying business opportunities then creating viable programmes to implement those ideas into actual businesses. Novel ideas can be brought into an existing market or a new market which can be developed through professional management and marketing practices.

Entrepreneurship is an act of undertaking innovations or introducing new ideas to create new goods and services with economic value. It can also be said to be an act of starting new businesses commonly known as start-ups with the hope of future growth into viable business undertakings.

An entrepreneur is a person who is willing to convert a new idea or innovation into a successful business which will stimulate economic growth. He/she is a person who is willing to bear calculated risks in order to start a new business venture. Entrepreneurship helps to accelerate economic growth by promoting capital formation and creating wealth in a country. It helps to create employment and reduce poverty as a country moves along the path of prosperity. Governments help to create a culture of entrepreneurial thinking by integrating entrepreneurship into education programmes and promoting it through the private sector.

Entrepreneurship combines with good management practices of planning, directing, organizing, and controlling opportunities in order to create viable business ventures. Entrepreneurs require the support of financial institutions to realize their business goals and ambitions. But should such finances not be readily available, then the entrepreneurs can resort into Finance Groups locally known as "Chamas" to raise the seed capital. There are other forms of entrepreneurship in the social and political spheres, but our primary concern in this programme is to develop business enterprise.