CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Over the years there have been many definitions of entrepreneurship and they have all been acceptable definitions but i define it as the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.
One can simply say that entrepreneurship as the pursuit of a self-owned business or company. Entrepreneurs are people who are willing to take risks to make a profit, whether by inventing a new product or opening their own company, it is also the behavior of starting business or taking on financial risk with the hope of making a profit. Entrepreneurship is almost a way of life. If you have it in you, then it permeates everything that you do.
Entrepreneurship is the act of starting a company, arranging business deals and taking risks in order to make a profit through the skills acquired (Omolayo 2006). Entrepreneurship education can also be described as the term given to who has innovative ideas and also posses the ability to transforms it to profitable activities. Entrepreneurship in other words is the process of bringing together creative, innovative ideas and coupling these with management and organizational skills in order to combine people, money and resources to meet an identified need and create wealth. In the same vein, Nwangwu (2007) opined that entrepreneurship is a process of bringing together the factors of production, which include land, labour and capital so as to provide a product or service for public consumption. However, the operational definition of entrepreneurship is the willingness and ability of a person or persons to acquire educational skills to explore and exploit investment opportunities, establish and manage a successful business enterprise.
Entrepreneur can be defined as an innovating individual who has developed an ongoing business activity where none existed before. Meredith (1983) defined an entrepreneur as a person or persons who possesses the ability to recognize and evaluate business opportunities, assemble the necessary resources to take advantage of them and take appropriate action to ensure success. Entrepreneurs are people who constantly discover new markets and try to figure out how to supply those markets efficiently and make a profit.
An Entrepreneur is a person that searches for change, responds to change, and exploits change by converting change into business opportunity.
