the fear of failing always looms but driven by ambition and the desire to succeed, the entrepreneur sees his project to completion.Ĭommunication is the process of exchanging ideas amongst two or more persons. He is one who will take the risk of the success or failure of the new venture and will also stand in to reap the rewards.an entrepreneur takes the chance that the new idea will work and he directs all his resources towards making the process a success. Given an existing technology or some kind of invention, the entrepreneur will come up with a process that will utilize the available tools and technologies to produce a good or a service that will add value to the economy ad benefit both him and the society. With the risks come rewards that are derived by the person who has come up with the new process.Īn entrepreneur is someone who devises a new way of looking at things and producing output out of the new concept. there are risks involved in this process and they all have to be assumed. it requires some ingenuity coupled with a lot of time and effort. mostly it will involve the production of goods and services. the role of the individual is what we are going to look at in the following sections.Įntrepreneurship is the process of coming up with new processes or ways of achieving some set objectives. individuals also need to establish themselves as key components in any healthy economy. the needs of the country cannot be feasibly catered for by the state on its own. Self employment:this is a concept that arises when the entrepreneur relies on revenues from his business as a source of incomeĪny given economy needs both the government and the private sector to grow.it is the process of devising a new process that will make production more efficient. Entrepreneurship: the process of coming up with new processes or ways of achieving some set objectives.Entrepreneur: someone who devises a new production methodology and producing output (goods or service) based on the new concept.the chapter gives a broad description of the various forms of entrepreneurship and even the challenges the entrepreneur will go through in an attempt to make his dream come true. it entails coming up with an idea that no one else has thought of and capitalizing on it to set up an enterprise.
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