Lesson Notes By Weeks and Term - Junior Secondary School 2

TERM: 2nd TERM

SUBJECT: BUSINESS STUDIES                                

CLASS:  JSS 2

REFERENCE

• WABP Junior Secondary Business Studies 2 by Egbe Ehiametalor et’al.

WEEK TWO

TOPIC: PERSONAL QUALITIES OF AN ENTREPRENEUR

CONTENT

• Personal qualities of an entrepreneur.
• Importance of an entrepreneur.

An entrepreneur :This is defined as the factor of production that coordinates other factors of production in order to produce goods and services. The entrepreneur bears risks and takes major decision of the business.

             He risks his capital in setting up the business with the aim of making profit.

             In summary, an entrepreneur is the person who coordinates, control and organizes production processes in order to make maximum output. The reward for an entrepreneur is profit.

Qualities of an entrepreneur

1. Risk bearing : He takes risks for the outcome of his capital investment whether good or bad.
2. Organisation : He organizes other factors of production for the production of goods and services.
3. Decision making: He takes major decision concerning production.
4. Control other factors : He has absolute control over other factors of production.

Evaluation

1. Who is an entrepreneur?.
2. Mention two qualities of an entrepreneur.

READING ASSIGNMENT

Essential Economics for SS by C.E Ande pg 36-37.                    

Importance of an entrepreneur:

1 .He decides on what to produce , quantity, what to supply, at what price etc.

2. He provides physical cash, motor vehicle ,buildings ,plant and machinery.
3. He makes sure he has qualified workers and assign duties to them.
4. Efficient management.

EVALUATION

Mention three importance of an entrepreneur

READING ASSIGNMENT

Essential Economics for SS by C.E.Ande pg 36-37.

GENERAL EVALUATION

1. What is the reward of an entrepreneur?
2. Mention other factors of production and their rewards.
3. Write out the first six consonants of shorthand.
4. Mention three features of public limited liability company.
5. What are the sources of capital to sole proprietor?

WEEKEND ASSIGNMENT

1. The factor of production which coordinates other factors is ---- (a) land (b) labour (c) capital (d) entrepreneur.
2. The reward for an entrepreneur is ------ (a) rent (b) salary (c)profit (d) profit.
3. One of these is not a risk faced by an entrepreneur (a) fire (bad weather) (c) low demand for goods (d) stealing.
4. One of the following is not a quality of an entrepreneur (a) Organisation (b) Receiving instruction (c) decision making (d) Risk bearing.
5. ------ provides capital for business operation. (a) An accountant (b) A receptionist (c) An entrepreneur (d) A cleaner.

THEORY

1. Who is an entrepreneur?
2. Mention three qualities of an entrepreneur.