Business Studies - Junior Secondary 1 - Importance of entrepreneurship

Importance of entrepreneurship

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TERM: 2ND TERM

WEEK SIX

Class: Junior Secondary School 1

Age: 12 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: IMPORTANCE OF ENTREPRENEURSHIP

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

 I.) Meaning and importance of Entrepreneurship

II.) Identify the functions of Entrepreneurship

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S

ACTIVITY

STEP 1

INTRODUCTION

The teacher explains the meaning and importance of Entrepreneurship

Students listens attentively to the teacher                                                                          

STEP 2

EXPLANATION

Teacher identifies and discusses the functions of Entrepreneurship

Students exhibit attentiveness and active engagement

STEP 3

NOTE TAKING

The teacher writes a summarized

note on the board

The students

copy the note in

their books

 

NOTE

IMPORTANCE OF ENTREPRENEURSHIP

Meaning of Entrepreneurship

Entrepreneurship refers to the process of identifying opportunities in the market, taking risks to capitalize on those opportunities, and organizing resources to create and operate a business. It involves innovation, creativity, and the willingness to undertake new ventures in pursuit of profit and growth.

Importance of Entrepreneurship:

  1. Entrepreneurship drives economic development by creating new businesses, industries, and job opportunities. It stimulates innovation and productivity, leading to overall economic growth.
  2. Entrepreneurs are often at the forefront of innovation, developing new products, services, and technologies that address market needs and improve quality of life.
  3. Small and medium-sized enterprises (SMEs), typically founded by entrepreneurs, are major contributors to employment generation, particularly in emerging economies.
  4. Successful entrepreneurs generate wealth not only for themselves but also for their employees, suppliers, and communities through increased economic activity.
  5. Entrepreneurship can bring positive social change by addressing social challenges, promoting sustainable practices, and supporting community development initiatives.
  6. Entrepreneurial ventures enhance a country's competitiveness by fostering a dynamic business environment, attracting investments, and boosting exports.

Functions of Entrepreneurship

Entrepreneurship performs several crucial functions in the economy:

  1. Innovation: Entrepreneurs innovate by introducing new products, services, or business models that disrupt existing markets and create value.
  2. Risk-taking: Entrepreneurs undertake calculated risks, such as investing capital in new ventures or entering unexplored markets, with the potential for high returns.
  3. Resource Allocation: Entrepreneurs efficiently allocate resources (financial, human, and natural) to maximize productivity and profitability.
  4. Job Creation: Entrepreneurial ventures create employment opportunities, reducing unemployment and underemployment in the economy.
  5. Economic Dynamism: Entrepreneurs foster competition, dynamism, and efficiency in the market by challenging established norms and practices.
  6. Wealth Distribution: Successful entrepreneurship leads to wealth creation and distribution, benefiting not only entrepreneurs but also employees, suppliers, and shareholders.

 EVALUATION: 1. Mention 5 importance of Entrepreneurship

  1. Identify 5 functions of Entrepreneurship

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively.