Lesson Notes By Weeks and Term v4 - JHS 1

Lesson Video

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Performance objectives

• Define 'entrepreneurship' and explain its significance in Ghana.
• Describe who an 'entrepreneur' is and identify their key characteristics.
• Recognize the impact of entrepreneurship on the economy.
• Illustrate examples of local entrepreneurs.

Lesson summary

In our communities, we see people starting businesses every day – the woman who sells waakye, the young man who repairs phones, or the seamstress who designs beautiful clothes. These individuals are not just working; they are solving problems and creating opportunities for themselves and others. This lesson introduces us to the exciting world of these business creators. We will learn the two fundamental words that describe them and their activities: 'entrepreneur' and 'entrepreneurship'. Understanding these concepts is the first step towards developing the skills to one day start our own successful ventures, create jobs, and contribute to Ghana's growth.

Lesson notes

A. Who is an Entrepreneur?

An entrepreneur is a person who identifies a problem or a need in a community, gathers the necessary resources (like money, people, and materials), and starts a business to provide a solution, taking a financial risk in the hope of making a profit.

Let's break this down into simple parts. An entrepreneur is a person who: Sees an Opportunity: They notice a problem that needs fixing or something that people want but cannot easily get. *Example:* Noticing that students have to walk far to buy snacks during break time. Comes up with an Idea: They think of a creative business idea to solve that problem. *Example:* Deciding to start a small, neat stall within the school compound to sell healthy snacks like roasted groundnuts and bottled water. Takes a Risk: They use their own money or borrow money to start the business, knowing that they might lose it if the business fails. *Example:* Using their personal savings to buy the first batch of groundnuts and water. Organises Resources: They bring together everything needed to run the business – money (capital), workers (labour), location, and materials. *Example:* Finding a good spot, buying a table, and getting the supplies. Aims for Profit: Their main goal is to make money (profit) from the business after paying all expenses.

Ghanaian Examples of Entrepreneurs: