Topic: Importance of entrepreneurship

Subject : Business studies

Class : JSS1

Objectives : At the end of the lesson, student should be able to

a. List the importance of entrepreneurship

b. State the problems of entrepreneurship in Nigeria


Importance of entrepreneurship

1.  Development of managerial and technical skills: it helps in identifying and developing managerial capabilities of entrepreneurs

2.  Creation of organizations: Entrepreneurship results into creation of organizations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievement of objectives through managerial skills.

3.  Improving standards of living: By creating productive organizations, entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standards of living for the people.

4.  Source of employment: It lead to the establishment of job opportunities

5.  Economic development: It helps to drive the economy

6.  It allows people to bring creativity into the market place.

7.  It brings new products and services to the market

8.  It helps in conserving the out flow of national wealth

9.  It facilitates the rate of development of a country

Problems of Entrepreneurship in Nigeria

1.  Shortage and inadequate supply of infrastructural facilities

2.  Corruption

3.  Inconsistent government

4.  Security problem

5.  Lack of technical and managerial know-how

6.  The problem of obtaining capital to start business


1. Differentiate between an Entrepreneur and Entrepreneurship