Summary

This document provides an introduction to entrepreneurship, covering its meaning, types, and benefits. Included are various business opportunities and also a case study about a poultry business exploring the characteristics of entrepreneurs. This document is designed to help you understand the fundamentals of entrepreneurship.

Full Transcript

FOR ONLINE USE ONLY DO NOT DUPLICATE Chapter Fourteen Entrepreneurship Introduction In this chapter, you will learn the meaning and types of entrepreneurs. You will also learn about the...

FOR ONLINE USE ONLY DO NOT DUPLICATE Chapter Fourteen Entrepreneurship Introduction In this chapter, you will learn the meaning and types of entrepreneurs. You will also learn about the benefits of entrepreneurship and the business opportunities found in areas where there are rivers, dams, lakes and oceans. LY You will, in addition, learn about the business opportunities available in urban areas and in livestock keeping activities in rural areas. N Meaning of entrepreneurship The concept of entrepreneurship is broad and has different meanings. Some O of the meanings include: (a) SE Investing business capital for self-employment and income generation purposes. (b) Personal skills and knowledge U (c) Individual capacity to change ideas into actions. Most often, the word entrepreneurship means starting and running a business E enterprise. N Characteristics of an entrepreneur LI An entrepreneur is someone who starts a new business or arranges business deals in order to generate income, often in a way that involves financial risks. N The following are the characteristics of an entrepreneur: O (a) He or she can set big targets; (b) He or she has a daring mind; R (c) He or she is creative and innovative; FO (d) He or she is hardworking and does not despair; (e) He or she is independent and can have personal thrust; and (f) He or she is faithful. 154 SOCIAL STUDIES STD 5.indd 154 30/07/2021 11:49 FOR ONLINE USE ONLY DO NOT Entrepreneurs start businesses after DUPLICATE setting targets and identifying ways of achieving the targets. Case study Read the following case study of a poultry enterprise and identify the characteristics of an entrepreneur. A poultry entrepreneur Halima was not selected to join secondary school after completing primary LY school at Mbuyuni Primary School in Singida Region. Her parents did not have money for sending her to a private secondary school. She decided to start a business so that she could earn money for educating her children in N future. She did not want her children to experience the same problem as O she experienced. She carried out research on types of businesses that are profitable. She spoke with business persons in that village and her uncles who had shops in Singida town. SE She discovered that business persons were buying eggs from local chicken keepers in the village and selling them in Singida town. The business persons U were buying eggs at a cheap price, but they were not getting enough eggs. The chicken farmers mixed good eggs with bad ones. Halima saw this as a big business opportunity. She looked for a livestock extension officer from E whom she could get good breeds which lay many eggs. The extension officer gave her advice and told her how to make poultry feed on the local farm N produce found in the village. He also advised her to use alternative medicine to control and prevent poultry diseases. LI Halima started rearing three chicks which she borrowed from her neighbours. N She differed from other poultry keepers by feeding her chicks so as to get many and big eggs. She was also determined to be faithful to her customers. O When she started selling her eggs, her competitors envied her. Business persons from Singida town bought her eggs first and then went to buy R other farmers’ eggs. Some of her competitors started to call her a witch, but Halima advised them to practise good chicken husbandry. After three years, FO Halima had many chickens which she sold at a profitable price. She also started to buy eggs from honest poultry keepers and combined them with her own eggs. She went to Singida town to sell them instead of waiting for 155 SOCIAL STUDIES STD 5.indd 155 30/07/2021 11:49

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