Importance
of Self-employment to individuals
(i)
Being your own boss: - Control your destiny answerable
to yourself, rewards received are in direct proportion to your work/managements
skills.
(ii)
Anticipation of future wealth
- Business has
potential of growth into a giant
- Consider your
business to be an extension of your own being.
(iii)
Direct Communication with your employees
- One line of management - face
to face contact with your employees - achieves goals.
(iv)
Personal contact with customers
- Develop and maintain
satisfying and enriching relationships.
(v)
Centralized decision-making
- Respond quickly to
situations
- Take advantage of
unexpected business opportunities and
Profitable gains
(vi)
Satisfying work – challenges of creating a business and
achieving goals exciting and fulfilling
(vii)
Entrepreneurial status - Derive satisfaction from
recognition.
Importance
of Studying Entrepreneurship
Studying
entrepreneurship is important because it will enable the students to:
(a)
Learn to develop ideas by:
·
Learning to recognise business opportunities
·
Researching customer insights
·
Understanding the needs of the market in terms
of services, products and price
·
Conducting a self-assessment of personal
creativity
·
Conducting a feasibility study
·
Identifying various business entry strategies
(b)
Prepare to start a business by:
·
Writing a working business plan
·
Approaching others for money and other resources
(c)
Build a viable business by:
·
Learning to allocate resources
·
Using various marketing strategies
·
Managing money and personnel
Other benefits
of studying entrepreneurship include:
·
It provides a clear picture of what
entrepreneurship is therefore cultivating an interest of venturing into it in
future
·
It helps students to develop a positive attitude
towards entrepreneurship and self-employment
·
Enables one to make use of technology to become
innovative and creative
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