MODULE ONE
THEORY AND CONCEPT OF ENTREPRENEURSHIP STUDIES
Learning Objectives
At the end of this module students should be able to;


Discuss the origin of Entrepreneurship



Define the concept “Entrepreneur”



List the roles and characteristics of an Entrepreneur



State the motivational factors of Entrepreneurship.

UNIT ONE: ORIGIN AND CONCEPTS OF ENTREPRENEUR AND
ENTREPRENEURSHIP
Objectives: At the end of this unit students should be able to;


Compare and contrast the various definitions of Entrepreneur and
Entrepreneurship.



1.2.

Differentiate between Entrepreneur and Entrepreneurship.
List five contributions to the study of Entrepreneurship.

Introduction
Businesses are any undertaking created for the purpose of creating utility.
Utility is simply the satisfaction derived from consuming certain goods and services. Businesses are created by a special kind of labour which is also referred to as the entrepreneur. Entrepreneur is regarded as a special kind of labour because not all labour possesses entrepreneurial abilities which enable them to start a business from the scratch. Thus, entrepreneurship is simply the establishment of a new business or business enterprise or venture. This Unit looks at the development of the concept of entrepreneurship and the various ways in which this concept can be defined. Quick Review questions
I.

Businesses are not any undertaking created for the purpose of creating utility. True or False

II.

1.3.

Entrepreneur is regarded as a special kind of labour True or False

Entrepreneurship – Origin
Various

scholars

have

written

extensively

on

the

origin

of

entrepreneurship. What is interesting is that most of the scholars who wrote about the origin of entrepreneurship are either economists or historians. Basically, the concept