HomeJSS 1Business Studies JSS 1Understanding Entrepreneurship: Meaning, Benefits, and Types

Understanding Entrepreneurship: Meaning, Benefits, and Types

 

Business Studies JSS 1 – Second Term Lesson Plan

Week 3: Entrepreneurship

Lesson Plan Presentation

Subject: Business Studies

Class: JSS 1

Term: Second Term

Week: 3

Age: 10–12 years

Topic: Entrepreneurship

Sub-topic: Meaning, Importance, Pros & Cons, and Types of Entrepreneurs

Duration: 40 minutes

Behavioural Objectives

By the end of the lesson, students should be able to:

  1. Define entrepreneurship.
  2. Explain the meaning of enterprise and self-employment.
  3. Identify the advantages and disadvantages of entrepreneurship.
  4. List and explain the different types of entrepreneurs.
  5. Give examples of famous entrepreneurs.

Keywords

  • Entrepreneurship
  • Enterprise
  • Self-employment
  • Business venture
  • Financial risk
  • Profit
  • Small-scale business

Set Induction

The teacher asks students if they know someone who owns a business (e.g., a shop owner, tailor, or food vendor). The teacher then explains that such people are called entrepreneurs.

Entry Behaviour

Students are familiar with businesses in their communities and may know people who run their own businesses.

Learning Resources and Materials

  • Pictures of famous entrepreneurs (e.g., Bill Gates, Steve Jobs, Oprah Winfrey)
  • Short videos on entrepreneurship
  • Charts displaying different business sizes

Building Background/Connection to Prior Knowledge

Students have learned about factors of production and know that an entrepreneur organizes these factors to start a business.

Embedded Core Skills

  • Critical Thinking
  • Communication
  • Decision-Making

Reference Books

  • Lagos State Scheme of Work
  • Business Studies for JSS 1 by A. O. Yusuf
  • Essential Business Studies for Junior Secondary Schools

Instructional Materials

  • Whiteboard and markers
  • Posters of different business sizes
  • Flashcards with business terms

Lesson Content

Definition of Entrepreneurship

Entrepreneurship is the process of identifying, developing, and managing a business venture to make a profit. It involves taking risks, making decisions, and organizing resources.

Meaning of Enterprise

An enterprise is an establishment or small business set up for commercial purposes.

Meaning of Self-Employment

Self-employment means managing and controlling one’s own business instead of working for someone else.

Who is an Entrepreneur?

An entrepreneur is a person who organizes and manages a business. Entrepreneurs take risks and use resources to start and grow a business.

Examples of Entrepreneurs

  1. Bill Gates – Founder of Microsoft
  2. Steve Jobs – Co-founder of Apple
  3. Oprah Winfrey – Media and business mogul
  4. Walt Disney – Founder of Disney
  5. Aliko Dangote – Nigerian businessman
  6. Jeff Bezos – Founder of Amazon
  7. Elon Musk – Founder of Tesla and SpaceX
  8. Folorunsho Alakija – Nigerian businesswoman
  9. Mark Zuckerberg – Founder of Facebook
  10. Richard Branson – Founder of Virgin Group

Advantages of Entrepreneurship

  1. You are your own boss – Entrepreneurs control their business.
  2. More decision-making opportunities – Entrepreneurs make their own choices.
  3. Financial rewards – Profit and business income.
  4. Job security – Entrepreneurs do not fear losing jobs.
  5. Self-satisfaction – They feel fulfilled in their work.
  6. Recognition – Entrepreneurs can become famous and respected.

Disadvantages of Entrepreneurship

  1. Risk of business failure – Not all businesses succeed.
  2. Time-consuming – Entrepreneurs work long hours.
  3. Unstable income – Profits are not always guaranteed.
  4. Stress – Running a business can be challenging.
  5. Financial risk – Entrepreneurs may lose money.

Classes of Entrepreneurs

  1. Small-Scale Business Owners – Shop owners, tailors, barbers.
  2. Medium-Scale Business Owners – Supermarket owners, factory owners.
  3. Large-Scale Business Owners – Owners of big companies like Dangote Group.
  4. Self-Employed Individuals – Private doctors, lawyers, consultants.

Evaluation

Fill-in-the-Blank Questions

  1. Entrepreneurship is the process of ________, developing, and managing a business.
    a) Creating
    b) Identifying
    c) Selling
    d) Closing

  2. A person who starts and manages a business is called a ________.
    a) Teacher
    b) Consumer
    c) Entrepreneur
    d) Employee

  3. An example of an entrepreneur is ________.
    a) Bill Gates
    b) Nelson Mandela
    c) Cristiano Ronaldo
    d) Michael Jackson

  4. The reward of an entrepreneur is ________.
    a) Salary
    b) Profit
    c) Wages
    d) Rent

  5. ________ means managing one’s own business.
    a) Self-employment
    b) Working
    c) Entrepreneurship
    d) Partnership

  6. The main disadvantage of entrepreneurship is ________.
    a) Business success
    b) Financial risk
    c) Job security
    d) Recognition

  7. The process of starting a business is called ________.
    a) Capitalism
    b) Entrepreneurship
    c) Marketing
    d) Production

  8. An enterprise is a ________.
    a) Large company
    b) Small business setup
    c) Bank
    d) Loan facility

  9. The biggest advantage of entrepreneurship is ________.
    a) Business failure
    b) Being your own boss
    c) Long working hours
    d) Financial loss

  10. A small business is the seedbed of ________.
    a) Agriculture
    b) Entrepreneurship
    c) Politics
    d) Law

Class Activity Discussion (FAQs with Answers)

  1. What is entrepreneurship?

    • It is the process of starting and managing a business.

  2. Who is an entrepreneur?

    • A person who organizes and manages a business.

  3. Give three examples of famous entrepreneurs.

    • Bill Gates, Steve Jobs, Oprah Winfrey.

  4. What is self-employment?

    • It means managing and controlling your own business.

  5. List two advantages of entrepreneurship.

    • Job security, financial rewards.

  6. What is the main disadvantage of entrepreneurship?

    • Financial risk.

  7. Name a class of entrepreneurs.

    • Small-scale business owners.

  8. What is the main goal of an entrepreneur?

    • To make a profit.

  9. Can anyone become an entrepreneur?

    • Yes, with determination and resources.

  10. Why do businesses fail?

  • Poor management, lack of capital.

Presentation

  1. The teacher revises the previous topic (Factors of Production).
  2. The teacher introduces the new topic by discussing local business owners.
  3. The teacher allows students to contribute and corrects them where necessary.

Teacher’s Activities

  • Explain the concept of entrepreneurship.
  • Show pictures of famous entrepreneurs.
  • Guide students in discussing the pros and cons of entrepreneurship.

Learners’ Activities

  • Listen and take notes.
  • Identify local entrepreneurs.
  • Discuss their thoughts on starting a business.

Evaluation Questions

  1. Define entrepreneurship.
  2. What is self-employment?
  3. Name two advantages of entrepreneurship.
  4. List two disadvantages of entrepreneurship.
  5. Give two examples of entrepreneurs.

Conclusion

The teacher marks students’ work and provides feedback.

Factors of Production: Meaning and Importance

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