Page 20 - Bisiness Studies

Business Studies for Secondary Schools

the community, develop business ideas, and take personal responsibility and initiatives to
start and run a business. The business opportunities can either be created or discovered
and used by individuals who have unique mental abilities and attitudes for profi t making.

Types of entrepreneurship
FOR ONLINE READING ONLY
Entrepreneurship is classifi ed differently by various scholars. However, in this text book,
three types of entrepreneurship are explained. These are business entrepreneurship,
intrapreneurship or corporate entrepreneurship, and social entrepreneurship. These
types cover the fundamentals of starting a business and focus more on the business
itself, rather than on qualities of an entrepreneur. Figure 2.1 presents the three types of
entrepreneurship.

Figure 2.1: Types of entrepreneurship

Business entrepreneurship: This is a type tax, providing jobs and value-added
of entrepreneurship that begins with the initiatives. Most of the entrepreneurs
identifi cation of business opportunity, typically start their businesses using
generation of business idea, setting-up of their savings or small loans from banks,
the business entity, and running a business friends or family. Local grocery stores,
with a purpose of making profi t. It involves tea shops, plumbers, electricians, barbers,
making investment and taking risk upon carpenters, and consultants are examples
any decision made for the successful of these businesses.
operation of the organisation. Business
entrepreneurship is the most common In this kind of entrepreneurship, people
type of entrepreneurship widely seen in usually want to earn enough profi t to
the world. It generally exists in most Small feed their families and meet their other
and Medium Enterprises (SMEs). The basic needs. The business owner usually
majority of the small and medium-sized employs local employees or family
enterprises in Tanzania belong to this members. These small businesses which
kind of entrepreneurship. It contributes to are mostly owned and operated by
the nation’s economy in terms of paying individuals are likely to expand into a
large-scale business.

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