Observation

In question 4(a), candidates failed to differentiate between the contributions of entrepreneurship from the functions of entrepreneurship/entrepreneurs. Most candidates were stating the functions of an entrepreneur like the provision of capital, internal organization and functional areas of their businesses. In question 4(b), most candidates listed the types of entrepreneur without explanations.

Some expected responses:

4(a) The contribution of entrepreneurship to economic developments includes:

(i) Employments creation - all entrepreneurs assist in solving the unemployment problem;

(ii) Utilization of local resources - by using local resources, entrepreneur increases their value;

(iii) Promotion of technology - entrepreneurs contributes to the utilization and development of technology by being creative;

(iv) Wealth creation - entrepreneur through their business activities, create wealth for the nation. etc

4(b) Types of Entrepreneurs

(i) Individual entrepreneurs - These are entrepreneurs who prefer to set up their own business by mobilizing the factors of production, intellect, taking risk and personal responsibility to run a successful enterprise.

(ii) Technical entrepreneurs - These entrepreneurs are technically educated and experienced in craftsmanship and depends on their skills in production techniques. These entrepreneur are the greatest asset of a country for entrepreneurial development. (iii) Industrial entrepreneurs - These are entrepreneurs who operates small medium to large scale businesses. They engage in manufacturing of goods, taking all the risks and the rewards associated with running a business;

(iv) Service entrepreneurs - These entrepreneurs emerge from their technical and vocational skills as well as experience from their fields of work. They engage in Service Sector Activities like engineering, workshops, information and technology services, reports and maintenance of equipment and machinery;

(v) Creative entrepreneurs - These entrepreneurs usually involve in research and development to identify opportunity and threats emerging from the external environment. They transform these ideas and opportunities into new technology, methods, combination of new raw materials to develop an entirely new products;

(vi) Women entrepreneurs - These are individuals woman or women groups who initiate, organise the factors of production and operate a business enterprise.