5 Types Of Entrepreneurship

1 (a) 5 types of entrepreneurs i. CRAFT ENTREPRENEUR

This is an entrepreneur who exploits and utilizes skills to start a business without thinking of its growth or the expansion objectives. This skills can be technical skills or professional.

ii.OPPORTUNISTIC ENTREPRENEUR

An entrepreneur who starts a business ,acts as a manager with a view to expand the business to maximum. He/she might not have the sill to profession but he has the opportunity to start and direct others .He/she sees beyond and has abilities to initiate and venture into business.

iii. INNOVATIVE ENTREPRENEURS

These are the ones who invent the new ideas,new products,new production method of processes and discover potential markets. They have an unusual foresight to recognize

2 (b) Explain ways in which entrepreneurship contribute to national development

JOB CREATION

An entrepreneur will get a job for him/her and others in the country .this is an impact to the development because its not only the entrepreneur who benefits

B Improvement of living standard

Mostly living standard of people is measured in terms of goods and services, the entrepreneur will pay the workers in terms of salaries and wages which enables them to buy the necessity and that enables them to improve their living.

TAXES

The entrepreneur will pay taxes to the government from the profits as well as employees from their salaries. This improves government revenue and therefore the government can use the taxes paid to improve the infrastructure of the nation.

Conservation of foreign exchange

When the entrepreneur produces goods which do not require to be imported the more he/she will contribute to conservation of foreign exchange . this is because the goods are readily available and there is no need to import them

EXPORT

Discuss various sources of business finance available to an entrepreneur

From his own savings- the entrepreneur may have saved for a while so immediately a business idea pops up Borrowing from friends and relatives-they are the first people to run to because they know you well. It one of the best sources of early-stage start-up funding.if your friends and family don’t believe in your venture, you are going to have a hard time convincing to back it. Banks and other financial institutions it is effectively borrowing to raise working capital and growth capital,this is valuable source funding that doesn’t mean giving up more ownership or diluting equity. Borrowing from government institution. The entrepreneur may decide to get financial help from the government , he/ she will apply and commit to pay at the agreed time.

The business from retained profit . The entrepreneur can also get funds from the profit made from the business itself , he/she can use the money to expand the business or even acquire