The term 'Entrepreneurship' is derived from the word entrepreneur. Therefore to understand the term, we shall first define the word entrepreneur. According to Hornby (1997:403) the word entrepreneur means a person who starts or organizes a commercial enterprise especially one involving financial risk. He is there any person who initiates, organizes, controls and directs the processes involved in the production or creation and distribution of any commodity or service. Thus, Kilby (1971:6) defined entrepreneurship as the willingness and ability of a person, to seek out investment opportunities, establish an enterprise and manage it successfully.
The concept of entrepreneurship has been associated with several activities which are concerned with the establishment and operation of business enterprises. These activities may be called the functions of the entrepreneur. An effective performance of these functions is critical to the establishment, survival and growth of the enterprise.
Entrepreneurship is therefore a vital factor in the process of economic development of any society.
Functions of Entrepreneurs
The Entrepreneur performs the following functions in the process of establishing and running an enterprise successfully:
1. Identification of investment opportunities.
2. Choice of investment opportunities.
3. Decision on the form of business ownership
4. Factor combination.
5. Business directorship
6. Risk-bearing, and