Explanation

(a) (i) Entrepreneurship is the process of identifying opportunities, establishing, managing and bearing risk for the purpose of making profit. OR Entrepreneurship is the process that an individual identifies a business opportunity, establishes and bears the risks operating the business at a profit.

(ii) List of sources of funds to an entrepreneur; 

(a)  Personal savings   

(b) Borrowing from families and friends   

(c) Government grant/subsidies   

(d) Bank overdrafts   

(e) Bank loans 

(f) Ploughed back profits   

(g) Leasing   

(h) factoring   

(i)  Hire purchase   

(j) Credit purchase   

(k) Sales of personal properties   

(l) Gifts from friends and relatives   

(m) Sales of shares

Explanation of sources of funds to an entrepreneur: 

(a) Personal savings: This i a self-funding source by an individual's savings from his personal income

(b)Borrowing from families and friends: This is where funds are obtained from an entrepreneur's family and friends without interest to start a business. 

(c) Government grant/subsidies: These are financial assistance from government and its agencies to entrepreneurs to start their businesses. 

 (d) Bank overdrafts: This is where the entrepreneur is allowed to withdraw his/her account at the bank

(e)  Bank loans : This is a facility granted by commercial banks with interest to an entrepreneur to operate their business

(f) Ploughed back profits: This is when an entrepreneur re-invests his previous profits into his/her new business

(g) Leasing: This is when a leasor allows an entrepreneur the use of a property and pays at an agreed date.

(h) factoring: This is the contractual arrangement between an entrepreneur and a factoring company whereby the factoring company buys the debt of an entrepreneur at a discount

(i)  Hire purchase: This is the contractual arrangement between a company and an entrepreneur allowing the use of an equipment or property and pays in installments

(j)  Credit purchase:  This is the act of buying goods from the manufacturers or agents of a company to pay on a future date by the entrepreneur

(k) Sales of personal properties: This is when the entrepreneur sells his land or household properties to obtain capital for business

(l) Gifts from friends and relatives: This is when money is contributed by entrepreneur's friends and relatives to support the establishment of his business

(m) Sales of shares: The entrepreneur can sell his or her company shares and use the money from share holders to operate the business

(b)   Factors Influencing the Choice or Market Outlet Location; 

(i) Availability of constant power supply 

(ii)Level of competition 

(iii) Accessibility to land/store 

(iv) Population density and customer's demand/nearest to market

(v) Types of business or product/nature of goods 

(vi)Availability of capital/finance

 (viii) Nearness to source of supply/raw materials 

(ix)Availability of labour   

(x) Location stability and  security 

(xi) Availability of good communication/internet network coverage   
(xii) Availability of good roads 

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