Title: LESSON 1: DEFINITIONS AND CONCEPTS IN ENTREPRENEURSHIP
Course: INTRODUCTION TO ENTREPRENEURSHIP

In this first lesson, we lay the foundation for the entire course by defining the concept entrepreneurship and other related terms. Throughout our teaching experiences, we have found that an understanding of the basic principles behind the subject and their applications increases the students’ motivation for the subject. We therefore introduce you to the theories upon which entrepreneurship study is based and encourage you to engage in in-depth discussions of these concepts and theories. Since the term entrepreneurship is closely associated with small businesses, we introduce the concept of small business too. The purpose of this lesson is to enable you understand fundamental concepts and theories of entrepreneurship.

1.2 Lesson Learning Outcomes

By the end of this lesson, you will be able to:

1.2.1        Explain the concept of entrepreneurship.

1.2.2        Distinguish between small businesses and entrepreneurial ventures.

1.2.3        Explain the theories of entrepreneurship