Entrepreneurship is a process of starting and running a business, while an entrepreneur is one who starts and runs a new business. Entrepreneurship creates a viable economic environment with entrepreneurs as important catalysts for economic development. Only entrepreneurs create capital, wealth and resources in a country by their inventive and risk-taking behavior. They are the prime movers of industrial development in a country. Entrepreneurs are found in every economic system and economic activity. Artisans, traders, importers, engineers, exporters, bankers, industrialists, farmers, forest workers, politicians, and bureaucrats; any one from these could be an entrepreneur even though they naturally differ according to their functions. In this article, we’ll discuss the difference between the two concepts, the various types of entrepreneurships, the characteristics of successful entrepreneurs and the challenges faced by entrepreneurs as well as their solutions.
What is entrepreneurship?
Entrepreneurship can be described as a process which an entrepreneur undertakes to establish his enterprise. It is a creative activity and the ability to create, build and or extract something from practically nothing. It is a knack of sensing opportunity where others see chaos, contradiction and confusion. It can also be described as the attitude of the mind to seek out opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise.
Entrepreneurship is a discipline with a knowledge-based theory. It is a dynamic and risky process in the sense that it involves a fusion of capital, technology and human talent. Entrepreneurship is equally applicable to big and small businesses as well as economic and non-economic activities. Entrepreneurs might have some common traits but they all have some different and unique characteristics.
Classification of entrepreneurship
Schollhammer (1980) in Varma (n.d.). identifies five categories of entrepreneurship, which include administrative, opportunistic, acquisitive, incubative and imitative entrepreneurship. However, time and development has made these classifications to evolve resulting into nine classifications which will be briefly discussed below.
1. Administrative entrepreneurship
The entrepreneurial activity under this category is centered around administrative techniques and functions. It gives a new option to handle prevailing or future situations in a more effective way that provides advantages and competitive edge. Total Quality Management, job redesigning, new techniques of doing things, participative management or management by consensus are a few of the examples of administrative entrepreneurship that increase overall organizational efficiency and that nukes the firm successful and sustainable in the competitive market environment. The old-age pension scheme is an example of administrative entrepreneurship by the government.
2. Opportunistic entrepreneurship
Environmental changes always offer new opportunities. But not all are capable of identifying and utilizing that opportunity on time. The entrepreneurship that identifies, exploits and executes the opportunity in the first hand is referred to as opportunistic entrepreneurship. The proverb that goes ‘‘hit while the iron is hot’’ best describes an opportunistic entrepreneurship.
3. Acquisitive entrepreneurship
Entrepreneurship that learns from others’ competencies is called acquisitive entrepreneurship. It acquires something new of value front, the competitive environment or achieves the competitors’ technical capacities. It keeps entrepreneurship sustainable in the competitive environment. The failure never restrains them from acquisition but motivates them further to discover such a thing with a new visitor.
4. Incubative entrepreneurship
This category of entrepreneurship generates and nurtures new ideas and ventures within the organization. It executes them in a productive manner and ensures material gain for the organization. They pursue and help to get differentiated technologies to promote creations and innovations. Microsoft, Nokia etc. always incubates a new variety of products and creates product differentiation in the market.
5. Imitative entrepreneurship
The entrepreneurship that imitates goods or service already operating in the market under a franchise agreement is the imitative entrepreneurship. It is the medium that spread technology over the world. It adopts existing technology in countries over the world. It also adopts existing technology with minor modification appropriate to a local condition.
6. Private entrepreneurship
The entrepreneurship that is initiated under a private sector is referred to as private entrepreneurship. The government gives various support services through private and public concerns that encourage private initiative in taking entrepreneurial ventures. A layer or foundation and mutual relationship between private and public sectors would make economic development speedy and balanced
7. Public entrepreneurship
The entrepreneurship that is undertaken by the government through its various development agencies is referred to as public entrepreneurship. All countries, developed or underdeveloped, take a public initiative in venture ideas to fulfill the initial deficiency of private entrepreneurs.
8. Individual entrepreneurship
Entrepreneurship that is undertaken by an individual or a family with his or her initiative is termed individual entrepreneurship.
9. Mass entrepreneurship
This type of entrepreneurship emerges in an economy where a favorable climate of motivation and encouragement exists for developing a wide range of entrepreneurship among the masses.’ It increases small and medium enterprises in a country.
Advantages of entrepreneurship
- The potential for financial success, independence and personal growth
- Self-employment which leads to job satisfaction and flexibility
- Provide job creation and opportunities for the unemployed or those seeking better jobs
- A means of opening new industries especially in the rural areas – facilitating globalization
- A source of income and increased economic growth
- Facilitates competition thereby encouraging high quality products
- Facilitates production and improvement of goods and services
- Gives the ability to pursue innovative ideas and harnessing development of newer markets
- Promotes the use of modern technology in especially small- scale manufacturing to enhance higher productivity
- Elimination of poverty
- Community development
- Optimal use of available resources
- Raises the standard of living
Drawbacks of entrepreneurship
- Long working hours
- Poor payment
- Unclear future / Uncertain income
- Risk of failure, i.e. fear of losing all that has been invested
- Bankruptcy and closure
- Fear of delegation leading to long working hours
- More responsibilities: the problem of do it yourself and know it all
- Competitive risk i.e. competition by established business
- Lack of funds especially before break even
- Mismanagement by employees
- Reputational risks
- Political and economic risks
- Problem of identifying the right audience, market or customers
Who is an entrepreneur?
A French economist, Jeans Baptiste cited in Jasmer (1998) defines an entrepreneur as an economic agent who unites all means of production – land of one, the labor of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labor, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield. Scarborough (2014) also defines entrepreneur as one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them.
An entrepreneur is a person who is able to identify business opportunities and implement actions to maximize the opportunities. An entrepreneur initiates enterprise creation, undertakes risks, and manages resources to establish and operate a business enterprise that is capable of self-sustenance. An entrepreneur is therefore a central key individual in society who makes things happen for economic development.
Types of entrepreneurs
The various types of entrepreneurs are classified on certain parameters as stated by Winter (2023). Some important classifications are described below:
1. Classification based on economic development
a) Innovative Entrepreneurs
Entrepreneurs falling into this class are generally aggressive in experimentation and exhibit shrewdness in putting attractive possibilities into practice. An innovative entrepreneur is visionary and seeks new opportunities to develop groundbreaking ideas, products, or services. They are known for their ability to think creatively, take calculated risks and disrupt traditional business models. He may raise money to launch an enterprise, assemble the various factors, and choose top executives and then set the organization going.
Innovative entrepreneurs thus, results in the creation of something new. They are the contributors to the economic development of a country. Mark Zuckerberg, the co-founder of Facebook, transformed how people connect and communicate globally.
b) Adoptive or imitative entrepreneurs
The imitative entrepreneurs copy or adopt suitable innovations made by the innovative entrepreneurs. They do not innovate the changes themselves. They only imitate technology innovated by others. Such entrepreneurs are particularly important in developing courtiers because they contribute significantly to the development of such economies. Imitative entrepreneurs are most suitable for the developing regions because in such countries people prefer to imitate the technology, knowledge and skill already available in more advanced countries. In highly backward countries there is a shortage of imitative entrepreneurs. People who can imitate technologies and products to the conditions prevailing in these countries are needed. Sometimes, there is a need to adjust and adapt the new technologies to their special conditions. While imitative entrepreneurs may lack novelty, they can still succeed by capitalizing on proven concepts.
c) Fabian entrepreneurs
By nature, these entrepreneurs are shy and lazy. These types of entrepreneurs have neither the will to introduce new changes nor desire to adopt new methods of production innovated by most entrepreneurs. They carefully analyze market conditions, customer demands, and resource availability before making strategic moves. They tend to proceed gradually, making calculated risks as they progress. Usually, they are second generation entrepreneurs in a business family enterprise.
d) Drone entrepreneurs
Drone entrepreneurs refuse to copy or use opportunities that come on their way. They resist embracing new opportunities and fail to capitalize on them. They are conventional in their approach and stick to their set practices products, production methods and ideas. They struggle to survive and not to grow. They may be termed as Laggards due to the resistance to change. In such cases the organization loses market, their operations become uneconomical, and they may be pushed out of the market.
2. Classification based on the type of business
Under this category we can classify entrepreneurs as:
a) Business entrepreneurs
They are the entrepreneurs who conceive an idea for a new product or service and then create a business to materialize their idea into reality. They tap the entire factor of production to develop a new business opportunity. They may set up a big enterprise or a small-scale business. When they establish small business units they are called small business entrepreneurs. In a majority of cases, entrepreneurs are found in small trading and manufacturing business. An example is Mark Zuckerberg, the co-founder of Facebook and a prominent business entrepreneur who revolutionized social networking and built one of the most successful technology companies in the world.
b) Trading entrepreneur
These are entrepreneurs who undertake trading activities and are not concerned with the manufacturing work. They identify the potentiality of their product in markets, stimulates demand for their product line among buyers. They may go for both domestic and overseas trade. These entrepreneurs demonstrate their ability in pushing many ideas ahead which promotes their business. They operate in the realm of trade and play a crucial role in connecting producers and consumers. An example is Jeff Bezos, the founder of Amazon; started as a trading entrepreneur by establishing an online bookstore. His venture eventually grew into a global e-commerce platform that offers a wide range of products and services.
c) Industrial entrepreneurs
Industrial entrepreneurs are essentially manufacturers who identify the needs of customers and create products or services to serve them. They are product-oriented people who start through an industrial unit to create a product like the electronic industry, textile unit, machine tools. In other words, industrial entrepreneurs set up factories, develop production processes, and produce goods on a large scale. An example is Elon Musk, the CEO of Tesla and SpaceX; he has significantly contributed to the electric vehicle and space exploration industries. He has built advanced manufacturing facilities and developed innovative technologies.
d) Corporate entrepreneur
These entrepreneurs used his innovative skill in organizing and managing a corporate undertaking. A corporate undertaking is a form of business organization which is registered under some statute or an Act like a trust registered under the Trust Act, or a company registered under the Companies Act. These entrepreneurs work as separate legal entities. They are thus individuals who plan, develop and manage a corporate body as they drive innovation, develop new products or services, and identify growth opportunities for the company. An example is Google’s ‘20% time’ policy which allows employees to work on personal projects, fostering a culture of corporate entrepreneurship. This initiative has led to the creation of Gmail and Google News.
e) Agricultural entrepreneurs
Agricultural entrepreneurs are those who undertake agricultural activities through mechanization, irrigation and application of technologies to produce the crop. In other words, they are involved in agricultural activities including livestock raring and agribusiness. They cover a broad spectrum of the agricultural sector and include agriculture and allied occupations. Thereby optimizing the innovative solutions to meet the needs of the farming industry. An example is Joel Salatin, a sustainable farmer and advocate for regenerative agriculture and is known for his developed farming methods that prioritize soil health and animal welfare.
3. Classification based on the use of technology
The application of new technology in various sectors of the national economy is essential for the future growth of business. We may broadly classify these entrepreneurs based on the use of technology as follows:
a) Technical entrepreneurs
With the decline of joint family business and the rise of scientific and technical institutions, technically qualified persons have entered the field of business. These entrepreneurs may enter business to commercially exploit their inventions and discoveries. Their main asset is technical expertise. They raise the necessary capital and employ experts in financial, legal-marketing and other areas of business. Their success depends upon how they start production and on the acceptance of their products in the market.
b) Non-technical entrepreneurs
Non-technical entrepreneurs are those who are not concerned with the technical aspects of the product or service in which they deal. They are concerned only with developing alternative marketing and promotional strategies for their product or service. They focus on identifying market opportunities, building teams, and creating successful businesses. An example is Oprah Winfrey; she built a media empire and excelled in media production, hosting shows and connecting with audiences which led to her success.
c) Professional entrepreneurs
Professional entrepreneurs are entrepreneurs who are interested in establishing a business but do not have interest in managing it after establishment. They sell out the existing business on good returns and start another business with a new idea. Such entrepreneurs are dynamic and conceive new ideas to develop alternative projects.
Functions of an entrepreneur
Inegbenebor (2006), in his book, Fundamentals of Entrepreneurship, posits that an entrepreneur is expected to perform the following functions:
1. Perception and identification of business opportunities
This is the first function of the entrepreneur. It has to do with the recognition and definition of an unsatisfied need of individuals, firms or households which can be satisfied with a product or service at the right place, time and price which will in turn guarantee satisfactory profit to the entrepreneur. In other words, business opportunities occur whenever there is a vacuum in the market place which is not being satisfied or filled by existing organizations or is being inadequately satisfied.
2. Selection of the legal form, location and site of the business
The form of business ownership that the entrepreneur may decide to go into depends entirely on the amount of capital available to the individual. To this end, the business enterprise may be operated either as sole proprietorship, partnership or a limited liability. The selection of the initial legal form of the enterprise as well as the location and site of the enterprise is the second function performed by the entrepreneur.
3. Identification, selection and acquisition of key resources
The identification, selection and acquisition of key resources is yet another function unique to entrepreneurs. For any start up firm to survive and grow, it depends heavily on the availability of competent manpower who will be able to translate the entrepreneur’s ideas into concrete forms. Thus, key personnel must be sourced and encouraged to contribute their talents and energy during and after the turbulent period of formation and take-off. In addition, the technology that is suitable for the needs of the firm must be identified, evaluated and acquired. Sourcing funds is one of the major constraints in starting businesses by entrepreneurs, since the organization has no track record to boost of with investors and bankers, a lot depends on the talents and trust of the entrepreneur to develop an attractive project idea, form a credible and resourceful team in order to encourage others to believe in the business.
4. Innovation
This is usually regarded as the height of entrepreneurship. Innovation may be defined as the translation of a new idea into a new company. In other words, innovation simply refers to striving to satisfy your customers better than what competitors are doing/offering. This may take the form of a new product in an old market; an old product in a new market; or entirely a new product in a new market. It is important to emphasize that sustaining the patronage of customers depends largely on the ability of the entrepreneur to respond to their needs with new or modified products, new and better techniques of production which reduce cost of production, better methods of distribution, pricing and promotion.
5. Risk bearing
This has been traditionally associated with the entrepreneur. There are various types of risks in business. The risk of fire, accidents, bad debts, theft and their likes can be minimized by taking preventive action and by insuring them. Other risks arise because business decisions are future oriented. Risk of business failure may arise from adverse fluctuation in demand, unfavorable government policies, strong competitive advantage of other firms, obsolete technology and hence high cost of operation. These risks cannot usually be insured against and must be taken care of by the entrepreneur. One way of managing risk is for the entrepreneur to be engaged actively in monitoring the environment in order to be able to respond and adapt to the dynamic nature of the environment from time to time. By so doing, the entrepreneur proactively assesses the conditions facing him/her, and on the basis of the evaluation of his/her strengths and weaknesses, he or she makes a choice of a strategy considered suitable. Having made a choice, the entrepreneur accepts personal responsibility for the outcome of his/her decision.
6. Management of the ongoing enterprises
The job of an entrepreneur is not hit and run or a one-off activity. But rather, it is on a continuous basis (on going activity). To be able to sustain the ongoing nature of the business, the entrepreneur must put in place these activities namely: establishment of goals and targets for the enterprise; determination of the tasks to be undertaken to achieve the goals/targets; efficient and effective allocation of the necessary resources and controlling of the activities involved. This simply implies that the entrepreneur is a planner, organizer, communicator, coordinator, leader, motivation and controller, and most of all, a facilitator. Management of the on-going enterprise also involves the process whereby the entrepreneur monitors and evaluates changes that are continuously taking place in the political, economic, socio-cultural, technological, legal and ecological environment so as to respond appropriately to ensure the survival of the business.
Characteristics of successful entrepreneurs
There are many characteristics of successful entrepreneurs. Below are the most traits of successful entrepreneurs as highlighted by Rahat (2024):
1. Self-belief
Self-belief is the cornerstone of entrepreneurship. It is unwavering confidence in one’s abilities, ideas, and vision. Entrepreneurs believe in themselves and their ability to overcome challenges and achieve success. This self-belief fuels their passion and drive, allowing them to push boundaries and take calculated risks. It also helps them to persevere through failures and setbacks, knowing that they have the skills and resources to overcome any obstacle.
2. Adaptability
Adaptability is crucial in today’s fast-paced business environment. Entrepreneurs must be able to embrace change and make necessary adjustments to stay competitive. They are flexible in their thinking and approach, willing to pivot when necessary to meet changing market demands or customer needs. Adaptability also involves being open to feedback and learning from mistakes, allowing entrepreneurs to continuously improve their products or services.
3. Leadership
Leadership is another essential quality for successful entrepreneurs. They inspire and motivate their teams towards achieving a common goal. They lead by example, demonstrating the values and work ethic they expect from their team members. Entrepreneurs understand that their success is dependent on the success of their team, and they invest in their development and growth. They also empower their team members to take ownership of their work and make decisions that align with the company’s vision.
4. Problem solving
Entrepreneurs are excellent problem solvers, always finding innovative solutions to overcome challenges. They have a creative mindset that allows them to think outside the box and develop unique solutions that others may not have considered. They also have a deep understanding of their industry and market, allowing them to identify potential problems before they arise and develop proactive solutions. Problem solving is not just about finding a solution but also about finding the best solution that maximizes efficiency, minimizes costs, and delivers the best possible outcome for the customer.
5. Determination
Determination is a key quality for successful entrepreneurs as it fuels their relentless drive towards achieving their goals. Entrepreneurs understand that success is not easy or quick but requires hard work, persistence, and dedication over time. They are willing to put in the effort required to achieve their goals, even when faced with setbacks or failures along the way. Determination also involves being able to adapt your strategy when necessary but staying focused on your long-term vision and goals.
6. Creativity
Creativity is essential in entrepreneurship as it allows entrepreneurs to think outside the box and develop unique products or services that stand out in a crowded marketplace. Creativity involves being open-minded, curious, and willing to explore new ideas and perspectives. Entrepreneurs must also be able to translate their creative ideas into practical solutions that deliver value to their customers. Creativity also involves being able to communicate these ideas effectively to others, inspiring them to join your mission or invest in your business.
7. Communication skills
Communication skills are essential for entrepreneurs as they allow them to effectively convey their vision and inspire others to join their mission. Entrepreneurs must be able to communicate clearly, concisely, and persuasively. Hence, both verbal and written communication styles are essential for entrepreneurs as they allow them to effectively convey their vision and inspire others to join their mission. Entrepreneurs must also be able to listen actively, understand different perspectives, and respond appropriately in different situations. Communication skills also involve being able to build relationships with stakeholders such as customers, investors, suppliers, employees, partners, etc., which can lead to long-term success for the business.
8. Curiosity
Curiosity is a critical quality for entrepreneurs as it allows them to continuously learn from both failures and successes. Entrepreneurs must be curious about their industry, market trends, customer needs, competitors’ strategies, which allows them to stay ahead of the curve and make informed decisions based on data rather than intuition alone. Curiosity also involves being open-minded enough to learn from others’ experiences and perspectives rather than being closed off or defensive about new ideas or feedback that may challenge your existing beliefs or assumptions about your business or industry.
9. Organization skills
Organization skills are essential for entrepreneurs as they allow them to manage their time and resources efficiently while juggling multiple tasks simultaneously across various departments within the organization such as finance, marketing, operations and their likes.
10. Work ethics
Work ethic is the final quality that sets successful entrepreneurs apart. It involves being willing to put in the effort required to achieve your goals, even when it’s challenging or uncomfortable. Entrepreneurs must be prepared to work long hours, sacrificing personal time and resources to ensure the success of their business. They must also be willing to take calculated risks, making difficult decisions that may have short-term costs but long-term benefits for the business. Overall, work ethic is a critical quality for entrepreneurs as it allows them to stay focused on their goals, even in the face of adversity or uncertainty.
Challenges of entrepreneurship
Below is the list of some common challenges faced by entrepreneurs identified by Lopez (2024):
1. Finding the right idea
Identifying the right business idea is one of the many challenges entrepreneurs face. The reason is the vast possibilities and the uncertainty of market acceptance. You might struggle with questions like whether your idea is innovative enough, whether there is a demand for it, and how it compares to competitors.
2. Lack of funds
Another difficulty entrepreneurs face is access to funds. You need more funds to manage essential expenses, such as developing products, marketing them, and handling operational costs. Moreover, lack of funding might lead to cash flow problems, affecting daily business activities. This difficulty is more pronounced for startups and small businesses, which often don’t have the financial track record or collateral that traditional lenders look for.
3. Adapting to change
The business world is changing due to new technology, market trends, and customer preferences. This ongoing change can cause uncertainty and stress, making it hard to stay on track. If you don’t adapt, you might lag behind competitors who are quicker to respond, which could result in losing market share, lower revenue, and potentially business failure.
4. Business scaling
Maintaining the same service and product quality level can become more challenging as your business expands. This often arises from the pressure to grow operations quickly which can stretch your resources and infrastructure. For example, you might struggle with managing a bigger team, providing consistent customer experience, and maintaining efficient operations. Furthermore, growing too fast without a strong base can result in financial instability and operational issues.
5. Hiring and managing employees
Hiring individuals with the required skills that fit well with your company culture is a challenging feat. Poor hiring decisions can have major repercussions. You may notice decreased productivity, lower morale, and increased turnover rates. Also, hiring incompetent staff can result in subpar work quality, missed deadlines, and higher operational costs.
6. Market competition
Entering the market means competing with established players with loyal customer bases and ample resources. This can be intimidating, as these businesses often enjoy benefits like brand recognition, economies of scale, and substantial marketing funds. This fierce competition may lead to price battles, hindering your profitability.
7. Regulatory challenges
Regulatory challenges involve securing the required licenses and permits, following industry-specific rules, and complying with local, state, and central government laws. Not adhering to these requirements can lead to severe consequences, including hefty fines, legal issues, and potentially shutting down your business. Further, the complexity and variation in regulations across different regions can add further difficulties, making it harder to grow your business or enter new markets
8. Marketing and sales
This challenge arises from the need to consistently attract traffic and lead generation, which is essential for business growth. Without effective marketing and sales strategies, your business may not reach potential customers, resulting in a dip in sales and revenue.
9. Time management
Running a business involves juggling various roles, from managing operations to handling marketing and sales. This constant multitasking can create a hectic schedule, making it hard to prioritize tasks and stay focused. Poor time management may result in skipped deadlines, subpar productivity, and higher stress. It can also affect your work-life balance, potentially causing burnout and diminishing overall well-being.
10. Lack of mentorship
Mentorship is crucial for boosting your entrepreneurship skills. It offers essential guidance, helping you avoid common mistakes and make well-informed decisions. Without it, you may face difficulties with strategic planning, financial management, and business growth. This can result in costly errors, slower progress, and potential business failure. Not having a mentor means missing out on key networking opportunities and industry connections that could be vital for your business’s success.
11. Inadequate infrastructure
Challenges like inadequate transportation networks, inconsistent power supply, and restricted high-speed internet access can significantly disrupt business activities. These issues often lead to higher costs and operational inefficiencies. For example, unreliable transportation may cause delays in goods delivery, negatively impacting on customer satisfaction and possibly leading to decreased sales. Likewise, frequent power outages can interrupt production timelines, causing missed deadlines and financial setbacks
Solutions to the challenges faced by entrepreneurs
- Identify your strengths, interests, and skills, as these can provide a foundation for a sustainable business idea.
- Conduct comprehensive market research, which includes analyzing market trends, understanding consumer needs, and evaluating competitors, is crucial.
- Explore alternative funding options like crowdfunding, angel investors, and venture capital. These sources can offer the capital you need without the strict conditions of traditional loans.
- Create a comprehensive business plan and pitch it to equity investors. You can focus on your company’s strengths, market potential, and financial forecasts.
- Use a detailed hiring process with several interview rounds, skills tests, and checks for cultural fit. You may also use tools like applicant tracking systems to make hiring easier.
- Creating personal experiences for your customers to build strong relationships is another strategy. It can lead to improved loyalty and an increase in word-of-mouth referrals.
- Use of technology, such as data analytics, can give you insights into market trends and consumer behavior.
- Regularly review your marketing performance through metrics and feedback to improve your strategies and achieve better results.
- Delegating tasks to team members or outsourcing specific responsibilities can also free up time for more important duties.
- When reaching out to potential mentors, clearly state your goals and what you hope to achieve from the relationship. Be eager to learn and open to feedback.
References
Jasmer, S. S. (1998). Entrepreneurship Development Programme and Practices. New Delhi: Deep and Deep Publications
Inegbenebor, A.U. (2006). Fundamentals of entrepreneurship. Lagos: Malhouse Press.
Lopez, J. G. (2024, September 24). Challenges of Entrepreneurship: Problems faced by entrepreneurs. Razorpay Learn
Rahat, A. (2024, January 21). 10 Essential Traits of successful entrepreneurs. LinkedIn
Scarborough, N. M. (2014). Essentials of entrepreneurship and small business management. (6th edition). Boston: Pearson
Varma, C. R. (n.d.). Classification of Entrepreneurship. In Entrepreneur and Entrepreneurship. Studocu
Winter, D. (2023, November 24). What is entrepreneurship? Types of entrepreneurs. Shopify.