According to Histrich and Peter (1998) entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume major risks in terms of equity, time, and career commitment or provide value for some products or service. It is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary, personal satisfaction and independence. a) Critically discuss the importance of entrepreneurship. b) Discuss with relevant examples advantages and disadvantages of using partnership as a method of entrepreneurship.
