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LCVP - Enterprise

Enterprise Revision

TermDefinition
An Entrepreneur • An enterprising person who sets up a new business • Someone who Spots an opportunity for a product/service • Takes the risk of failure
Name 5 skills of an entrepreneur Teamwork Planning Decision making Communication Problem solving Organisational skills Interpersonal/social
Name 5 qualities of an entrepreneur Patience Hardworking Determined Decisive Ambitious Initiative Proactive Confident
Name 4 things needed to start up a new business A product/service that people want Finance Location Employees
What is a Business Plan a statement prepared by the owners of a business showing how they expect the business to develop over the next 3 to 5 years.
Name 3 ways the success of a business can be measured Level of sales and profits Increased market share/business expanding Customer loyalty Awards won for quality etc. Low turnover of employees
state 3 benefits of new business to the local community/area Creates local employment creates more business activity in the area, e.g. shops, pubs, restaurants etc. May attract other new businesses to area Improves the image of the area
state 3 advantages of owning your own business You can make all your own decisions/own boss You keep the profits of the business You can get personal satisfaction from owning your own business
state 3 disadvantages of owning your own business you may have to work long hours and it can be stressful You may have financial worries if not able to pay debts You may not be skilled in all areas of the business
What do the letters SWOT stand for Strengths, Weaknesses, Opportunities, Threats
How can you measure the success of a business The level of sales and profits • Market share – the number of customers – is trend up Customer loyalty – return business (do customers return?) Quality of goods and services produced by the business Business expanding - size
Differences between an Entrepreneur and Manager •The entrepreneur thinks of the idea while the manager runs the business •The entrepreneur takes the risk of the business failing while the manager does not The entrepreneur receives the profit while the manager gets a fixed salary
Market Research This is the gathering, recording and analysing of all information about the market for a product or service
Purpose of Market Research To find out market size and what is selling well and what isn’t. To see what customers are demanding?
The 4 Ps of the Marketing Mix are Product, Price, Promotion and Place
Voluntary Organisations Non profit - provides a service to others, e.g. Youth Clubs, St, Vincent De Paul, GAA club
Commercial Organisations Profit making, e.g. Retail, Manufacturing, Financial, Services.
Government Agencies providing assistance to business Enterprise Ireland, County Enterprise Boards, FAS (Solus)
Created by: mjoyce2