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Unit 2 enterprise
Chapter 4 : Entrepreneurs and enterprise
| Term | Definition |
|---|---|
| Enterprise | refers to any attempt to start or do something new |
| Entrepreneur | the person who has the initiative and takes the risk to start an enterprise |
| Enterprise in business | Without the risk taking initiative of the entrepreneur, there would be no new businesses |
| Enterprise in the home | - Growing your own veg - renovating your house using DIY |
| Enterprise in schools | - TY mini company - Forming a study group ( students ) |
| Enterprise in the community | Not-for-profit enterprises ( charities ) provides services purely for rewards other then making a profit. |
| Enterprise in public service | - ESB ( electricity ) - Failte Ireland ( markets the country as an International Tourist Destination ) |
| Intrapreneurs | Employees working within an organisation who use their initiative to act like entrepreneurs |
| Promoting Intrapreneaurship | - gives greater freedom and personal responsibility - Encourages teamwork among staff - Reward intrapreneurship through pay increases, bonuses, rewards and other incentives |
| Rewards of entrepreneurship | - Independence and freedom to be your own boss - Income ( earn a living and possibly become rich ) - Creativity and new challenges |
| Risks of entrepreneurship | - May lose money if enterprise fails - May waste a lot of time and effort - Stress and worry ( which can cause ill health ) |
| 1. Characteristics of entrepreneurs | 1. Confident and proactive - Proactive means being prepared to initiate actions instead of waiting for others to do something |
| 2. Characteristics of entrepreneurs | 2. Determined and motivated - Willing to make sacrifices now for rewards later - willing to work very hard and put long hours in |
| 3. Characteristics of entrepreneurs | 3. Innovative and creative - constant urge to find a better way to do things - Quick to identify new business opportunities or new ways of doing things better and more efficiently |
| 4. Characteristics of entrepreneurs | 4. Realistic risk takers - They are not reckless, but are only willing to take risks ( spend money, time and effort ) if the probability of success is reasonably high |
| 1. Skills of entrepreneurs | 1. Identify opportunities - learn to be future focused - try to anticipate changes to see what opportunities may arise for them |
| 2. Skills of entrepreneurs | 2. Set goals and plan - when they see a need or an opportunity, they create a vision of how they will satisfy this need. - Vision identifies the goal an entrepreneur wants to move towards |
| 2. Skills of entrepreneurs | - learn to break down the overall vision into steps and short term goals that must be achieved along the way |
Created by:
lauramahon
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