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Busi 5th ch 10,11,12
| Question | Answer |
|---|---|
| Competencies | Competencies: The integration of knowledge, skills, values and dispositions that support and foster innovation. |
| Cultural enterprise | An activity that uses artistic and cultural content to achieve social harmony and content in a community. |
| Department of Enterprise, trade and employment | Advises on and implements government policies that stimulate the productive capacity of the economy, creating employment and ensuring sustainable development and growth. |
| Enterprise | An attempt to do or start something new by an individual or group of people. |
| Enterprising | The ability to generate new ideas, to identify an opportunity and to have the confidence, motivation and determination to take the financial and personal risk to turn the idea into reality. |
| Entrepreneurs | A person who takes the initiative and risk, both personal and financial, to set up a business in the hope of making a profit. Entrepreneurs act as agents of change. |
| What are the three main categories for enterprise | Financial, cultural, social |
| Reasons for starting an enterprise | Redundancy: A redundancy package can supply finance to set up the business. Independence: People can be their own boss and make all the decisions themselves |
| Intrapreneurship | When employees act in an enterprising manner in their workplace |
| How should employers promote intrapreneurship | Workspace culture: It is ok to make mistakes. Make resources available: finance, time and training. Offer rewards |
| Benefits of intrapreneurship | 1. Increased sales of new products/markets. 2. Reduced costs and efficiencies, higher productivity. 3. Employee retention |
| Characteristics of an entrepreneur | Confident, risk-taker, creative/innovative, decisive, energetic, flexiable, future-focused, motivated, resilient, realistic |
| Government support for businesses | 1. SME, small and medium enterprises. 2. Enterprise Ireland, help Irish companies to export or find new markets. 3. LEO (local enterprise office), help new Irish businesses, 31 LEO’s across the country. They provide advice, grants, information and trainin |
| Idea development- internal sources | 1. Unintended outcomes: Of a product or idea can create new users or markets. 2. Brainstorming. 3. Intrapreneurship. 4. Research. 5. Hobbies/interests. 6. Personal experiences |
| Idea development- external sources | 1. Customer feedback. 2. Foreign travel or trade shows. 3. Import substitution |
| Factors that affect business ideas | Financial resources, competition in the market, innovation and creativity, market demand, regulatory environment, economic conditions, entrepreneur ability |
| Factors of reproduction | The resources used in producing a product/service: land, labour, capital and enterprise. |
| Financial enterprise | A company or organisation engaged in finance |
| Incubation centre | A centre that provides support to business start-ups in the form of resources that small businesses may struggle to access, such as networks, investors or mentors, finance or co-working office space. |
| Innovation | A process of bringing about new ideas, methods, products, services or solutions that have a significant positive impact and value to society. |
| Industrial development agency Ireland (IDA) | (Industrial Development Agency) Ireland: Aims to attract FDI into Ireland by providing financial advice and support. |
| Local enterprise office (LEO) | • Local Enterprise Offices (LEOs): Their role is to deliver an integrated support service for micro and small businesses in Ireland. They provide advice, information and support to people starting or growing a business. |
| Social enterprise | Social enterprise: A business that aims to achieve social and environmental goals while at the same time generating profits to enable the business to survive. |
| What does it mean to be ethical in business | to apply moral principles and standards to a company's behavior, acting with honesty, integrity, and fairness in all operations. |
| What is idea development | It is a step-by-step process that refines a pool of business ideas by analysing each idea and identifying which will bring about the most success and the greatest impact. |
| What is design thinking | is an innovative, non-linear approach to the development of products and services which focuses on solutions for the end user. |
| What are the 4 main phases of design thinking | Clarify, Ideate, Develop and Implement |
| How could you evaluate a business idea | Feasibility study, product feasibility, financial feasibility, market feasibility |
| What is a feasibility study | An investigation that assess the comercial viability of a business idea, whether the proposed solution is possible to make and how much will it cost to produce |
| What is mind-mapping | Creating a simple yet powerful diagram or visual representation that outlines ideas and information in one place. |
| What is screening | Ideas are vetted and then a team selects the most promising product ideas for development, scrapping the ones that don't work. |
| A business plan | It is a written document that outlines a company’s goals and the strategy to achieving them |
| Functions of a business plan | 1. To obtain finance. 2. To measure performance. 3. To identify problems. 4. To formulate strategies. 5. Identify resources |
| What are business ethics | The moral principal, values and standards that guide conduct of a company and its employees in all business activities |
| What is sustainability in business | A company’s strategy and actions to reduce and adverse environmental and social impacts resulting from business operations in a particular market |
| How is digital technology a driver for change in business | 1. Efficiency and productivity, tech such as AI and automation speeds up tasks and reduces human error. 2. Collaboration, tools such as zoom help people to work together from anywhere. 3. Innovation, new tech such as 3D printing and AI helps businesses to |
Created by:
Louie Masterson