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Business

Enterprise

QuestionAnswer
Intrapreneurship An employee/group of employees within a business who engage in entrepreneurial activity by coming up with new business ideas using innovation and creativity
Example of Intrapreneurship Art Fry was an employee at 3M when he came up with the idea for the post-it. He used his innovation to come up with the idea of an adhesive back
Promoting Intrapreneurship Providing Time Rewards Teamwork
Providing Time Promoting Intrapreneurship
Rewards Promoting Intrapreneurship
Teamwork Promoting Intrapreneurship
Promoting Intrapreneurship- Providing Time A business may allow employees time to work on their own ideas and come up with new product/service ideas for the business
Example of Providing Time Google dedicates 20% of the working week for its employees to spend time working on their own innovative ideas for the business
Promoting Intrapreneurship- Rewards Rewards, such as financial rewards or promotion can act as an incentive and motivation for employees to come up with new ideas
Example of Rewards Google offers their employees rewards for coming up with cost-saving ideas
Promoting Intrapreneurship- Teamwork Employees coming together to brainstorm can be an effective way of promoting intrapreneurship
Example of Teamwork Facebooks Hackathon sessions encourage employees to come up with new ideas and work on them together as a team
Benefits of Intrapreneurship Increased sales Reduced costs Staff Morale Employee Retention
Increased sales Benefits of Intrapreneurship
Reduced costs Benefits of Intrapreneurship
Staff morale Benefits of Intrapreneurship
Employee Retention Benefits of Intrapreneurship
Benefits of Intrapreneurship- Increased sales New products/services are developed, and this improves the business processes. Without new products/developments, businesses are at risk of failing because they need to change and adapt to the business world
Benefits of Intrapreneurship- Reduced costs Successful ideas can save the business time and money= greater profitability
Example of Reduced costs Cadbury's came up with a new packaging that reduced costs
Benefits of Intrapreneurship- Staff Morale More enjoyable = more motivated Increases productivity and IR
Benefits of Intrapreneurship- Employee Retention Employees who have a voice and have a say in the workplace feel more valued, involved and happier in the workplace. This means the employees are less likely to leave the business if the employers show an interest in their ideas
Importance of Employee retention Interviewing, hiring and training new staff is a very costly process for business, and if employee turnover is high, then it can cost the business a lot of money. It also damages reputation, and ultimately sales
Government Role in Fostering Enterprise Provide essential services Develop natural resources Protect strategic resources Provide infrastructure
Provide essential services Government Role in Fostering Enterprise
Develop natural resources Government Role in Fostering Enterprise
Protect strategic resources Government Role in Fostering Enterprise
Provide infrastructure Government Role in Fostering Enterprise
Government Role in Fostering Enterprise- Provide essential services private enterprises are driven by profit (profit motive) so they may not be willing/be able to provide essential services for the community, such as transport links. State owned firms can ensure all regions have access to vital services (e.g Bus Éireann)
Government Role in Fostering Enterprise- Develop natural resources Bord na Móna, Coillte, Bord Gais Energy, etc. State agencies that protect, manage and develop key natural resources
Government Role in Fostering Enterprise- Protect strategic resources keep control of production/supply of resources e.g. water (Uisce Éireann) or public transport (Iarnród Éireann)
Government Role in Fostering Enterprise- Provide infrastructure Provide essential infrastructure, when it is too expensive for a private company to set up. When large amounts of capital expenditure are required e.g. power plants
State agencies that help with fostering enterprise Enterprise Ireland Local Enterprise Offices Microfinance Ireland National Enterprise Hub
Created by: RoryOC88
 

 



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