Enterprise
From ZuluNotes - Free Leaving Cert Notes
What is Enterprise? The efforts people make to achieve something new. People come up with ideas, face the challenges, take the risks and set up a business.
- Entrepreneur: A person who uses initiative to bring together all the resources needed to set up a business. Bears the risk of loss if it should fail.
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[edit] Skills of Entrepreneurs
- Identifying opportunities: The skill to see business opportunities in different situations and to work out how they can exploit those opportunities.
- Innovation: The ability to identify new ideas, develop them and apply them successfully in new situations.
- Realistic risk assessment: The ability to estimate the level of risk involved in a project and to decide if it is worth taking that risk to get any benefits that might arise if the project is successful.
- Decision making: Able to make decisions within a short time frame. Being able to see all the options available in a situation and to weigh the benefits and consequences of each before choosing the right one.
- Timing: The skill of judging when it is the best time to introduce a new product or to start a new business.
[edit] Enterprise
at....
- Home: family grows organic vegetables in their garden.
- School: a member of the staff in the school shop.
- Community: Fundraising by the people in the area to build a community centre.
- Personal Life: An electrician volunteering to work abroad for a year with an aid agency.
- Business: Two design students start a new business producing a new range of clothing.
- Work: Intrapreneurship is when firms encourage employees on what to do when they come up with an idea and how to improve it.
- Public Sector: Includes all organisations which are owned by the Government.
- Prioritising: Able to put tasks in order of importance so that the most important tings get done first.
- Proactive: Anticipating what is needed and doing something about it before it is done.
- Reactive: Waiting for things to happen before responding.
[edit] Importance of Enterprise
- Ensures that things get done throughout society.
- Needs of society for goods and services are met.
- Jobs are created, reducing the level of unemployment.
- The business world is able to respond to change.
[edit] Reasons for the Growth of Enterprise in Ireland
- The Government offers a range of incentives and assistance to new businesses setting up in Ireland.
- Has a much greater emphasis in the education system at al levels.
- There has been a cultural change from being conservative and not taking risks to one of being willing to take calculated risks in order to gain in the future.
