Enterprise & Entrepreneurs

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Explain what Enterprise is & its relevance Describe types of risk & reward

associated with entrepreneurs Outline the characteristics of Entrepreneurs Explain what an Intrapreneur is List and explain types of enterprise skills

Learning Objectives

‘Enterprise involves people using theirinitiative to come up with ideas or something new that they canturn into a business’It also involves taking the riskto set up a business or achieve their goal’

Let’ see example p.60

What is Enterprise?

Enterprise in Business Enterprise in the home Enterprise in schools Enterprise in the community Enterprise in the Public Service

Let’s see the example p.62/63!

Where is enterprise relevant?

Not just about idea creation Must also assess different situations and make

decisions Leadership – Make decisions and motivate staffExamples of Enterprise:1. In New Business e.g. Opportunity - Superquinn2. In Existing Business e.g. Expansion3. In the Home – Household budget4. In School – Funds for school tour5. In the Local Community – Thousand Stars6. In the Public Sector – Enterprise Ireland7. In work (Intrapreneurs)

Enterprise in Action

Group discussion!

Are entrepreneurs born or made?

Born not made?

Innate personal qualities V’s Learned skills

1. Confident & pro-active2. Determined/Motivated3. Innovative/Creative4. Realistic risk-takers5. Decisive yet flexible

Let’s discuss examples p.65/66!

Characteristics of Entrepreneurs

Learn to identify opportunities Learn to set goals and plan Learn effective time management Learn to manage stress Learn to get along with people

Let’s read example p.68!

Learned Skills of Entrepreneurs

Innate Learned

1. Confident/proactive 1. Identifying opportunities

2. Determined/motivated 2. Set goals & plan

3. Innovative/creative 3. Time management

4. Realistic risk taker 4. Manage stress

5. Decisive yet flexible 5. Human relations

Characteristics of Entrepreneurs

Employees working within an organisation whouse their initiative to act likeentrepreneurs

I.e. Coming up with ideas for a newproduct or ways to reduce costs etc.

Let’s see the examples p. 64!

Intrapreneurs

1. Profit , better income etc.2. Be your own boss3. Try a new business idea to see if it

succeeds4. To become as successful as others5. To take a risk as you can afford it6. To expand, diversify or open a new branch

Why become an Entrepreneur?

Rewards:1. Independence2. Personal satisfaction3. Income4. Creativity & new challengesRisks:5. Loss of money6. Waste of time7. Stress

Risk & Reward

To create an idea that would work in business

To take the risk in starting the business To invest capital in the business To manage the firm and monitor its

expansion To employ suitable staff To ensure customer satisfaction with

products

Intrapreneurs Entrepreneurs within a business

The Role of the Entrepreneur

For Entrepreneurs◦ Personal satisfaction

For Business◦ Profitability◦ Intrapreneurship

For Society◦ Job creation◦ Local & national self-confidence◦ Creativity is encouraged◦ Charitable services created◦ More taxes collected by Government

Why is enterprise important?

Historically low up take of Enterprise in Ireland

USA – Entrepreneurs are widespread Government support for Enterprise is good Business in Ireland is highly concentrated in

our capital Entrepreneurship on the rise in Ireland

Discuss possible reasons for this?

Enterprise in Ireland