Chapter Four - Enterprise

Chapter Four - Enterprise - Description

Chapter four is . Unit 2. , which is part of your . ABQ. topics. . It also appears either as a short question or as part of Q4 in the long questions.. Outcomes. On . completion of this chapter, you should be able to. ID: 575333 Download Presentation

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Chapter Four - Enterprise

Chapter four is . Unit 2. , which is part of your . ABQ. topics. . It also appears either as a short question or as part of Q4 in the long questions.. Outcomes. On . completion of this chapter, you should be able to.

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Chapter Four - Enterprise




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Slide1

Chapter Four - Enterprise

Chapter four is Unit 2, which is part of your ABQ topics. It also appears either as a short question or as part of Q4 in the long questions.OutcomesOn completion of this chapter, you should be able to:1. Define enterprise.2 .Explain the basic enterprise skills.3. Identify the importance of enterprise and enterprise skills in areas such as home, school, local community, Government departments, and business start-up.4. Identify the characteristics of enterprising people.5. Analyse the importance of enterprise in business and the community.6. Identify enterprise skills, opportunities, risks and rewards from given data or scenarios.  

Ms. Marshall 5th Year Business

Slide2

Enterprise

Enterprise involves using your initiative to identify some need and then taking the steps to satisfy that need. It involves taking financial and personal risk. Successful enterprises are rewarded with profit.Examples of Enterprise:Personal Enterprise – Enrolling in a night class.Business Enterprise – Diversification into new markets/new products, e.g. iPad-Apple.Government Enterprise – “The Gathering” initiative to promote tourism.Social Enterprise- Special Olympics.

Ms. Marshall 5th Year Business

Slide3

Enterprise in different areas

AreaEnterpriseBusiness Start UpEntrepreneurSpots an opportunity and takes the initiative to set up a business in order to make a profit. They take financial and personal risk. E.g. Richard Branson set up Virgin Airlines after he flying with another company and feeling that the service wasn’t good enough.HomeGrowing your own vegetables, renovating using your own DIY skills, knitting or sewing instead of buying some clothes and household items.SchoolTY mini-enterprise, after school drama club, study groups.Community (Social Enterprise)Many community enterprises are set up to meet some need rather than to make profit. E.g. Organisations such as the GAA, Tidy Towns and St. Vincent de Paul.GovernmentSometimes the Govt. has to take the initiative to encourage enterprise or even to set up businesses themselves. E.g. the Gathering should encourage tourism. CEB encourage job creation at a local level. Local councils organise community festivals. Coillte was set up by the State to develop forestry.

Ms. Marshall 5th Year Business

Slide4

Enterprise Skills

Skills are abilities that we have. Some are innate and some have to be learned through practice. 1. Human Relations2. Time Management3. Planning4. Risk management 5. Decision Making6. Reality Perception

Ms. Marshall 5th Year Business

This is covered very well in your textbook page 65 to page 71. Make sure you can outline each skill and apply it to the different areas.

Slide5

Enterprise skills in Business Start up

SkillEnterpriseHuman RelationsPersuading investors to give you capital in order to set up your business.Time ManagementThe entrepreneur draws up a schedule to ensure the shop is decorated, stocked and ready in time for its opening.PlanningThe entrepreneur does a business plan and cash flow forecast.Risk ManagementThe entrepreneur takes out public liability insurance because members of the public will be on her premises.Decision MakingThe entrepreneur decides to be sole trader/partner/private limited co.Reality PerceptionThe entrepreneur drops an idea that she has realised is not working, e.g. stocking an unpopular product, dropping an ineffective ad campaign.

Ms. Marshall 5th Year Business

Slide6

Enterprise Skills in the Home

SkillHuman RelationsTime ManagementPlanningRisk ManagementDecision MakingReality Perception

Ms. Marshall 5th Year Business

Slide7

Enterprise skills in School

SkillHuman RelationsTime ManagementPlanningRisk ManagementDecision MakingReality Perception

Ms. Marshall 5th Year Business

Slide8

Enterprise Skills in the Community

SkillHuman RelationsTime ManagementPlanningRisk ManagementDecision MakingReality Perception

Ms. Marshall 5th Year Business

Slide9

Enterprise skills in the Government

SkillHuman RelationsTime ManagementPlanningRisk ManagementDecision MakingReality Perception

Ms. Marshall 5th Year Business

Slide10

Enterprise Characteristics

“Characteristics” refers to personality traits. Some common personality traits amongst entrepreneurs are:Pro-activeIndependentSelf-MotivatedSelf-BeliefNeed for achievement/AmbitiousRisk TakerRuthlessDecisiveCreative

Ms. Marshall 5th Year Business

See page 65 of your textbook for an outline of those not in bold

Slide11

The Importance of Enterprise in Business

Intrapreneurship: is an employee within a business who shows enterprise. He uses his initiative and thinks of a new idea which may cut costs or increase sales and profits. For example, Art Fry inventing the Post it. Why is enterprise important in business?It is essential, it sets the business up in the first place.Intrapreneurs have ideas that can cut costs or increase sales and profits.Enterprise leads to the creation of wealth. Profits and wages earned as a result of enterprise lead to more spending, hence creating more job opportunities. Tax intake to the government increases, leading to more grants to help more businesses.

Ms. Marshall 5th Year Business

Slide12

The Importance of Enterprise in the Community

Creates jobs leading to a higher standard of living in the community.Knock on effect for local businesses, as local people spend more money in their shops, pubs, hotels etc. It creates a new breed of entrepreneurs. People see others who are successful and are inspired by this.The government receives taxes. Less in being paid out on social welfare meaning more is available for local amenities.Infrastructure improves. New houses and roads are built as an area prospers.

Ms. Marshall 5th Year Business

Slide13

Recent Exam Questions

2012/2006 10 marksIllustrate your understanding of the term enterprise.2011 20 marksColm has decided to form a tidy towns committee in his local village and enter the ‘tidiest village’ category of the National Tidy Towns competition in 2013.Discuss four entrepreneurial skills that Colm will require in developing this local community initiative. 2010 ABQ 5 marksExplain the term ‘intrapreneur’

Ms. Marshall 5th Year Business

Slide14

Recent Exam Questions

2009 10 marksIllustrate the difference between enterprise and management.2008/2004 10 marks(a) Intrapreneurship is….(b) State two examples of intrapreneurship.2008 15 marks“Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs”. Discuss these characteristics and support your answer with examples.

Ms. Marshall 5th Year Business

Slide15

Recent Exam Questions

2007 15 marksDescribe three enterprise skills required of an entrepreneur. 2006 20 marksUsing examples, analyse the importance of four different enterprising skills and relate two to business and two to the community.NOTE: Chapter 4 has come up in the following ABQ’s: 2010, 2009, 2005 and 2004.Chapter 4 was a full exam question in 2003 (Q4).

Ms. Marshall 5th Year Business