Ch 4. Entrepreneurs & Enterprise Flashcards
Enterprise (2)
Enterprise is when an individual (or a group of people) has the initiative and takes the risk starts something new.
An entrepreneur
A person who has the initiative and takes the risk to start an enterprise
Enterprise in business
Enterprise creates all new businesses
Enterprise in the home
Growing vegetables
DIY
Enterprise in schools
Study group
Enterprise in the community
Fundraising
Clubs
Social enterprises
Provide services not for profit
Enterprise in the public service
ESB
Local councils
Intrapreneurs (2)
- Employees working within an organisation who use their initiative to act like entrepreneurs
- They come up with ideas for a new product, ways to reduce costs or some other way in which to improve the business
Rewards of becoming an entrepreneur (4)
- Independence
- Personal satisfaction
- Income
- Creativity and new challenges
Risks of becoming an entrepreneur
- Lose money
- Waste time that could be used elsewhere
- Stress
Characteristics of an entrepreneur (5)
- Confident and pro-active
- Determined and motivated
- Innovative and creative
- Realistic risk takers
- Deciisive yet flexible
Pro-active
Being prepared to initiate actions instead of waiting for others to do something
Reactive
Waiting for somebody else to make the first move
Learned skills of entrepreneurs (5)
- Identify opportunities
- Set goals and plan
- Manage their time effectively
- Manage stress
- Get along with people
