Chapter 7: Types of Enterprise

Question 1

Enterprise

Answer 1

the actions taken by someone who shows the initiative to take the risk of setting up and running a business.

Question 2

Financial Enterprise

Answer 2

establishing a business to make a profit by selling a product/service. Example: Scrumdiddly’s

Question 3

Importance of Financial Enterprise in Society

Answer 3

It gives finance (money) support to start up businesses to help the local community businesses grow. It also creates jobs for the local community and helps people to develop business skills.

Question 4

Social Enterprise

Answer 4

It is owned by community members and aims to solve social, economic and environmental issues in the community to ensure a better life for community members. Any profits made are reinvested in the community. Example: St Vincent DePaul

Question 5

Importance of Social Enterprise in Society

Answer 5

It supports vulnerable people and ensures a better life for all in the community. This is achieved by creating jobs and solving problems in the area.

Question 6

Cultural Enterprise

Answer 6

Exists to provide consumers with access to visual arts, theatre, traditions, film, radio, festival events. Example: GAA

Question 7

Importance of Cultural Enterprise in Society

Answer 7

It showcases beauty, skills and talents while having the potential for promoting tourism, making a profit and creating jobs.