Chapter 8- Enterprise Flashcards
Enterprise:
Actions take with initiative to take risk of setting up/ running business.
Shows person’s ability.
Financial Enterprise:
A business that aims to make profit. E.G. Scrumdiddly’s.
Also organisation that provides finance to consumers/businesses
Importance of Financial Enterprise in Society:
Gives finance support, creates jobs, helps develop business skills.
Social Enterprise:
Puts people before profit, owned by community and aims to solve social, economic and environmental issues. Profits are reinvested in community. E.G. St. Vincent DePaul.
Importance of Social Enterprise in Society:
Supports vulnerable people, ensures better life for community by creating jobs and solving problems.
Cultural Enterprise:
Provides consumers with visual arts, theatre, traditions, film, radio, festival events. E.G. Donabate Library.
Importance of Cultural Enterprise in Society:
Showcases beauty, skills, talents and can promote tourism (makes profit and creates jobs).
Enterprise examples:
Community: Tidy Towns Committee.
Home: Carboot Sale.
Public Services: Smoking Ban 2004.
School: Mini-Company Event.
Entrepreneur:
Person taking initiative and risk to set up a business and make profit, turns idea into action.
Skills of entrepreneur:
Identify opportunities, make decisions, set plan and goals, manage time, assess and manage risk, human relations skills.
Characteristics of entrepreneur:
Risk taker, flexible, innovative/creative, self confident, proactive, determined.
Rewards for entrepreneur:
Own boss, all profits, sense of achievement, create employment for self, turn interest into business (sport and personal trainer).
Risks for entrepreneur:
Loose investment, long hours and little time off, no income guarantee, may not have all skills required.
