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business exam corrections > crazam 4 > Flashcards

crazam 4 Flashcards

1
Q

distinguish between enterprise & management

A

•enterprise refers to an attempt to take a personal and financial risk in order to create something new for return of profit
•management is goal orientated process. involves coordination resources of organisation to achieve business goals. involves planning, organizing and controlling. manager should have skills of leadership, motivation and controlling

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2
Q

planning advs

A

•creates awareness, gives direction
•helps decision making
•manpower planning

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3
Q

intrapreneurship

A

•involves entrepreneurial activity within the business, employees come up with new ideas, take personal responsibility which may turn into profitable activities
•eg xbox was thought of by a microsoft employee

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4
Q

intrapreneurs characteristics

A

•incentive, creative and innovative, constantly looking for ways to grow or expand the business
•they look for ways to improve the business process without the financial risk

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5
Q

benefits of intrapreneurshio

A

•empowering employees- places real power, responsibility and authority in employers hands. encourage creativity by slowing employers greater freedom
•creating an enterprise culture- encourages innovative thinking, freedom to fail, improved moral/ir/profits/skilss

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6
Q

methods to encourage intrapreneurship

A

•provides resources-time and capital
•financial rewards
•adopt matrix organizational structure/arrange staff into teams- teamwork encourages creativity among employees as it facilitates brain storming sessions as part of the product development process, etc
•adopt facilitation approach to management

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7
Q

skills and characteristic of entrepreneur

A

•risk taker
•innovative/creative
•decisive
•resilient
•confident
•flexible
•future focuse
•proactive

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8
Q

advs of privatization

A

•gov revenue
•efficiency
•access to finance
•competition

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9
Q

gov revenue
(advs of privatization)

A

•gov provided with large sum of money from selling of state asset. Eg selling of government shares in Aer Lingus
•this money can be used to pay off national debt/build infrastructure

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10
Q

efficiency
(advs of privatization)

A

•state owned agencies often viewed as inefficient as they can rely on gov funding and have little competition
•private companies are driven by profits so therefore they should be more efficiently run

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11
Q

access to finance
(advs of privatization)

A

•private companies are able to take out loans, shares & generally have greater access to sources of finance than state agencies
•makes it easier to find expansion, creating wealth and employment in the economy

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12
Q

competition
(advs of privatization)

A

•elimination of state monopoly can lead to open market competition and lead to greater choice & lower prices for the consumers
•eg Eircom/Aer Lingus

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13
Q

franchising

A

when a franchisee agrees to let a franchisee use its name, logo and business idea in return for a fee and percentage of profits

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14
Q

benefits of franchise as start up option

A

•less risk
•access to experience & systems of franchiser
•economies of scale
•brand recognition
•manegerial training and support provided by franchiser
•marketing/sponsorship/national media campaigns

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15
Q

less risk
(benefits of franchise)

A

•tried and tested formula
•buying established business/name/brain, lower risk of failure in market place & business idea is already successful

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16
Q

accès to experience and systems of franchiser
(benefits of franchise)

A

entrepreneur can learn from franchiser and other franchisees and benefit from uniform approach

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17
Q

marketing, sponsorship, national media campaigns
(benefits of franchise)

A

•franchise owner may sponsor national event/team, generating publicity for the brand
•eg Pat McDonagh sponsoring Galway GAA teams created publicity for all Supermac’s

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18
Q

economies of scale
(benefits of franchise)

A

•low cost, group purchasing power, bulk discounts

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19
Q

advs of public limited company

A

•limited liability
•easier to raise capital
•recognition/marketing
•find it easier to attract high quality labour

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20
Q

easier to raise capital
(advs of public limited company)

A

•public limited companies like Glanbia, Facebook, etc find it easier to raise capital than sole traders, private limited companies, etc
•find it easier to raise finance which is used to fund growth

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21
Q

recognition/marketing
(advs of public limited company)

A

•public limited companies like Glanbia, Facebook, Ryanair, etc are referenced in news bulletins, websites and newspapers daily as their share price is quoted
•enhances recognition

22
Q

find it easier to attract high quality labor
(advs of public limited company)

A

•more than small private limited company or local cooperatives, etc
•Google and Facebook find easier to step accounting and or marketing graduates than a sole trader or private limited company

23
Q

deregulation

A

the removal of legislative or legal barriers to allow firms to enter an industry or a market to trade in a market

24
Q

benefits of credit union operating as co operative

A

•limited liability
•members usually have common bond (eg residents in local area)
•one member one vote
•members’ savings are saved for mutual benefit of all members, once members have saved, can borrow at fixed rates of interest
•can provide wide range of low cost banking services as they’re not concerned with profit lvls as much as commercial banks. no transaction charges in loans, savings accounts. safe place to save

25
Q

challenge of privatization

A

•lots of state asset
•increased unemployment
•lack social commitments
•profit motive/increased prices
•loss of control

26
Q

loss of state assets
(challenge of privatization)

A

•state protects industries of strategic interest to the country eg. transport network, energy supplies for industry and domestic purposes, communications systems

27
Q

increased unemployment
(challenge of privatization)

A

•may be lots of jobs through rationalisation of services, leading to higher social welfare spending

28
Q

lack social commitments
(challenge of privatization)

A

•non profit making essential services may be discontinued by private business to reduce costs
•eg postal and telecommunications service, electricity, gas and water services to remote areas

29
Q

loss of control
(challenge of privatization)

A

•shares of privatized companies may end up with foreign investors

30
Q

profit motive
(challenge of privatization)

A

•privatized companies must maximize returns to shareholders, could result in increased prices for consumers

31
Q

disadvs of franchise

A

•high start up costs
•must adhere to strict regulations/standards set by franchiser
•other franchisees may create neg image for brand in the future due to poor performance

32
Q

advs of private limited company

A

•limited liability
•one share one vote
•separate legal entity
•continuity of existence

33
Q

why company switch from sole trader to private limited company

A

•changing circumstances
•economies of scale
•limited liability
•capital
•continuity of existence
•growth
•separate legal entity

34
Q

changing circumstances
(switch from sole trader to private limited company)

A

•adapt to changing circumstances & market demands
•choosing private limited company as ownership structure can facilitate the plans owner may have for organisation into future and vision of where want to be

35
Q

capital
(switch from sole trader to private limited company)

A

possible to raise capital through issues of shares to other shareholders up to the amount of authorize capital stated in memorandum of association

36
Q

setting up private limited company

A

•rules, regulations and procedures for establish private limited company set out in Companies Acts 1963-1999
•memorandum of association
•articles of association
•form a1
•documents sent to registrar of companies, certificate of incorporation, birth cert of company

37
Q

memorandum of association

A

•sets out relationship between company and general public
•includes name of company with LTD after it, indicating limited liability s& objectives
•included signature of people who formed company & authorized share capital clause

38
Q

articles of association

A

•sets out internal rules and regulations of company
•describes voting procedures for meetings, sets down quorum necessary for valid meeting
•sets down mechanisms for electing and replacing directors and auditors and their duties and powers

39
Q

form a1

A

•includes eg company name, registered address, details of secretary and directors, statutory declaration that company will comply with Irish company law
•states the company’s authority and issued share capital

40
Q

creates awareness and gives direction
(adv of planning)

A

•staff are aware of targets/what the business wants to achieve. gives direction
•eg. management communicate to staff that they want to improve rep and public image of business

41
Q

helps decision making
(adv of planning)

A

•having long term objectives helps mgt and staff make effective decisions
•eg Ryan might take over another airline and/or enter transatlantic flights to become the number one airline in world

42
Q

empowering employees
(benefit of intrapreneurship)

A

•employee empowerment places real power, responsibility and authority into employees hands. encourages innovation by allowing employees greater freedom on how to do their work on a daily basis

43
Q

creating enterprise culture
(benefit of intrapreneurship)

A

•encourages innovative thinking and doesn’t treat mistakes as disasters
•this atmosphere gives staff the freedom to be creative without worrying abt neg consequences

44
Q

new products, more sales
(benefits of intrapreneurship)

A

•intrapreneurship results in new products or services being developed
•new product and market development very important to ensure continued viability of all businesses
•eg. employee at Sony came up with Playstation and increased sales & profits for Sony

45
Q

reduced costs, productivity
(adv of intrapreneurship)

A

•various ideas introduced result in increased productivity
•many new ideas and cost cutting methods introduced result in greater profitability
•eg. employee at cadbury came up with new packaging that reduced costs

46
Q

increased morale
(intrapreneurship benefit)

A

•more enjoyable workplace/encourage intrapreneurship
•staff more productive, happier and fulfilled in their work. greater motivation & less ir problems saving time and money
•eg Facebook one of works top employers and encourage intrapreneurship. employee came up with idea for Like button

47
Q

why gov. encourage entrepreneurship

A

•employment
•taxation
•exports
•spin off effects
•reduce social welfare

48
Q

employment
(why gov. encourage entrepreneurship)

A

•more enterprise leads to more jobs provided by irish owned companies. these jobs can be more stable than footloose industries

49
Q

taxation
(why gov. encourage entrepreneurship)

A

•increase in jobs together with business activity will increase taxation yield which gov may use to invest in infrastructure

50
Q

exports
(why gov. encourage entrepreneurship)

A

•will increase as home produced products are sold abroad/new markets
•imports may decrease. import substitution/balance of payments may decrease

51
Q

spin off effects
(why gov. encourage entrepreneurship)

A

•enterprise culture will be developed where more local people inspired to become entrepreneurs

52
Q

why become entrepreneur

A

•freedom to do new things- enterprise about taking risks and doing smthn new. no job desc for entrepreneur
•earn more income- employee limited to salary/wage & may also earn a commission. entrepreneur however keeps all profits of business
•be own boss- lead self directed life in the business. not answerable to a mgr
•see gap in market- spot gap in market and try to sell to this gap to earn substantial profits

business exam corrections (25 decks)

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