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Business > Enterprise > Flashcards

Enterprise Flashcards

1
Q

what is enterprise

A

enterprise is being innovative and creative while taking calculated personal and financial risks to achieve ones goal.

it involves taking the initiative to start something new.

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2
Q

entrepreneur

A

an entrepreneur is an individual (or group of people) who identifies a gap in the market, has initiative and assumes the risks (personal and financial) of establishing and running their own business for a possible reward (profit)

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3
Q

being your own boss/ independence

A

many entrepreneurs do not want to take orders from other people and want to be their own boss. they want to have a self directed working life. they get to make all the decisions on behalf of the business, eg the kind of business they are going to run, where it will be open

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4
Q

varied workday

A

people like the different types of work associated with being an entrepreneur. days are varied as the entrepreneur might have to, eg meet up with customers and prepare marketing campaign

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5
Q

unemployment

A

someone who has been made redundant and who cant find work might become an entrepreneur out of necessity.

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6
Q

more money

A

many entrepreneurs believe that they can earn more money by owning their own business rather than working for others

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7
Q

innovation

A

an entrepreneur may have spotted a gap in the market or seen how something could be greatly improved and wants to be the one to pursue this.

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8
Q

enterprise culture

A

entrepreneurial activities are encouraged in ireland. enterprise ireland and the local enterprise offices (LEOs) offer huge support to huge support to small businesses

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9
Q

loss of money and time

A

The enterprise may fail, resulting in the loss of money invested by the entrepreneur personally or by investors. The entrepreneur may also feel they have wasted their time and energy for no result.

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10
Q

Pressure on health and wellbeing:

A

Entrepreneurs often work long or irregular hours and may take few breaks. This can be highly stressful and have a negative impact on their physical health, personal relationships, and overall well being.

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11
Q

Decision-making:

A

Entrepreneurs cannot be experts in all areas of the business. they may make mistakes when making decisions, which could damage the firm’s reputation.

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12
Q

Confidence and Reputation:

A

If mistakes are made, relationships suffer or the business fails, the entrepreneur may lose confidence in themselves. If the entrepreneur’s reputation suffers, potential investors may be hesitant to commit in future.

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13
Q

Competition:

A

Entrepreneurs may not be able to compete with existing businesses or new entrants into the marketplace.

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14
Q

Financial stress:

A

Entrepreneurs may have left a secure salary to launch their business and face a financially unstable future. They may not earn money themselves for some time, because any profits earned may need to be reinvested in the business.

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15
Q

profits

A

Entrepreneurs get to keep the profits that the business makes. They can decide to reinvest some or all back into the business. They do not have to publish their accounts.

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16
Q

control

A

Entrepreneurs are their own boss and get to make all the decisions regarding the business. They can organise it as they wish and pursue any idea without awaiting permission from others

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17
Q

challenge

A

Entrepreneurs enjoy the challenge of learning what they need to know and striving to achieve their goals.

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18
Q

satisfaction

A

Entrepreneurs take great pride in selling a product or service, they have created and put huge effort into making it a success.

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19
Q

a social enterprise

A

A social enterprise/not-for-profit enterprise has a social or environmental aim. They exist to benefit the community and address problems affecting society, or to protect the environment. It is run like a business and profits are used to benefit the cause rather than the owners

eg. Focus Ireland, Meals on Wheels Food Cloud.

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20
Q

enterprise at home

A

A parent enrols on a course, e.g., to learn German A teenager offers piano lessons to local friends for a fee Parents rent a room in the house to earn more income

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21
Q

enterprise at school

A
  • A group of students organise a charity event, e.g., a table quiz
  • TY students set up a business as part of the Student Enterprise Awards program
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22
Q

enterprise in a new business

A
  • An entrepreneur spots a gap in the market for homemade ice-cream and sets up an ice cream shop in a busy shopping centre
  • An entrepreneur opens a suit shop in a business district to provide office wear to professionals.
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23
Q

enterprise in the community

A
  • A group of people in a village or town come together and form a committee to become involved in Tidy Towns

A group of local people establish a meals-on-wheels service for elderly people

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24
Q

enterprise in gov. departments

A

The Department of Health launched the Healthy Ireland Programme to improve the health and wellbeing of people in Ireland.
* Local enterprise offices(LEOs) have been set up to support and encourage entrepreneurship and employment in local area

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25
Q

risk taking

A

Entrepreneurs take financial and personal risks. In order to achieve a goal, with no guarantee of success. They view failure as a learning experience. They ensure they take a calculated risk, i.e., a risk where there is a reasonable chance of success. If the entrepreneur is realistic when assessing risk, the chances of it paying off are greater.

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26
Q

creativity and innovation

A

Entrepreneurs think outside the box and come up with new ideas into new ways of doing things. Creativity involves inspiration. Creative thinking allows entrepreneurs to find imaginative solutions. (Problem solving)
Innovation is the skill of developing creative ideas into workable, marketable solutions or products.

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27
Q

determination and ambition

A

Entrepreneurs are determined to find a way of solving problems and they do not give up easily when they are faced with obstacles or failures.
A strong internal drive for success is essential. The entrepreneur must work hard to their own high standards and to not be put off by others’ opinions or lack of praise

28
Q

self motivation

A

Entrepreneurs are motivated from within to succeed. They have the personal drive and ambition to achieve their goals

29
Q

self confidence

A

Entrepreneurs believe in themselves and their ideas. They are not put off by other people’s opinions.

30
Q

flexibility and adaptability

A

Flexibility is the readiness to deal with anything and change direction if necessary. Adaptability is the ability to adjust to new conditions, be resourceful and overcome obstacles.
Entrepreneurs learn from mistakes and failures and regularly review progress and cheque check feedback to see where they can improve.

31
Q

future focused

A

Entrepreneurs are forward looking, anticipate change and look out for possible future risks and opportunities to grow

32
Q

(considered) decision making

A

An entrepreneur makes quick and clear decisions. They weigh up the pros and cons of a situation and choose the best option for the business. The entrepreneur takes full responsibility for all their decisions. (evaluate, analyse

33
Q

risk management

A

Risk management is the skill of identifying potential risks to the business whether physical, commercial, or financial, and finding ways of reducing the level of risk.

34
Q

networking/Human Resources

A

Networking involves meeting new people, exchanging information, and building relationships with a wide range of contacts. This is important in business, e.g., with advertisers. Learning how to communicate well with others within and outside of the business is essential. Entrepreneurs need to be persuasive and to bring out the best in others.

35
Q

decision making home

A

A family wants to renovate their house. They assess their budget and weigh up the pros and cons of hiring decorators. They decide to take a longer time for the project but save money by using their own DIY skills, and redecorate room by room

35
Q

decision making school

A

A deputy principal must decide how to organise the timetable for the year. She can choose to have 1/2 day on Wednesdays or Fridays. She chooses Fridays, as it will create a positive atmosphere among staff and students to get an early finish on weekends.

36
Q

decision making local community

A

A large town notices of decline in footfall at local businesses during the week. They decide to get rid of parking fees on the Main Street to encourage custom

37
Q

decision making government

A

A large town notices of decline in footfall at local businesses during the week. They decide to get rid of parking fees on the Main Street to encourage custom

38
Q

decision making business

A

A coffee shop owner wants to expand but only has enough finance to open one new store. A large town nearby has a shop for rent for €1000
per month, but a smaller town has a premises for €600. She chooses the larger one as it has more potential customers.

39
Q

risk management home

A

After a number of burglaries in his area, homeowner Jack Ball, instals a monitored house alarm system

40
Q

risk management school

A

St Marys Secondary School offers a number of sports, including rugby and hockey. All students who want to join a sports team must
pay into a personal injury insurance policy to cover their medical costs if there is an accident.

41
Q

risk management local community

A

Locals fundraise to place a number of defibrillators in the local area in case of a medical emergency.

42
Q

risk management government

A

The Minister for Finance sets up a ‘rainy day’ fund and puts money away for the future in case of a downturn in the economy.

43
Q

risk management business

A

A local cash and carry places a limit on credit sales for new customers to protect against bad debts

44
Q

networking and hr home

A

Parents have clear expectations for their children about behaviour, rules and so on and listen to their children’s point of view for a positive relationship.

45
Q

networking and hr school

A

Teachers join subject associations to access training, support under voice from experienced teachers

46
Q

networking and hr local community

A

A community page on Facebook shares updates on local events, job opportunities, sports teams and more, which are then shared widely by local people.

47
Q

networking and hr government

A

The Irish government goes on trade missions to other countries to encourage international businesses to trade with us or to establish locations in Ireland

48
Q

networking and hr business

A

A business start-up should build a relationship with their Local Enterprise Office (LEO) and a range of suppliers when establishing their business.

49
Q

encourage intrapreneurship

A

Enterprise encourages intrapreneurship in the business. This will encourage employees to be innovative and should result in new products, greater productivity, a more enjoyable workplace, and business growth.

50
Q

greater efficiency

A

Enterprise encourages businesses to use their resources more creatively. This can lead to cost savings and greater efficiency in the business

51
Q

products and businesses

A

Enterprise encourages the creation of new products and services and the improvement of existing products and services, which is vital in any business. This will result in increased profits and customer loyalty.

52
Q

business culture

A

A business culture where enterprise is encouraged can help employees to come up with ideas without the fear of punishment for unsuccessful results.

53
Q

confidence

A

Enterprise encourages confidence within the business. Employees are confident in the success of the business; the entrepreneur is confident in the abilities of their employees.

54
Q

encourages enterprise

A

Successful entrepreneurs encourage others to take the risk.
More individuals are encouraged to be innovative, set up their own businesses and become entrepreneurs.

55
Q

job creation

A

Enterprise creates new business and therefore new jobs. This reduces the unemployment rate and increases the standard of living.

56
Q

government income

A

Enterprise increases the amount of tax collected by the government and reduces spending on social welfare. It also improves the balance of trade if goods that were previously imported are now produced locally.

57
Q

wealth creation

A

Local people spend their wages/salaries in local shops and restaurants. This helps these businesses to be successful and generates more wealth in the local economy.

58
Q

community involvement

A

Entrepreneurs can get involved in the community by sponsoring local teams and events, e.g., sporting teams and festivals. They can also offer work experience to local people who want to increase their skills and experience.

59
Q

intrapreneurship

A

Intrapreneurship is entrepreneurial activity within a business.
Intrapreneurs act like entrepreneurs- they are innovative and creative, constantly looking for ways of improving and growing the business- but because they are employees, any financial risks do not affect them personally.

60
Q

empowering employees

A

Employee’s empowerment places real power, responsibility and authority in employees’ hands. It encourages creativity by allowing employees greater freedom in how to do their work on a daily basis.

61
Q

creating an enterprise culture

A

An enterprise culture within an organisation encourages innovative thinking, independent thinking and does not treat mistakes as disasters.
This atmosphere gives staff the freedom to be creative without worrying about negative consequences.

62
Q

rewarding staff

A

A business may offer financial rewards for effort and creativity. These could be a mixture of pay, incentives and benefits, e.g., a bonus, profit-sharing scheme or share ownership scheme.

63
Q

encouraging teamwork

A

Entrepreneurs can encourage, facilitate and train employees regarding teamwork.
This allows for the circulation of ideas among employees by, for example, facilitating brainstorming sessions and quality circles.

64
Q

providing resources

A

The employer/manager/entrepreneur could provide resources, such as time and money, to employees to pursue their ideas.

65
Q

offering training programmes

A

Business (10 decks)

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