Enterprise Flashcards
Explain Entrepreneurship/enterprise?
Entrepreneurship is any attempt to start or do something new. It involves taking initiative and using your creativity to identify a gap in the market and then taking the steps to fill that gap. Enterprise involved taking both a personal and financial risk.
Give an example of an entrepreneur
Mary Ann O Brien set up Lily o Brien’s chocolates after returning home from South Africa where she spent her holiday helping the hotel manager’s daughter make chocolates in the hotel kitchen. The business is named after her daughter
Explain the term entrepreneur
A person who spots an opportunity and takes the initiative to set up a business from that opportunity to make money. They take both a personal ad financial risk when setting up the business. An entrepreneur is rewarded if the business is a success by making a profit.
Give an example of enterprise in the home
Parents converting the attic into a study for their son doing the Leaving Certificate
Give an example of enterprise in the community
Setting up a neighbourhood watch committee
Give an example of enterprise in a school
Teacher setting up an after school math class
Give an example of enterprise in public life
The Minister of finance setting up NAMA to help Irish banks during the banking crisis
Name nine characteristics of an entrepreneur
Pro-active Risk Taker Ruthless Independent Self-Motivated Confidence Need for achievement Creative Decisive
Explain the Pro-active as a characteristic of an entrepreneur
Entrepreneurs do not sit around waiting for things to happen, they make things happen. They take action with their ideas to get them up and running. They take effective steps to achieve their goals. Ex: Mary Ann O’Brien approached Super Quinn with her idea and persuaded them to stock her product when she first set up Lily O Brien’s chocolates.
Explain the Independent as a characteristic of an entrepreneur
They like to be in charge. They like working for themselves and to be the ones giving orders not being told what to do. Example: Brian Lee who set up Freshly Chopped in 2012 has a passion for business that can be traced back to setting up his own gardening company at the age of 11.
Explain the Risk Taker as a characteristic of an entrepreneur
Not afraid to take a chance even though they may fail
They stand to lose all of their money invested in the business and self esteem if business fails. They take sensible risks with a good chance of success
Ex: Denis O’Brien took a chance and set up mobile phone companies in markets people thought were too perilous to enter such as the Caribbean
Explain the Confident as a characteristic of an entrepreneur
They believe in themselves and their ideas. They are not put off by what others say or think and do not give up when they suffer setbacks.
Ex: Denis O’Brien had an electricity business to rival the ESB that failed but he persevered and is now a billionaire
Explain the Creative as a characteristic of an entrepreneur
They are inventive and they use their imagination to develop original products and/or services. They think outside the box.
Ex: Sir James Dyson thought up the idea t use cyclonic separation to create a vacuum that wouldn’t lose suction as it picked up dirt
Name six skills of entrepreneurs
Human relations Time management Risk management Decision making Reality perception Flexibility
Explain human relations as a skill of an entrepreneur
Good with people. They can bring out the best in a person. They persuade people to do what the business needs.
Ex: Mary Ann O’Brien used this skill as she persuaded AIB to give her a loan to start up Lily O’Brien chocolates. She convinced SuperQuinn to stock her products.
