Intrapreneurship/Entrepreneurship Flashcards
What is an intraprenuer?
someone with the characteristics of an entrepreneur but employed by a business that allows creative freedom
What are some things that a business needs to help intrapreneurs?
high tech
early stage companies
leadership - encouragement
What are some ways to encourage intraprenuership?
financial incentives - bonus, profit sharing leadership styles - laissez faire flexible working working environment time organisational culture organisational structure
What are some barriers to entrepreneurship?
personal - fear of failure
financial - not enough finance
economic - taxation too much
political - unstable political landscape
What are factors that create uncertainty?
economy shift, competition, demand change in obsolete, political change, worker strikes (industrial action), illness
What are some risks/rewards of being an entrepreneur?
risks - unlimited liability, failure, secure finance, potential debt/no return, over expansion, lost investment, stigma of failure
rewards - fulfil personal goal, large financial gain, successful and motivated to earn more, capital gain from idea, sense of control, personal development.
what do entrepreneurs need to be to be successful?
market understanding,determination, resilience,
financial skills, persuasive abilities, problem solver skills, networking skills.
What are financial motives of an entrepreneur?
profit maximisation - short term
profit satisficing - make business sustainable
What are non financial motives of an entrepreneur?
Independence (self-satisfaction), Home working, ethical stance (more transparent and consumerism) , social enterprise
What is motivation?
when people want do work because they want to do it ; the desire to achieve a result
Why is it important to motivate?
good reputation, less recruitment costs,customer service, better working environment, save wages, work quality, morale, staff retention, staff turnover, productivity, industrial action.
