keywords units 1-4 Flashcards
stakeholders -what is an entrepreneur
spots a gap uses initiative, takes personal/ financial risk to make a profit
stakeholders -what is an investor
gives capital to fund a business for a return on their investment
stakeholders -what is an employer
hires employees to carry out work, paying them wages
stakeholders -what is an employee
gets paid wages to carry out work for their employer
stakeholders -what is a manager
runs a business or part of (department) for the entrepreneur
stakeholders -what is a producer
manufactures goods from raw materials using factors of production
stakeholders -what is a supplier
sells a business goods (stock) or a partly finished good( raw materials)
stakeholders -what is a service supplier
offers a business services like electricity, internet, legal, banking
stakeholders -what is a consumer
buys goods/ services for their own consumption
stakeholders -what is an interest group
represents and promotes the interests of a group with a common interest- uses lobbying, negotiation, protests, information campaigns to influence decision makers
eg IBEC, ICTU , IFA
types of relationships between stakeholders - competitive
win-lose , one party benefits at the expense of another
types of relationships between stakeholders - co- operative
win-win, mutual benefit for both parties
elements of a legally binding contract - agreement
offer & acceptance must exist, agreement of terms offered
elements of a legally binding contract - consideration
something of value must be exchanged between parties
elements of a legally binding contract - legality of form
some need to take on certain form
eg sale of house must be written
elements of a legally binding contract - consent to contract
party cant be forced to agree a contract through threats
elements of a legally binding contract - capacity to contract
legal ability to agree, cant be bankrupt, insane, a minor
elements of a legally binding contract - legality of purpose
illegal contracts like a drug deal aren’t enforceable by law
elements of a legally binding contract - intention to contract
awareness that the agreement is legal, not just social/ domestic
termination of a legal contract - frustration
event occurs ( death/bankruptcy ) making a contract impossible
termination of a legal contract - breach
party breaks an essential element (condition)
termination of a legal contract - performance
both sides have carried out their contractual obligations
termination of a legal contract - agreement
parties decide to end contract early by mutual consent
remedies for breach of a legal contract - specific performance
court orders party to fulfil the agreed terms of the contract
remedies for breach of a legal contract - financial compensation
court orders guilty party to pay damages
remedies for breach of a legal contract - rescind the contract
court orders parties to return to the initial starting position
the sale of goods and supply of services act 1980 - provision for goods
1.merchantable quality - reasonable durability/ standard for price of item
2. fir for purpose - should preform it’s intended function
3. conform to sample - should match example used to sell it
4. as described- should match on advertisement/ description used
the sale of goods and supply of services act 1980 - provisions for services
- necessary skill - qualified provider
2.due care - service is not rushed/ poorly delivered - merchantable quality - all tolls used/ goods given with service
the sale of goods and supply of services act 1980 - guarantees
additional protection given to the consumer on top of legal rights
the sale of goods and supply of services act 1980 - signs limiting consumer rights
“No refunds” is illegal - can’t display a sign reducing legal rights
the sale of goods and supply of services act 1980 - unsolicited goods
goods sent to a person without them ordering them
the sale of goods and supply of services act 1980 - right to cancel
right to cancel within 14days when a product is not bought in a physical shop. right to full refund, called a “cooling- off” or withdrawal period
the sale of goods and supply of services act 1980 - retailer is responsible
retailer not manufacturer is responsible to the consumer
the sale of goods and supply of services act 1980 - redress available
refund - cash refund for complaining promptly
repair - retailer has product fixed
replacement - new or similar model given
the consumer protection act 2007 - a business cannot make a false claim about their product
can’t sell counterfeit items as real items ; lie about the origin ; lie about an award received; lie about previous usage
the consumer protection act 2007 - a business can’t use misleading advertising for the product
when advertising, it should be clear what the use is/ what can be expected from the product, can’t mislead by comparing not like for like products
the consumer protection act 2007 - advertising of prices
truthful about the actual price, previous price and recommended retail price when comparing to the current selling price.
the consumer protection act 2007 - price displays
must price all goods for sale, some items must be shown per kg.
the consumer protection act 2007 - aggressive selling practices
prohibits harassment, coercion, or exercising undue influence to get someone to purchase an item
the consumer protection act 2007 - pyramid schemes
bans schemes where people buy in at a level and recruit more people to buy in below them in order to make a profit
the consumer protection act 2007 - price controls
government can impose maximum price on certain goods in an emergency situation
CCPC- competition and consumer protection commission (functions) - informing the consumer
provide information on ccpc.ie and it’s social media accounts
CCPC- competition and consumer protection commission (functions) - enforcing consumer law
issue compliance notices & on the spot fines, uses “name and shame”
CCPC- competition and consumer protection commission (functions) - conducting research into consumer issues
research consumer behaviour and outcomes to help consumers realise possible savings/ improvements available
CCPC- competition and consumer protection commission (functions) - educating the consumer to make informed choices
financial calculators, mortgage comparisons and suggest law changes
CCPC- competition and consumer protection commission (functions) - advising the government
highlights issues facing consumers and suggests law changes
CCPC- competition and consumer protection commission (functions) - protecting consumers from firms dominating the market
monitors potential mergers & acquisitions, reduce likelihood of monopolies that prevent fair competition
small claims court/ small claims procedures - types of claims
faulty goods, bad workmanship or damages to property
small claims court/ small claims procedures - compensation
can award compensation to a maximum of €2000
small claims court/ small claims procedures - affordable/ accessible
it costs €25
small claims court/ small claims procedures - convenience
don’t need to hire a solicitor, online application system
small claims court/ small claims procedures - speed
retailer given 2 weeks to respond or district court hearing set
ombudsman for public services - types of claims
if a public service body has given you wrong information or your complaint hasn’t been dealt with properly
small claims court/ small claims procedures - last resort
will only investigate complaints if the person has tried to resolve the problem themselves first
small claims court/ small claims procedures - investigations
preliminary - informal interview, gathers information
formal - in private/ in writing, demand files, documents, formal interview to aid the investigation
what are the factors that lead to industrial disputes ?
-changes to working conditions
-redundancy
- disputes over pay
-discrimination
- trade union recognition
- unfair dismissal
- new technology
-demarcation issues
types of pay claims employees can make - cost of living
relation to inflation/ rising rents, maintain standard of living
small claims court/ small claims procedures - comparability
similar jobs in different sectors/ industries ( private vs public)
small claims court/ small claims procedures - productivity
request for higher pay to reward higher output of worker
small claims court/ small claims procedures - relativity
traditional/ historic link between certain jobs ( public sector jobs)
non legislative solutions to industrial conflict - meet and talk
discuss, clarify, communicate issues around the disput
non legislative solutions to industrial conflict - negotiation
bargaining, counter offers, compromise to reach a solution
non legislative solutions to industrial conflict - mediation
unbiased 3rd party encourages parties to talk (facilitator) in a meeting, doesn’t offer any solutions/ recommendations
non legislative solutions to industrial conflict - conciliation
facilitator of 2 parties to get them to reach an agreement themselves, doesn’t offer a recommendation but may suggest potential solutions to help the parties resolve their conflict
non legislative solutions to industrial conflict - arbitration
listens to 2 parties then issues a recommendation( solution ) which can be binding or not binding if agreed beforehand
what is a trade union ?
an organisation of employees that promote and protect the interests of their members like seeking pay increases through negotiation with employers
industrial relations act 1990 - trade disputes
dispute over employment or non-employment or the terms of conditions of employment ( pay, discrimination, unfair dismissal ). cant be for managerial/ political decisions
industrial relations act 1990 - secret ballot and one week’s notice
confidential vote by union members ( all must get a chance to vote ), majority needed (>50%) for action to take place, employer must receive minimum 7 days notice of the action
industrial relations act 1990 - primary and secondary picketing
primary - peaceful protest outside workplace with placards
secondary - peaceful protest outside another workplace if their actions are frustrating the resolution of the original strike
industrial relations act 1990 - immunity
if action is official/ sanctioned, employer can sue employees for lost sales/ profits during the industrial action
types of industrial action that is legal - official strike
employees protest peacefully outside their work’s premises with placards and do not enter work or do their work
types of industrial action that is legal - work-to-rule
do exact job written in their contract, with out any flexibility
types of industrial action that is legal - overtime ban
workers refuse to work extra hours outside their contracted hours to frustrate the employer who may be trying to fulfil orders
types of industrial action that is legal - token stoppage
brief stoppage to worker, carries threat of further types of action
unfair dismissals act 1977/2015 - fair dismissal
incapable - persistently late or absent prevents work being done.
incompetent - not meeting required standards continuously.
qualifications - lied about qualifications to get a job/ fails to upskill
misconduct - eg caught taking drugs at work
redundancies - bs can prove position is no longer required
contravening law - illegal to continue job eg work permit expired
unfair dismissals act 1977/2015 - steps for dismissal
- counselling - advise on how to improve/ what the issues are
- formal verbal warning - recorded o employees record
- written warning - precedes dismissal
, may also have a suspension - inform them of dismissal in writing - within 14 days
- offer right of appeal
unfair dismissals act 1977/2015 - unfair dismissal
steps weren’t followed, insufficient evidence exist, were discriminated against, constructive dismissal, incorrectly chosen for redundancy
unfair dismissals act 1977/2015 - redress for unfair dismissal
compensation - up to 2 years of pay
re-engagement - employee contributed to the dismissal, but it still wasn’t deemed unfair, a job, no back pay
re- instalments - put back in their job, with pay increases/ back pay
employment equality act 1998/2015 - employment discrimination
definition - an employee is treated in a less favourable way than another person is, has been or would be treated
grounds - gender, disability, civil status, family status, sexual orientation , religion, age, race, membership of the traveller community
unfair dismissals act 1977/2015 - illegal ads
advertising that is discriminatory is illegal “young staff wanted”
unfair dismissals act 1977/2015 - role of WRC in discrimination cases
mediation - equality mediation officer would facilitate parties to reach a mutually acceptable agreement
adjudication - adjudication officer can investigate, view evidence the give parties a written decision on the dispute to them
work place relations commission (WRC) - advisory service
promote good practice, help review/ develop grievance procedures
work place relations commission (WRC) - conciliation
makes IRO ( industrial relations officers) available to offer neutral/ impartial third party steering of the parties to reach a voluntary resolution, informal , represent self
work place relations commission (WRC) - mediation
a mediation officer comes in at an early stage to get parties to arrive at a solution together themselves. if not successful, they will notify the Director General and it’ll be referred for adjudication. voluntary process.
work place relations commission (WRC) - adjudication
statutorily independent in their decision making duties. they hold a hearing, hear evidence then decide on the matter and give a written decision
the labour court - a court of last resort
hears appeals/ cases that haven’t been resolved in the WRC
the labour court - arbitration
not a court of law - offers a recommendation to solve hearings
the labour court - code of practices
investigates breaches/interprets workplace codes of practice
the labour court - register agreements
hold a registrar of decisions that can be referred to during grievance procedures by employers/employees
what is an entrepreneur ?
they spot a gap in the market and use innovation to create a new good/service in order to make a profit, while taking on the personal and financial risk of failure
what is the difference between enterprise and management ?
enterprise - starting something new
management - achieving goals with and through people
why become an entrepreneur - to earn more income
not be limited to asset wage/ salary, keep all profits
why become an entrepreneur - to be their “own boss”
responsibility/ control over decisions, self- directed
why become an entrepreneur - limited career path
may be limited in potential growth in a profession
why become an entrepreneur - see a gap in the market
capitalise on an opportunity they think could make
why become an entrepreneur -government support
grants/ training from local enter prices offices (LEO’s)
why become an entrepreneur - they were made redundant
job no longer needed/ vacancies/ necessary
why become an entrepreneur - inspired by entrepreneurs
energised/ encouraged from other’s success stories
entrepreneurial skills & characteristics - innovative
create new ideas/ processes
entrepreneurial skills & characteristics - human relations
communicate, energise, network , negotiate well
entrepreneurial skills & characteristics - flexible
respond to changing environments, adapt
entrepreneurial skills & characteristics - reality perception
see things how they are, not how they wish they were
entrepreneurial skills & characteristics - proactive
don’t wait to react, use initiative in advance
entrepreneurial skills & characteristics - future focused
anticipate future trends, spot gaps
entrepreneurial skills & characteristics - decisive
act quickly and confidently under pressure
entrepreneurial skills & characteristics - risk taking
take on personal and financial risk of decisions
entrepreneurial skills & characteristics - determined
confident in their ability to preserve through tough times, resilient
what is intrapreneurship ?
an employee within a business being innovative to create a new product/ process, without taking on financial risk of failure
types of intrapreneurship - new product idea
creating new products/ adding new USP’s to existing ones
types of intrapreneurship - reduce costs
streamlining production, reducing waste/ costs of production
types of intrapreneurship - improved morale
job satisfaction increases as staff feel their input is valued
methods to promote intrapreneurship - allocate resources
give funding for R&D, reduce workload to facilitate time
methods to promote intrapreneurship - incentivize ideas
offer bonuses, profit sharing for new ideas
methods to promote intrapreneurship - use teamwork
brainstorming, cross- departmental teams, shared responsibility
methods to promote intrapreneurship - train staff
provide training for managers ( to lead change ) & employees
what is leading ?
the ability to influence staff to follow strategies that meet the company’s aims, using directing and delegating
what is delegation - definition
superior passes down authority of a task to a subordinate to complete, the accountability for the task is also given to subordinate
what is delegation - benefits
frees up manager for strategic planning - less overload
shows trust - staff become more motivated
better decisions - workers close to customer make decisions
employees gain experience/ skill - become management material
what is delegation - implications of not delegating
manager overworked/stressed; employees don’t feel trusted- may lead to low morale/ high turnover ; employees don’t develop
leadership styles - autocratic
keep control, don’t consult, use bribes/ threats/ money to motivate
should be used during a crisis (quick decisions needed), workers that have low job attachment
leadership styles - democratic
seek opinions/ feedback ; consult in decision making ; delegate work
use by most businesses - creates a bond, inclusivity , teamwork helps
leadership styles - laissez faire
low supervision, allow employees to make decisions
used with creative employees that are very engaged with their profession
what is motivating ?
a manager energising and inspiring employees / towards a goal
implications of using McGregor theory X
-demotivated staff- feels workers dislike work so will be autocratic/ no delegation
-manager will become overloaded/ stressed/ can’t prioritise ( wont delegate to staff)
-no intrapreneurship/ low quality of work, lack of incentives
