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Business > U2 Ch.4 Enterprise > Flashcards

U2 Ch.4 Enterprise Flashcards

1
Q

Enterprise

A

when an individual/group take a risk and start something new

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2
Q

entrepreneur

A

spots gap in the market
comes up with idea they can turn into business
takes financial and personal risk to set up
hope to earn a profit

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3
Q

Why people become entrepreneurs

A
  1. Own boss (don’t like orders. make all decisions)
  2. Varied work day
  3. Unemployment (out of necessity)
  4. Money (believe they can earn more with own business than working for others)
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4
Q

Enterprise at home

A

teenager offers piano lessons to local students for a fee

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5
Q

Enterprise in school

A

ty students set up business as part of student enterprise awards programme.
Student decides to set up a chess club

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6
Q

enterprise in new business

A

spots gap for homemade ice cream and sets up shop in busy shopping centre

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7
Q

enterprise in government

A

Department of Health launched Healthy Ireland programme to improve wellbeing of Irish people

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8
Q

enterprise in community

A

local people set up Tidy Towns committee to improve apearance of area and make it better to live, work and visit

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9
Q

social enterprise

A

[not-for-profit enterprise] for social or environmental aim. Run-like a business but profits are used to benefit cause and not the owner

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10
Q

Entrepreneur Characteristics

A
  1. Decision-making
  2. Risk-taking
  3. Resilient
  4. Self-motivation
  5. Confident
  6. Creativity
  7. Flexible
  8. Future focused
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11
Q

Entrepreneur Skills

A
  1. Decision-making
  2. Proactive
  3. Networking
  4. Risk-management
  5. Human relations
  6. Realism
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12
Q

Risk-taking

A

takes personal and financial risks that are calculated and realistic. Invest their time and money in hopes of success

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13
Q

Creative

A

Show imagination and come up with new ideas or ways to improve things by thinking outside of the box.

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14
Q

Decision-making

A

make quick and effective decisions which they take full responsibility for. Weigh up the pros and cons of a situation and make a decision that brings the greatest benefit.

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15
Q

Resilient

A

Not put off by failure and see it as an opportunity to learn. Are able to overcome set-backs.

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16
Q

Confident

A

display belief in their idea.

17
Q

Flexible

A

adapt to changing situations and make necessary changes

18
Q

Future focused

A

look to the future and come up with plans to meet market needs and stay ahead of competitors

19
Q

Proactive

A

Initiate rather than waiting on others to do it. Make changes before they need to be made instead of waiting for problems to arise. They know how to get up and go

20
Q

Networking

A

meeting new people that may be useful to a business. Allows business to have a wide range of contacts for support and guidance

21
Q

Human Relations

A

build relationship with people and bring out the best in them. Are able to persuade people to help them.

22
Q

Realism

A

recognizing when things are going wrong and take action for positive change. See things for what they are and not what they would like them to be

23
Q

Skills / characteristics that are similar

A

Networking + Human relations
Resilient + Confident
Flexible + realism

Ideally don’t use two of the same in one question

24
Q

Intrapreneurship

A

Employees act like entrepreneurs within business
Come up with new ideas, news ways of solving problems or new processes to increase business profits

25
Q

Intrapreneurship example

A

A worker at Google came up with Gmail because of a scheme called Innovation Time Off that encouraged engineers to spend 20% of their week on projects that interest them.

26
Q

Methods of encouraging Intrapreneurship

A
  1. Training (how to come up with ideas)
  2. Rewards (bonus for good ideas)
  3. Workplace Culture (encourage employees. okay to make mistakes and think independently without fear of punishment)
  4. Teamwork (opportunities to work together and develop ideas better as a group)
  5. Provide Resources (available to pursue ideas)
27
Q

Benefits of Intrapreneurship

A
  1. Increased sales (new products/markets to enter)
  2. Reduced Costs (more efficient + productive)
  3. Better morale (employees more fulfilled / better IR)
  4. Employee empowerment
28
Q

Benefits of enterprise in community

A
  1. Encourages other enterprise
  2. Wealth creation in local economy
  3. Creates employment
  4. Community engagement through sponsorships
29
Q

Rewards of becoming an entrepreneur

A
  1. Control
  2. Income
  3. Challenge
30
Q

Risks of becoming an entrepreneur

A
  1. Income
  2. Bad decisions
  3. Long hours
31
Q

Brainstorming

A

When people meet together to come up with as many ideas as possible

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