U2 Ch.4 Enterprise

Question 1

Enterprise

Answer 1

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

Question 2

entrepreneur

Answer 2

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

Question 3

Why people become entrepreneurs

Answer 3

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)

Question 4

Enterprise at home

Answer 4

teenager offers piano lessons to local students for a fee

Question 5

Enterprise in school

Answer 5

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

Question 6

enterprise in new business

Answer 6

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

Question 7

enterprise in government

Answer 7

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

Question 8

enterprise in community

Answer 8

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

Question 9

social enterprise
Definition

Answer 9

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

Question 10

Entrepreneur Characteristics

Answer 10

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

Question 11

Entrepreneur Skills

Answer 11

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

Question 12

Risk-taking

Answer 12

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

Question 13

Creative

Answer 13

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

Question 14

Decision-making

Answer 14

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.

Question 15

Resilient

Answer 15

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

Question 16

Entrepreneur Confident

Answer 16

display belief in their idea.

Question 17

Flexible

Answer 17

adapt to evolving situations and make necessary changes

Question 18

Future focused

Answer 18

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

Question 19

Proactive

Answer 19

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

Question 20

Networking

Answer 20

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

Question 21

Human Relations

Answer 21

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

Question 22

Realism

Answer 22

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

Question 23

Skills / characteristics that are similar

Answer 23

Networking + Human relations
Resilient + Confident
Flexible + realism

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

Question 24

Intrapreneurship

Answer 24

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

Question 25

Intrapreneurship example

Answer 25

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.

Question 26

Methods of encouraging Intrapreneurship

Answer 26

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)

Question 27

Benefits of Intrapreneurship

Answer 27

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

Question 28

Benefits of enterprise in community

Answer 28

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

Question 29

Rewards of becoming an entrepreneur

Answer 29

1. Control(make all decisions) 2. Income (can be more than they would earn if they were employed) 3. Challenge (enjoyable)

Question 30

Risks of becoming an entrepreneur

Answer 30

1. Income (may no be very high when first setting up because money needs to be reinvested in business) 2. May make Bad decisions 3. Long hours