Enterprise in Action - Flashcards

Vocabulary flashcards based on lecture notes covering enterprise types, innovation concepts, entrepreneur competencies, and government agencies supporting business in Ireland.

Innovation

The process of coming up with something new or better, such as a product, service, process, sales channel, or revenue model.

Intrapreneur

An employee who uses creative thinking and initiative to bring new ideas to life within an existing business without taking personal financial risk.

Entrepreneur

A person who takes a personal and financial risk to create, build, or grow a business or social enterprise.

We Make Good

A social enterprise based in Dublin 1, founded by the charity Quality Matters, that designs, creates, and sells handmade crafts, art, and gifts to support vulnerable groups.

Financial Enterprise

A category of business whose primary goal is to make a profit by providing goods or services to customers.

Cultural Enterprise

An enterprise focused on providing consumers with access to visual arts, film, music, theatre, sports, or heritage.

Social Enterprise

An enterprise that prioritises human, community, or environmental well-being over commercial profit, tackling social issues directly.

CRIIC

A acronym representing five major reasons individuals start an enterprise: Challenge, Redundancy, Independence, Income, and Creativity.

Ashford Motors

A car dealership in County Wicklow established in 2020 by former stockbroker Nadia Adan, who grew the business by keeping costs low and using viral TikTok content.

LetsGetChecked

An Irish health technology company offering at-home diagnostic testing and virtual healthcare services that are exported to global markets.

Competencies

The integration of knowledge, skills, values, and dispositions that support and foster innovation in business.

Risk-Taker

An innovator competency involving the willingness to take on personal and financial uncertainty when starting or expanding a business.

Proactive

An innovator competency where an individual takes the initiative to anticipate changes and improvements rather than waiting to react to competitors.

Resilient

An innovator competency defined by determination and the capability to overcome setbacks, failures, or early challenges without giving up.

Human Relations

An innovator competency focused on strong communication skills and building supportive networks among team members, funders, and customers.

All Real Nutrition

An Irish protein bar brand co-founded in October 2021 by Niall Harty and Ross McDowell in Kerry, focused on natural local ingredients and plastic-free compostable packaging.

Government Planning

A state action that establishes economic stability through national budgets and wage agreements, helping reduce industrial disputes and encourage investment.

Capital Expenditure

Government spending on public infrastructure, such as roads and schools, which creates employment and improves efficiency for businesses.

Current Expenditure

Day-to-day government spending on public sector pay and welfare benefits, which boosts consumer disposable income and demand in the economy.

Local Enterprise Office (LEO)

A local government agency (31 across Ireland) providing training, mentoring, networking, and financial grants to micro and small businesses.

Microfinance Ireland

A government-backed organization that offers low-interest business loans between €2,000 and €50,000 to enterprises unable to secure bank financing.

LEADER

A local support scheme funding rural projects focused on job creation, social inclusion, and environmental sustainability.

SOLAS

The State agency overseeing Further Education and Training (FET) in Ireland, supporting apprenticeships and traineeships to address skills shortages.

Area Partnership Companies (APCs)

Local organizations providing grants, training, and mentoring to help individuals create enterprises that address local community issues.

Enterprise Ireland

The government agency responsible for supporting Irish-owned businesses with 10 or more employees to innovate, scale, and expand into international markets.

National Enterprise Hub

A centralised online and phone portal launched in 2024 to simplify business access to over 180 government supports across 19+ state bodies.