The Entrepreneur And Enterprise

Enterprise

Enterprise is any attempt to start or do something new. Enterprise is about turning ideas into actions, using creativity and a willingness to try new things.

Types of Enterprise

Financial Enterprise

A financial or commercial enterprise is set up to make a profit by selling a product or service. A shareholder is someone who owns shares in a company.

The Role of a Financial Enterprise in Society

  • Goods and Services

  • Employment

  • Taxatian

  • Finance

  • Economic Growth

Economic Growth occurs when there is an increase in the amount of goods and services available in an economy from one year to the next.

A not-for-profit enterprise is one that has not been set up for the sole purpose of making a profit.

Social Enterprise

A social enterprise is one that puts people and community ahead of private and personal gain.

The Role of Social Enterprises in Society

  • Tackle Social Problems

  • Employment

  • Finance

  • Enterprise Culture

Cultural Enterprise

A cultural enterprise provides local or national consumers with access to the visual arts theatre film music radio literature arts and crafts folklore language food traditional sports festival or events. Cultural enterprises can either be commercial or non commercial.

The Role of Cultural Enterprises in Society

  • Promote arts and culture

  • Create Employment

  • Support the local economy

  • Entertainment

Examples of Enterprise

At Home/Personal Life

  • Learning a new skill

  • Carrying out some DIY work

  • Selling unwanted household items

Enterprise in School

  • Starting a student enterprise or mini company

  • Students or teachers setting up an after school club

  • Organising a school event or trip

Enterprise in the Community

  • Local people setting up a sports club or scout troop

  • A community establishing a Neighbourhood watch scheme or Tidy Towns Committee

  • A group of people starting a Meals on Wheels service for the elderly

Enterprise in the Public Service

  • In 2019 The Government introduced the National Broadband Plan

  • Coillte was setup by the government to develop Irish Forests

  • LEOs were set up to help Irish People set up their own businesses and create local jobs

The Entrepreneur

An entrepreneur is someone who takes the initiative as well as the personal and financial risk involved in setting up an organisation.

Social entrepreneurs use their enterprising skills to develop organisations that benefit the wider community.

An enterprising employee within an existing business is called an intrapreneur.

Brainstorming is a way of working together as a group to generate ideas.

Import Substitution: Imports are goods and services brought in from other countries. Some entrepreneurs may see an opportunity to create a business by replacing imports with goods and services produced in Ireland.

Market Research is gathering, recording and analysing info about customer preferences for a good or service in order to make informed decisions about a potential market.

A prototype is a realistic working model of a product.

A feasibility study is carried out to see if the idea is commercially available.

Test Marketing means that the product is tested on a small sample of the market in order to identify possible faults and test customer reaction.

Characteristics and Skills of Entrepreneurs

Characteristics of Entrepreneurs

Realistics Risk Takers

Innovative

Proactive

Flexible

Self-Confident

Decisive

Determined/Resilient

Skills of Entrepreneurs

Ability to identify opportunities

Planning and Goal Setting

Time Management

Ability to manage money

Human Relations Skills

Ability to assess and manage risk

What Entrepreneurs want

  • They want to make the most of a gap in the market

  • They want to be their own boss

  • They want to keep all the profits of a business for themselves

Rewards of being an Entrepreneur

  • You are the boss and get to make all the decisions in a business

  • You get to keep all the business’s profit

  • You can work flexible hours

Risks of starting your own business

  • You may lose the money you invest in the business if it fails.

  • You will need to work long hours to get the business up and running.

  • You may find it difficult to take time away from running the business.

The Role of an Entrepreneur

  • Generate Ideas

  • Take Risks

  • Provide leadership and management

The Role of Entrepreneurs in the Economy

  • Make use of resources

  • Provide goods and services

  • Create jobs and wealth

The Role of Entrepreneurs in Society

  • Provide Services

  • Develop infrastructure and amenities

  • Increased Standard of living