Leaving Cert Business Management Skills: A) Explain the term 'intrapreneu

Question

A) Explain the term 'intrapreneurship'.  
   (i) Intrapreneurship involves entrepreneurial activity within the business / employees come up with new ideas/take personal responsibility which may turn into profitable activities.  
   (ii) Outline methods of promoting intrapreneurship in EducapPrint Ltd.  
   (i) Create a culture within the organisation where it's okay to make mistakes.  
   (ii) Financial rewards for effort and creativity. These rewards could involve bonuses, new incentives and benefits.  
   (iii) Teamwork encourages creativity among employees as it facilitates brainstorming sessions as part of the product development process.  
   (iv) Resource provider: Make resources available to help employees pursue their ideas (e.g., finance, time).  
   (v) Training programs for employees and management, helping them on the implementation of an intrapreneurial culture within a business.  
B) Outline the benefits and challenges for EducapPrint Ltd of a matrix organisational structure for the development of the eBook products.  
   Benefits:  
   (i) It is a team-based structure with expertise drawn from different departments (e.g., marketing, finance, information technology, production).  
   (ii) The interaction across departments will lead to greater understanding of individual departmental needs.  
   (iii) It allows for the sharing of ideas and problem solving, which allows for better decision-making.  
   (iv) A sense of ownership is created among staff as they participate in projects such as development within an R&D context. This would be congruent with their desire to develop the eBook products by EducapPrint Ltd.  
Challenges:  
   (i) Each employee can have two managers, the project manager and the functional manager.  
   (ii) Employees should possess skills and insights that will need to improve.  
   (iii) Successful teams progress through the team development stages of forming, storming, norming and performing.  
   (iv) Decision-making may be slow because getting the agreement from all parties involved can take time.  
C) Discuss the importance of the management activity of planning for EducapPrint Ltd.  
   (i) Planning is the setting out of specific goals and objectives for the business; it involves the putting in place of strategies that allow you to achieve these goals.  
   (ii) Planning ensures that EducapPrint Ltd considers its future and how it will achieve continued success.  
   (iii) Planning gives EducapPrint Ltd purpose and direction and reduces risk and uncertainty.  
   (iv) SWOT analysis is an initial step in the planning process.  
   (v) Mission Statement is a visionary statement outlining the business, it shows what the business does and where the business is going.  
   (vi) Strategic Planning is long term planning covering a period of five years or more.  
   (vii) Tactical Planning is short-term planning which breaks the strategic plan into smaller steps.  
   (viii) Contingency Planning involves backup-planning to cope with emergencies or unforeseen events.

A) Explain the term 'intrapreneurship' - Leaving Cert Business - Question 4 - 2013

Worked Solution & Example Answer:A) Explain the term 'intrapreneurship' - Leaving Cert Business - Question 4 - 2013

Explain the term 'intrapreneurship'.

Outline methods of promoting intrapreneurship in EducapPrint Ltd.

Outline the benefits and challenges for EducapPrint Ltd of a matrix organisational structure for the development of the eBook products.

Discuss the importance of the management activity of planning for EducapPrint Ltd.

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