Enterprise

Enterprise

What is enterprise? Any attempt to start or do something new. Describes the actions of someone who shows initiative by taking the risk involved in setting up, investing in and running a business.

Enterprise is to:

• Creatively generate and build ideas
• Identify opportunities for innovation.
• Turn opportunities into targeted actions

Entrepreneur: Person who takes the initiative and risk to set up a business in the hope of making a profit.

Characteristics of Entrepreneurs

Realistic risk-taker: Willing to risk money and time with careful research and weighing up the risks involved.

Creative: Able to see problems and opportunities and solve them in a new / different way. Good at coming up with ideas.

Proactive(Hardworking): Prepared to use their own initiative to make things happen. Do not depend on others to do it.

Flexible: Accept change as natural. Learn from mistakes and adapt if things don't go to plan.

Self-confident: Believe in themselves and their business idea.

Decisive: Make decisions quick and take responsibility for them.

Determined / Resilient: Do not give up easily.

Skills of Entrepreneurs

A skill is an ability or expertise that people get through experience, learning or training.

Ability to identify opportunities: Spot a gap in the market and seize it.

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Enterprise

To make decisions: Take all information into account and made in reasonable time.

To plan and set goals: Set goals for themselves and their business and put plans in place to achieve these goals.

To manage time: Prioritise tasks and get best use out of the day.

To manage stress: Remain calm.

Human Relations Skills: Ability to get on with people.

Reality Perception skills: Possess the common sense to see things as they are and not how they want them to be.

To assess and manage risk: Measure the risk involved in a potential course of action and take steps to minimise these risks.

Reasons for starting a business:

• Own boss
• Gap in the market
• Keep profits
• Prove something to themselves
• May be unemployed
• Hobby / interest

Rewards of self-employment

• Own boss
• Make all decisions
• Flexibility
• Sense of satisfaction
• Keep profit

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Enteprise

Risks of self-employment

• May lose money if the business fails
• Long hours to start the business
• Difficult to take time away
• Varying sales = not a guaranteed income every week
• May not have all the necessary skills to establish a business

Enterprise

1. Financial
2. Social
3. Cultural

1. Financial Enterprises

Establish a business to make a profit by selling a product or a service.

2. Social Enterprise:

One that puts people and community ahead of private and personal gain (to help others) e.g.

• Coder Dojo
• Camara Education
• Food Cloud

3. Cultural Enterprise:

Exists to provide consumers either locally or nationally with access to visual arts, theatre, film, music, radio, festivals or events.

Eg: Electric Picnic Rose of Tralee GAA Cat Laughs Comedy Festival

Enterprise in the Community

• GAA Club
• Meals on wheels scheme for the elderly.
• Neighbourhood watch scheme

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Enterprise

Enterprise in the public service

• 2004 - Michael Martin - total ban on smoking in all workplaces.
• Coillte → to develop Irish Forests.
• Local enterprise officers (LEOs) were established to encourage people to set up their own business and create jobs in the local area.