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CHAP 3…… ENTERPRISEEnterprise – “is the ability to spot opportunities in the market and produce a product or service to fill a niche in the market.” It involves risk taking, being creative, showing initiative, being flexible and being able to accept any financial or personal failures along the way.
Entrepreneur Is a person who provides the initiative and takes the risks establishing a business? An entrepreneur is innovative and uses society’s needs to create business opportunities in the hope of making a profit.E.G. Richard Branson (Virgin Airlines), Feargal Quinn (Super Quinn), Mairtin O’ Ceide (Aer Arann), Pat McDonagh (Supermacs).
Intrapreneur Is a person who is innovative and enterprising within a business? This person develops new ways of doing things and identifies new opportunities for business development.
#ENTERPRISE IN IRELAND The following factors have helped to make Irish people more willing to be entrepreneurs • There is now more wealth in this country ?? 2008/09 RECESSION • The educational system is constantly changing, producing young people with the skills needed in a modern world • Emigration has helped to broaden the minds of Irish people to new opportunities & challenges • The banks/building now lend to new businesses to allow them to get of the ground • The govt. helps entrepreneurs to undertake research & establish new projects. This is done through agencies & schemes ie Enterprise Ireland
Importance of enterprise in the community • It creates new business, with increased employment • It brings about an increased standard of living for the community • Local businesses will thrive as workers will have more disposable money • People will then live in the area • Other firms will spend more money on raw materials, services that the area provides • It also bring about increased revenue for the govt from the success of firms, e.g. tax revenue