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Chapter Four - Enterprise

Chapter Four - Enterprise. Chapter four is Unit 2 , which is part of your ABQ topics. It also appears either as a short question or as part of Q4 in the long questions. Outcomes On completion of this chapter, you should be able to : 1. Define enterprise.

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Chapter Four - Enterprise

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  1. Chapter Four - Enterprise • Chapter four is Unit 2, which is part of your ABQ topics. • It also appears either as a short question or as part of Q4 in the long questions. • Outcomes • On completion of this chapter, you should be able to: • 1. Define enterprise. • 2 .Explain the basic enterprise skills. • 3. Identify the importance of enterprise and enterprise skills in areas such as home, school, local community, Government departments, and business start-up. • 4. Identify the characteristics of enterprising people. • 5. Analyse the importance of enterprise in business and the community. • 6. Identify enterprise skills, opportunities, risks and rewards from given data or scenarios. Ms. Marshall 5th Year Business

  2. Enterprise • Enterprise involves using your initiative to identify some need and then taking the steps to satisfy that need. It involves taking financial and personal risk. • Successful enterprises are rewarded with profit. • Examples of Enterprise: • Personal Enterprise – Enrolling in a night class. • Business Enterprise – Diversification into new markets/new products, e.g. iPad-Apple. • Government Enterprise – “The Gathering” initiative to promote tourism. • Social Enterprise- Special Olympics. Ms. Marshall 5th Year Business

  3. Enterprise in different areas Ms. Marshall 5th Year Business

  4. Enterprise Skills • Skills are abilities that we have. Some are innate and some have to be learned through practice. • 1. Human Relations • 2. Time Management • 3. Planning • 4. Risk management • 5. Decision Making • 6. Reality Perception This is covered very well in your textbook page 65 to page 71. Make sure you can outline each skill and apply it to the different areas. Ms. Marshall 5th Year Business

  5. Enterprise skills in Business Start up Ms. Marshall 5th Year Business

  6. Enterprise Skills in the Home Ms. Marshall 5th Year Business

  7. Enterprise skills in School Ms. Marshall 5th Year Business

  8. Enterprise Skills in the Community Ms. Marshall 5th Year Business

  9. Enterprise skills in the Government Ms. Marshall 5th Year Business

  10. Enterprise Characteristics • “Characteristics” refers to personality traits. Some common personality traits amongst entrepreneurs are: • Pro-active • Independent • Self-Motivated • Self-Belief • Need for achievement/Ambitious • Risk Taker • Ruthless • Decisive • Creative See page 65 of your textbook for an outline of those not in bold Ms. Marshall 5th Year Business

  11. The Importance of Enterprise in Business • Intrapreneurship: is an employee within a business who shows enterprise. He uses his initiative and thinks of a new idea which may cut costs or increase sales and profits. • For example, Art Fry inventing the Post it. • Why is enterprise important in business? • It is essential, it sets the business up in the first place. • Intrapreneurs have ideas that can cut costs or increase sales and profits. • Enterprise leads to the creation of wealth. Profits and wages earned as a result of enterprise lead to more spending, hence creating more job opportunities. • Tax intake to the government increases, leading to more grants to help more businesses. Ms. Marshall 5th Year Business

  12. The Importance of Enterprise in the Community • Creates jobs leading to a higher standard of living in the community. • Knock on effect for local businesses, as local people spend more money in their shops, pubs, hotels etc. • It creates a new breed of entrepreneurs. People see others who are successful and are inspired by this. • The government receives taxes. Less in being paid out on social welfare meaning more is available for local amenities. • Infrastructure improves. New houses and roads are built as an area prospers. Ms. Marshall 5th Year Business

  13. Recent Exam Questions • 2012/2006 10 marks • Illustrate your understanding of the term enterprise. • 2011 20 marks • Colm has decided to form a tidy towns committee in his local village and enter the ‘tidiest village’ category of the National Tidy Towns competition in 2013. • Discuss four entrepreneurial skills that Colm will require in developing this local community initiative. • 2010 ABQ 5 marks • Explain the term ‘intrapreneur’ Ms. Marshall 5th Year Business

  14. Recent Exam Questions • 2009 10 marks • Illustrate the difference between enterprise and management. • 2008/2004 10 marks • (a) Intrapreneurship is…. • (b) State two examples of intrapreneurship. • 2008 15 marks • “Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs”. Discuss these characteristics and support your answer with examples. Ms. Marshall 5th Year Business

  15. Recent Exam Questions • 2007 15 marks • Describe three enterprise skills required of an entrepreneur. • 2006 20 marks • Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community. • NOTE: Chapter 4 has come up in the following ABQ’s: 2010, 2009, 2005 and 2004. • Chapter 4 was a full exam question in 2003 (Q4). Ms. Marshall 5th Year Business

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