what is enterprise? characteristics of entrepreneurs intrapreneurs enterprise skills planning ...
TRANSCRIPT
Unit 2Enterprise and Entrepreneurs
Objectives of this unit What is Enterprise? Characteristics of Entrepreneurs Intrapreneurs Enterprise Skills Planning SWOT Analysis Enterprise in Action Why become an Entrepreneur? The Role of the Entrepreneur
What is Enterprise?
Enterprise involves people using their initiative to come up with ideas that they can turn into a business.
When they take the risk to set up the business, they become an entrepreneur.
Entrepreneur
The role of the entrepreneur is to: Satisfy customer needs Implement the plan Source resources Create a plan Generate an idea
Class Task
Obtaining finance Risk Business
understanding Business knowledge Having good ideas Determination Having lots of money Knowing what limited
liability is
Enthusiasm Energy Drive Spotting a niche
market Leadership Having a good
education Having a totally
original idea
Divide a page into two and head each section ‘Important things for an entrepreneur’ and ‘not
essential for an entrepreneur’. Stick the below words into the section you think
is the most appropriate.
Characteristics of Entrepreneurs
Confident: › Being self-reliant
Leader: › Giving direction
Flexible: › The ability to adapt to change
Realistic: › Having a vision that is attainable; but dream
big. Risk taker:
› Taking reasonable chances
Characteristics of Entrepreneurs
Decisive: › Choosing a course of action
Communicator: › Passing a message on effectively
Energetic: › Taking action
Creative: › New ways to solve problems
Personality Types
Class Task
Make a list of the reasons why you think that a person might want to start up their own business.
Once you have made your list, put the reasons in an order of priority - the most important reason first down to the least important reason.
How many of the reasons on this list match with yours?
Skills of Entrepreneurs
Inner control:› Enterprising people take control of their
own destiny. They believe fully in the project they are undertaking and will be determined to follow it through to its conclusion.
Planning:› Enterprising people must be good
planners. They will be prepared to set short and long-term goals and to devise strategies to achieve those goals.
Skills of Entrepreneurs
Innovation:› Enterprising people are innovative and are
always looking out for new and better ways of doing things.
Decision making:› Enterprising people must be prepared to
make decisions. They must be able to look at a situation with an open mind and listen to and consult with others before choosing a definite course of action.
Skills of Entrepreneurs
Prioritising:› Enterprising people must be able to look at
every situation on its merits and importance and be able to allocate their time and efforts to the most important task.
Managing people:› Enterprising people must be able to
communicate and interact effectively with others. They must be able to relate well to others and be able to carry them along with them.
Skills of Entrepreneurs
Timing:› Enterprising people must have good time
management skills. This means being able to take the appropriate action at the right time as well as making the best use of the time available.
Stress management:› Enterprising people must be able to cope
well under pressure and be a calming influence in stressful situations.
Class Assignment Research an Irish or International Entrepreneur
you admire. Profile his/her career in 400 words Include information such as:
› What was the problem or opportunity that allowed the entrepreneur develop their idea
› Their motivation for the establishment of the business.› Challenges facing their business› Personal characteristics and drive.› Secret of their success.› Plans for the future.
Due Thursday 27th Oct
Intrapreneur
An intrepreneur is an employee working within a business who shows enterprise. He/she uses his/her initiative and thinks of a new idea to help the business they work in.
Problems facing Entrepreneurs
Ireland is one of the most open trading economies in the world with 140% of GNP traded.
There is too strong a reliance on the home and UK market. Over 80% of indigenous manufacturing output is sold on the home or UK market.
There is weak investment in Research and Development and innovation.
There is still high levels of bureaucracy and form filling to be complied with.
In some quarters, entrepreneurs are viewed as ‘chancers’ and not being honest.
Problems facing Entrepreneurs
The Irish are wary of change and venturing into the unknown. There is little tolerance of failures which can hamper further efforts at start up.
In the case of service companies, taxation levels would be considered excessive.
In the past our education system encouraged their students towards the secure job. As this concept exists no longer, there is a need to encourage people to become self sufficient.
Enterprise in Ireland
In 2007: 18,740 new businesses started in Ireland 1 in 10 adults owned or ran their own business. There were 260,000 small businesses in Ireland in
2007, compared to 160,000 ten years previous. Ireland ranked No.1 in Europe in terms of ‘cultural
perception of entrepreneurship’. Ireland was best in terms of Government support for
new and expanding firms. In Ireland, new business activity is highly
concentrated in Dublin and a couple of major cities and large towns.
Enterprise and life
Individuals: Learning a new skill Forming a band Organising an outing or party Taking a course to improve career
prospects Joining a club to meet new people
Enterprise and life
Families: Decorating, altering or extending the
family home. Organising a get-together for the
extended family. Building a tree-house together. Organising family holidays.
Enterprise and life
Communities: Setting up clubs to suit different groups
of people. Organising meals-on-wheels. Setting up a job centre or community
centre. Organising a community clean-up.
Enterprise and life
City or County Councils: Building children’s playgrounds,
swimming pools and skateparks. Urban renewal projects. Improving roads. Building houses. Creating parks.
Enterprise and life
Government: Building roads, schools, hospitals. Setting up the International Financial
Services Centre. National Development Plan. Nanoscience Centre in TCD. Wave power projects in Mayo and
Galway.
Enterprise and life
International: International agreements on trade, the
environment, climate change, human rights.
The formation and development of the EU.
The international Space Station. The Large Hadron Collider in Geneva.
Investors and Entrepreneurs
Case Study
Investors and Entrepreneurs
Case Study With reference to the video, what
entrepreneurial characteristics were evident from the two founders?
Identify and comment on the relationship that exists between:› Investor and entrepreneur.› Entrepreneur and customer.
What skills are required by the entrepreneurs to remain successful into the future.