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chapter 4 enterprise

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Chapter 4 ‘Enterprise’ The human ability to be innovative and willing to do something new and challenging with the risk of possible failure. Entrepreneur A person who has an idea or identifies an opportunity, who uses their initiative to set up a new business, invests their time and takes a risk in order to make a return. Entrepreneurs are ‘Proactive’, as they anticipate what the market needs will be in the future and do something about it. As opposed to being ‘Reactive’ and wa
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  Chapter 4 ‘Enterprise’   The human ability to be innovative and willing to do something new and challenging with the risk of possible failure. Entrepreneur A person who has an idea or identifies an opportunity, who uses their initiative to set up a new business, invests their time and takes a risk in order to make a return. Entrepreneurs are ‘Proactive’, as they anticipate what the  market needs will be in the future and do something about it. As opposed to being ‘Reactive’ and waiting for thin gs to happen. Intrapreneur Person who applies enterprise and is enterprising within a business, but does not take the risk to set up their own business. Why become an Entrepreneur    Own Boss    Keep the profits    Develop your own business idea    Create employment    Challenge/Satisfaction Influencing Factors for Entrepreneurs    Growing wealth and confidence in company.    Education; more skills and qualifications    Emigration and travel; more open-minded and new opportunities.    Financial services; banks etc more willing to lend money.    Government: Various grants available Importance of Enterprise Entrepreneurship leads to    Increased employment    Greater opportunities for service providers    Greater tax revenues for the Government     Increased wealth in the country which multiplies around the economy eg.: profits for entrepreneurs => wages for their employees => revenues for the government => This money is spent on goods and services which becomes the income of others    Greater Standards of Living  –   economically (resulting in foreign holidays, internet access, better transport) and socially (sponsorship of clubs)    Business can benefit the local community through sponsorship,  joining local branches of the Chamber of Commerce, the Small Firms Association, branches of trade unions, etc Factors of Production An entrepreneur brings together the four factors of production: 1.   Land (Raw Materials - all natural recourses used in production) 2.   Labour (Workers - human effort used to produce goods and services) 3.   Capital (Finance - Buildings, Machinery and infrastructure which is used to help produce goods and services) 4.   Enterprise (Ideas - Takes the initiative and the risks in combining the other factors of production to produce a good or a service)   Characteristics and Skills of Entrepreneurs Characteristics Special attributes or traits that distinguish one person from another. Something you are born with. E.g.    Independent    Analytical    Motivates    Ambitious    Confident    Decisive    Hardworking   Skills Abilities people have gained through practice, knowledge, education and experience. E.g.    Inner Control    Planning    Setting Goals    Being Realistic    Risk-Taking    Innovative    Decision Making    Human Relations   Enterprise in Ireland In the past the Irish economy was primary Agricultural. People who did not work in agriculture were encouraged to take permanent, pensionable jobs or obtain a trade. eg.: guards, teachers, nurses, cobblers, mechanics, etc. Entrepreneurship was unheard of and people working in businesses were frowned upon. The State undertook many commercial undertakings such as Aer Lingus, the E.S.B., Irish Cement, etc. Economic Expansion Since Whitaker’s First Programme for Economic Expansion in the late 1950’s and Lemas’ outward looking economic policies of the sixties, attitudes toward entrepreneurship and business have been changing in this country. This was further complemented by Irish membership of the EEC in 1973. Today’s Irish Economy  Today the food, financial services, food, pharmaceutical and ICT industries are seen as of kernel importance to the Irish economy. Banks favour lending to entrepreneurs as they see this an opportunity to earn higher returns and create wealth in the country and thus for themselves. eg.: Kerry Group Plc, Ryan Air, Ballygowen, Wind farm owners Irish willing to become Entrepreneurs The Irish are more willing to become entrepreneurs because 1.   Wealth and confidence in the country  2.   The education system is constantly developing, producing young people with skill and qualifications needed for a modern economy 3.   Emigration and travel have opened the minds of Irish people to new ideas, opportunities and challenges 4.   The financial system has become less conservative and is now prepared to lend to new businesses to help them to get off the ground 5.   The government through agencies and schemes helps entrepreneurs to get their ideas off the ground. Enterprise in Action 1) Enterprise at Home     Babysitting Service    Lawn Mowing Service    Cooking an unusual meal    Father building a conservatory 1.   Mother painting the hall 2) Enterprise in the Community     Credit Union Board of Directors Membership    St. Vincent De Paul Society    ALONE  –   for elderly people living on their own 3) Enterprise in School     School Plays    Organising sports events    Organising Clubs    Arranging school Trips    evening study 4) Enterprise in Leisure Activities     GAA, soccer, rugby clubs,    Further education and personal development 5) Enterprise in one’s Personal Life Making decisions about our futures    Further education and personal Development    Part-time work    Charity/volunteer Work 6) Enterprise in Government     Information Leaflets
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