CHAP 3…… ENTERPRISE Enterprise – “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.

Characteristics of enterprising people Independent - They wish to be in charge and in complete control Confidence – They believe in their ideas & have the confidence to carry them through Analytical – they collect all relevant information, analyse it, then make decisions Motivated – they have a high need for achievement & personal satisfaction Ambitious – entrepreneurs do things differently; they come up with new ways of doing/making things. They use their imagination to do this. Ruthless – concerned with achieving their own aims at any consequence Good communicator – being able to competently relate to suppliers, customers, employees Leader – get along well with people, able to accept criticism, they can get people to work together on teams Opportunistic – being on the look out for a gap in the market and seizing the opportunity. Realistic – they recognise they’re own limitations & seek advice when needed Entrepreneurs are pro – active, they are actively looking for gaps & ready to seize the initiative, a person who is reactive will wait until someone else takes action & then they act.

Skills of an Enterprising Person Inner control – taking control of your own situation, not wanting other to influence your life. Planning & setting goals – setting both short & long-term goals. Plans must be drawn up to achieve these goals, i.e. SWOT analysis of a firm Innovation – applying new ideas to situations where they have not been applied before. E.g. Brainstorming Decision-making – An entrepreneur must be a good decision maker, choices must be considered, information must be analysed and then a decision made. Human Relation – they must be able to manage people to achieve individual behaviour that will enhance the effectiveness of the business. Reality perception – seeing things as they really are and being aware of employee’s and customers needs. There is little point in thinking that customers are satisfied with the firm’s products if they are dissatisfied. Networking – working with other people and establishing contacts in the business community with people whose knowledge and expertise might prove useful

#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