ENTERPRISE Enterprise – is the human ability to be innovative and willing to do something new and challenging with the risk of possible failure.

Entrepreneur Is a person who takes the initiative to set up a business with the risk of possible failure. 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), Padraic O ’ Ceide (Aer Arann), Pat McDonagh (Supermacs), Mark Zuckerberg (Facebook).

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. Intrapreneurs are inventive, creative and innovative; they are constantly looking for ways of growing/expanding the business without taking financial risk.

Methods of promoting intrepreneurship Empowerment /employee participation encourages creativity as it allows employees greater freedom on how to do their job by placing real power, responsibility and authority in the hands of employees. Create a culture within the organisation where it’s okay to make mistakes. Financial rewards for effort and creativity. These rewards could involve a mixture of pay, incentives and benefits. For example a bonus or profit sharing scheme or share ownership scheme. Teamwork encourages creativity among employees as it facilitates brain storming sessions as part of the product development process. Resource provider. Make resources available to help employees to pursue their ideas (e.g. finance, time). Training program for employees and management, training them on the implementation of an intrapreneurial culture within a business.

Skills of entrepreneur 1. Applying ideas – being able to implement ideas 2. Assessing risks – measuring risk and making decisions based on level of risk 3. Decision-making – being able to look at choices, analyse them and make a decision. 5 types of decision makers: Dependent = wait for others to make decisions for them Delayer = wait as long as possible, gathering information, before making a decision. Intuitive = make decision based on ‘gut’ feelings, sometimes ignoring facts. Impulsive – make quick, sometimes rash decision, often without thinking through the consequences. Paralytic decision makers – make decisions and then do nothing about it. Dependent and paralytic do not make good entrepreneurs.

4. Inner Control – to believe in one’s own ability to control actions and decisions. Take control of a situation, not wanting others to influence your life. 5. Managing People (Human Relations) – be able to motivate and communicate. Need good interpersonal skills 6. Managing Risk – devising policies to eliminate or reduce risk e.g. install alarms, sprinklers, fire proof materials 7. Planning – setting goals, SWOT analysis, predicting future problems and potential solutions. It involves: Strategic – long-term plan for whole business (5+ years) Tactical – short-term plans (<1year) 8. Prioritising – designate importance of tasks and do jobs in order of importance (delegate) 9. Problem Solving – having the ability to decide how to resolve the different problems that may arise. 10. Time Management – time should be used effectively by being spent on important issues. Tips for successful time management – draw up to-do list, prioritise, have a diary, avoid over commitment and delegate.

Characteristics of entrepreneur 1. Confident – feeling of self a___________ arising from one’s own ability 2. Creative – imaginative or having __________ ideas 3. Communicator – being able to send and receive information effectively – speak, listen, read, write are 4 main skills 4. Decisive – able to make __________ quickly 5. Energetic – having great energy and being able to work long hours 6. Flexible – ability to adapt to c_________ 7. Innovative – introducing new methods, ideas or ways of improving something. Applying i________, new or borrowed, to situations where they have not been applied before.

8. Independent – self governing, not d_________ on another. 9. Leader – show the way, be in charge. 3 types – autocratic, democratic, laissez faire (spectator) 10. Motivated – e______________, get up and go 11. Positive – optimistic, no doubt. 12. Risk Taker – 3 main types of risk taker: Avoider – avoids taking any risks even if the odds are strongly in their favour (reactive) Neutral – only takes a risk if the probability of success is reasonably __________ Acceptor – most willing to take risks, even if chances of success are slim (p_________)

ENTERPRISE IN IRELAND Reasons for Growth The following factors have helped to make Irish people more willing to be entrepreneurs More Wealth --There is now more wealth in this country ?? 2008/09 RECESSION More Educated - 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 EU – membership of EU has led to new market opportunities Lending - The banks/building societies now lend to new businesses to allow them to get off the ground More Grants/Advice/Services - The govt. helps entrepreneurs to undertake research & establish new projects. This is done through agencies & schemes i.e Enterprise Ireland

Importance of Enterprise 1. It creates new business, with increased employment 2. Not – for - profit enterprise e.g. Youth club is good for the local community. 3. Local businesses will thrive as workers will have more disposable money 4. Consumers benefit from a wider choice of goods and prices usually lower when there is increased competition. 5. Other firms will spend more money on raw materials, services that the area provides 6. It also bring about increased revenue for the govt from the success of firms, e.g. tax revenue, thus reducing borrowing 7. Can help the Balance of Trade (Visible exports – visible imports), as Irish firms are producing goods that were previously imported.