1. Enterprise
Enterprise refers to any attempt to start or do something new. It involves people using their initiative to come up with new ideas that can be turned into a business.
When they take a risk to set up a business they become an entrepreneur.

2. An entrepreneur
An entrepreneur is the person who uses their initiative and takes the risk to start a new business with the view of making a profit.

3. Examples of Entrepreneurs
Pat Mc Donagh of Supermac’s
Moya Doherty producer of Riverdance
Paul Mc Guinness (manager of U2)
Mark Zuggerberg Facebook

4. The role of the entrepreneur
They start up a new business.
They are the person that brings together the four factors of production required for the production of goods and services.
They identify a need or an opportunity in the market for a new product/service.
They risk their money and time and reputation to develop the business idea in the hope of making profits.
Profits are the rewards to entrepreneurs and they provide funds for future projects.

5. Why start your own business
Have a good idea you believe in
Want to work for yourself
Want to make money for yourself
Keep on family tradition
Maybe made redundant and no alternative

6. Enterprising Characteristics
Risk taker – they are willing to take risks to succeed in a new business after assessing the degree of risk involved. They take a personal (reputation) and financial risk (money).
Creative/innovative –means being able to identify new business opportunities or ways of doing things better or more efficiently.
Motivated – means to be driven to succeed. They push themselves to achieve their goals. They do not need others to inspire them.

7. 4. Confident – they believe in themselves and have confidence in their own ability and decisions. They have a strong ‘can do’ attitude when dealing with obstacles and the initiative to get on with things.
5. Energetic – once they set a goal for themselves they are very energetic and driven to achieve it. They are willing to take sacrifices now for rewards in the future. They work very hard to make the enterprise work.
6. Hard working – the ability to work hard and take on tasks and not give up until they are completed.
7. Future focused – they look to the future and anticipate change to see what opportunities arise.

8. 8. Realistic – they are aware of their own strengths and weaknesses
8. Realistic – they are aware of their own strengths and weaknesses. They know their limitations and do not get carried away. They are only willing to take risks if they think they are in their favour and likely to succeed.
9. Proactive – means being prepared to initiate actions instead of waiting for others to do something. This allows them to take control of their own business/lives.
10. Decisive – this is the ability to be able to make decisions both informed, and on the spot and be able to deal with any consequences that may arise
11. Flexible – means being able to adapt and respond to change. Their positive and flexible attitude means they are ‘resilient’ when things go wrong.

9. Enterprising Skills Decision making skills Risk taking skills
Planning skills – being able to set goals and ways of achieving them
Identifying opportunities
Leadership skills – the ability to communicate the vision to others and inspire them to believe in their idea and work towards a common goal.

10. Skills contd Motivational skill Communication skills
Human relations skills
Time management skills
Problem solving skills
Organisational skills
Money management skills

11. Enterprise in Action At home In school In local community
In public sector
In work

12. Examples of enterprise: Enterprise at home
Preparing household budget
Organising a surprise birthday party
Growing a vegetable garden
Opening a B&B or Air B n B
Renovating your home using DIY skills
Using rain water to water garden

13. Enterprise in schools Transition years setting up mini companies
Student council organising fundraising events Teacher organising a school tour

14. Enterprise in the Community
Setting up clubs, societies
Providing meals on wheels service for the elderly or sick
Fundraising to raise funds to build/renovate community centre
Setting up a business specially to provide jobs to the local people.

15. Enterprise in the public sector
Government departments – Department of Jobs Enterprise and Innovation
Government agencies – Enterprise Ireland
State sponsored bodies – Bord na Mona
Local authorities

16. Intrapreneurship
Intrapreneurs are people who are enterprising within the workplace or who display enterprising characteristics that benefit the business. They are employees within the organisation who use their initiative to act like entrepreneurs.
Example: The employee may identify a new business opportunities/product/service, methods of reducing waste, taking risks and responding quickly to change. Eg sticky notes
Promoting Intrapreneurship within organisations means giving employees the freedom and resources to behave like entrepreneurs.
A business will usually reward the employee with a bonus and or promotion in the future.

17. Benefits of encouraging Intrapreneurship
More products and markets likely to be identified.
Makes the workplace a more enjoyable place to work and less likely to suffer industrial relations problems.
Make it easier to attract and keep talented employees.

18. The importance of enterprise
1. Employment: enterprise leads to jobs being created and as a result this reduces unemployment in the country/area.
2.Tax revenues increase: tax revenue for the Government increases as receipts increase from Corporation tax, income tax/PAYE, VAT .
3. Enterprising behaviour can improve the quality of life in the home: as there is a steady income in the house instead of social welfare the spending power is increases and therefore so is the quality of life

19. 5. Valuable chartable services are set up to serve needs of local community such as SVDP, sports clubs
6. Enterprise breeds enterprise/success breeds success: enterprise encourages creativity and the continuous generation of new and improved goods and services. Local and national self confidence is promoted as people think positive and ‘can do’ attitude
7. Enterprise promotes business profitability and continued survival and success, which leads to continued employment and economic growth and recovery in the country.

20. Reasons for growth of enterprise in Ireland
Irish people are more educated and less risk averse
Enterprise education is now part of education in schools
Irish people have learnt entrepreneurial skills from working abroad and from foreign companies who have set up in Ireland
Membership of the EU has opened up many new markets and opportunities.
5. The growth of ICT and improved transport links.
State grants, advise and services. County Enterprise Boards, Enterprise Ireland, Area Partnership Companies

21. Potential Rewards of becoming an Entrepreneur
Income – when jobs are scarce people often have to make a living for themselves. By starting your own business you can earn your own income and probably more than if you worked for someone else.
Personal satisfaction – entrepreneurs are motivated by the satisfaction of offering goods and services to the public that they themselves enjoy or believe are important. They exploit the opportunity of filling the gap they have spotted in the market which leads to personal satisfaction.

22. Rewards
3. Independence – some entrepreneurs have a strong need for independence and to be their own boss. By setting up their own business they can make their own decisions & act independently.
4. Challenge - some people enjoy the challenge of trying things out and making them work. Richard Branson ‘I didn’t go into business to make money, I went in because I like the challenge’.
Homework Page 67 No 5, No 9 (2 points)
Social good - many entrepreneurs like Adi Roche and Niall Mellon are motivated by a desire to help others.

23. Risks of becoming an Entrepreneur
Loss of investment – if the idea doesn’t work you could loose all you money invested
Time – entrepreneurs put a lot of time and effort into their idea, if unsuccessful it will be a waste of time
Reputation – if the business fails it could affect your reputation.

24. Examples of use of enterprise skills in different areas
1. Business Start up: The entrepreneur shows enterprise by spotting a money- making idea and setting up a business to exploit it.
Enterprise skills demonstrated:
Planning and setting objectives: the entrepreneur prepares a cash flow forecast so she can plan all the money coming into the business and all the money going out. This enables her to see whether the business will be able to pay all its bills and make profit.

25. Continued-business start up
Risk-taking: the entrepreneur takes the risk that a customer may be injured on their premises. She takes out public liability insurance so if this happens the customer will be compensated.
Reality Perception: when she sees that one of her ideas is not going to work, she drops it immediately.
Decision Making: the entrepreneur decides what type of business ownership to go for e.g. sole trader, private limited company etc.
Human Relations: she persuades investors to provide her with the capital she needs to start the business

26. Enterprise skills demonstrated:
2. Home: Parents show enterprise by converting an attic used for storage into a study for their daughter so that she will have a place to study for her Leaving Certificate.
Enterprise skills demonstrated:
Planning and setting objectives: they are planning for the future of their child and setting themselves a target to have the attic converted by the start of her leaving cert school year.
Risk-taking: they are taking a financial risk in taking out a loan. They could reduce this risk by taking out payment protection insurance on the loan so that, if they lose their jobs the loan can be repaid.

27. Continued-At home
Reality Perception: the parents use reality perception when they see that the builder is not doing a good job and confront him about it immediately.
Decision Making: the parents research the various builders available and choose the best one available
Human Relations: the parents use human relations skills. They persuade the bank manager to give them the loan needed to pay for the conversion.

28. 3. Community: Neighbours show enterprise by getting together and organising a committee to clean up their area and entering the Tidy Towns Competition.
Enterprise skills demonstrated:
Planning and setting objectives: they use manpower planning to decide how many volunteers they will need and set themselves a target on recruiting those people within one month.
Risk-taking: they run the risk of somebody being injured during the cleanup operation but take out public liability insurance so that any volunteers who are injured on the cleanup will be compensated by the insurance company.
Reality Perception: the neighbours use reality perception when they realise not enough neighbours are volunteering for the cleanup. They go on a massive recruitment drive to get more locals involved.
Decision Making: the committee members decide who does what job and when is the best time to carry out the cleanup.
Human Relations: the committee persuade as many of their neighbours as possible to volunteer for the cleanup.

29. Enterprise skills demonstrated:
4.School: A teacher shows enterprise by organising an after-school drama club and putting on an end of year play.
Enterprise skills demonstrated:
Planning and setting objectives: he plans to hold auditions for one week and have the first act completed in 6 weeks time.
Risk-taking: the teacher is taking a risk that a member of the public would be injured at the play. The teacher takes out public liability insurance so that any audience members who are injured at the play will be compensated by the insurance company.
Reality Perception: The teacher uses reality perception when he sees that the lead actor is not working out in the part and replaces him with a better one.
Decision Making: the teacher decides which students get which parts in the play.
Human Relations: the teacher must convince local businesses to sponsor the play.

30. Enterprise skills demonstrated:
5. Public Life: The Minister for Finance showed enterprise by introducing a vat back scheme for household renovations in the budget, to try and create more jobs in the construction industry. (bringing out the Special Savings Incentive Accounts to encourage Irish people to save more.)
Enterprise skills demonstrated:
Planning and setting objectives: the Minister planned this move by preparing a cash flow forecast to see could the government afford to pay for the 25% bonus on people’s savings.
Risk-taking: the Minister took the risk that people would abuse the system by opening more than one account. He tried to reduce the risk by ensuring all applicants have to give their PPS number.
Reality Perception: he saw that despite the booming economy people were not saving for the future.
Decision Making: the Minister decided that 25% was the right amount to offer savers.
Human Relations: the Minister persuaded the Taoiseach that the idea was a good one and got his permission to run with it.