Chapter 4 lc business enterprise and entrepreneurs


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Chapter 4 lc business enterprise and entrepreneurs

  1. 1. Chapter 4Entrepreneurs & Enterprise D. Dempsey
  2. 2. Key Areas• What is Enterprise?• What is an Entrepreneur?• Examples of Entrepreneurs• Characteristics of Entrepreneurs• Skills of Entrepreneurs• Enterprise in Action• Intrapreneurship• Importance of Enterprise to Society• Reasons for growth of Enterprise in Ireland D. Dempsey
  3. 3. D. Dempsey
  4. 4. D. Dempsey
  5. 5. What is…Enterprise…involves people using their initiativeto come up with ideas and turn them intobusinesses. Refers to any attempt to dosomething new.An Entrepreneur is someone who spots anopportunity and is willing to do something newand challenging with the risk of failure. Theytake both a financial and a personal risk D. Dempsey
  6. 6. Examples of EntrepreneursGillian Bowler noticed in the 1970s that packageholidays to Spain were getting very popular. She setup “budget Travel” holidays to Greece thinking thatIrish people would enjoy it and it grew from there. Anita Roddick was so frustrated that no business sold small sizes of cosmetics in simple packaging that she set up her own business “The body Shop”Geoff Reed identified the growing popularity withbottled water which was being imported into Ireland.He decided to set up his own business…Ballygowanwas born. D. Dempsey
  7. 7. In 1990, Ireland played Holland in the World Cup. Irish fans in England couldn’t watch the game because British TV was showing the England game. This inspired Michael O Rourke and Leonard Ryan to rent a club in London, organise a satellite feed of the matchand charge £10 to come in. More than 800 fansturned up. This inspired them to set up Setanta Sports to broadcast GAA into the UK and US D. Dempsey
  8. 8. Characteristics of Entrepreneurs NB• Confident/Pro-Active• Determined/Ambitious• Innovative/Creative• Calculated Risk takers• Decisive• Flexible• In Control/Independent• Realism• Energetic/Enthusiastic• Future Focus• Good Communicator• Ruthless D. Dempsey
  9. 9. Enterprise Skills NB• Leadership• Planning• Problem Solving• Human Resources• Time Management• Delegation• Innovation• Reality Perception Skills• Risk Taking• Inner Control/Belief in merits of venture• Use of Feedback D. Dempsey
  10. 10. A Non-stop Entrepreneur D. Dempsey
  11. 11. Enterprise in Action…NB In the home In School In the local CommunityIn the Public Sector/In the Government In Work D. Dempsey Page 62
  12. 12. Enterprise @ Work IntrapreneurshipThis is where an employee comes up with an ideafor a new product or a way to improve an existingproduct or process or to reduce costs in thebusiness. Firms try to encourage Intrepreneurshipbecause it can bring great benefits to a business.Eg…A microsoft worker saw the worldwide successof the Sony PlayStation. He thought of the idea ofmircosoft developing a games console. He workedon it and it led to Microsoft launching the Xbox D. Dempsey
  13. 13. Enterprise @ Work Intrapreneurship A worker in a match factory was accustomed to placing the striking surface for the match on both sides of the box. He realised that management could save money by putting it only on 1 side andtold them. They realised the value of his suggestion and offered him 10% of the money saved. In time he became quiet a rich man. D. Dempsey
  14. 14. The Importance of Enterprise to Society and the wellbeing of the Economy• Driving force which conceives and develops new products and businesses• Increased employment and greater opportunities for service providers• Greater flow of tax revenue to the exchequer• Gov’ can improve infrastructure and offer grants to further encourage enterprise• Increased consumer spending which further boosts demand for further services• Improved standard of living and greater variety of goods and services to choose from• Attracts emigrants back to this country and this helps in the development and renewal in once dying communities.• New Dynamism to the community which is further stimulated as businesses sponsor local cultural Dempseysporting activities D. and
  15. 15. Reasons for Growth of Enterprise in Ireland• Irish people are becoming more educated and less risk averse• Enterprise Education is now an important part of education @ 2nd and 3rd level.• Many Irish people have learned entrepreneurial skills from working for highly creative and talented foreign firms both at home and abroad• The large numbers of foreign firms based in Ireland has created many opportunities for local entrepreneurs to supply them with goods and services D. Dempsey
  16. 16. • Membership of the EU has opened up many new market opportunities abroad.• The growth of ICT and improved transport links has made international trade easier• Lots of State grants, advice and services available to assist people with ideas for commercial enterprises. At local level, County Enterprise Boards and Area partnerships actively encourage small enterprises. At national level, enterprise Ireland actively encourages the development of large, export focused enterprises. D. Dempsey
  17. 17. D. Dempsey