Dan Kenny

Unit 2
Enterprise
30/09/2015
Grind 4
Entrepreneur: is the person who undertakes both financial and
personal risk in order to make a profit. His return differs from other
factors of production for three reasons.
1. It may be negative
2. It fluctuates
3. Residual
Entrepreneurship: refers to any attempt to start or do something
new.
Places of relevance:
1. At home
2. In Schools
3. Community
4. Public service
5. Etc.
Not for profit enterprises (charity or social enterprises): provides
services purely for rewards other than making a profit.
Enterprise at work N.b. Intrapreneurship
Intrapreneurs: are employees working within an organization who
use their initiative to act like entrepreneurs. This helps identify new
opportunities, reducing waste, taking risk and responding quickly to
changes. Examples of intrapreneurship within the workplace
include.
1. New products and markets are more likely to be identified
2. Encourages waste reduction and improves efficiency
3. Makes it easier to attract and keep talented employees
What are the potential rewards of becoming an
entrepreneur?
1. Independence
2. Personal Satisfactions
3. Income
4. Creativity
5. Social Good
6. Challenge
What are the innate personal characteristics of
entrepreneurs?
1. Innovative/creative

2.
3.
4.
5.
6.
7.
8.

Confident/Positive
Proactive
Realistic
Moderate risk takers
Decisive
Flexible/Resilient
Energetic

What are the learned skills of entrepreneurs?

1. Identify opportunities
2. Access and manage risk
3. Planning
4. Time management
5. Decision Maker
6. Inter personal skills
Why
1.
2.
3.
4.
5.

is enterprise important?
Job Creation
Revenue
Increased standard of living
Rise to ancillary services
Positive balance of trade.

Reasons for the growth of enterprise in Ireland

1. More educated and less risk averse
2. Enterprise Education
3. Membership of EU
4. Growth of information and communication technology
5. Subsidies/assistant provision