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Questions and Answers
Redundancy is a primary motivation for entrepreneurs who have reached a plateau in their current career
Redundancy is a primary motivation for entrepreneurs who have reached a plateau in their current career
False
Intrapreneurs are individuals who start their own business with their own financial resources
Intrapreneurs are individuals who start their own business with their own financial resources
False
Organisations that encourage intrapreneurship are more likely to experience a decline in innovation and productivity
Organisations that encourage intrapreneurship are more likely to experience a decline in innovation and productivity
False
Intrapreneurship benefits only include the development of new products or services
Intrapreneurship benefits only include the development of new products or services
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Local Enterprise Offices offer financial and educational support to high-potential start-ups with over 100 employees
Local Enterprise Offices offer financial and educational support to high-potential start-ups with over 100 employees
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Intrapreneurship is a way to discourage employee empowerment and innovation within an organisation
Intrapreneurship is a way to discourage employee empowerment and innovation within an organisation
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Intrapreneurship only improves the corporate image but does not increase profitability.
Intrapreneurship only improves the corporate image but does not increase profitability.
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Skills can be learned and adopted over time, but characteristics are fixed and cannot be developed.
Skills can be learned and adopted over time, but characteristics are fixed and cannot be developed.
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Entrepreneurs are not innovative and do not think outside the box to develop new products or new versions of existing products.
Entrepreneurs are not innovative and do not think outside the box to develop new products or new versions of existing products.
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Financial rewards are not an effective method for promoting intrapreneurship in an organization.
Financial rewards are not an effective method for promoting intrapreneurship in an organization.
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Intrapreneurship does not improve employee morale and motivation.
Intrapreneurship does not improve employee morale and motivation.
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Formation of a research and development department is not a method for promoting intrapreneurship.
Formation of a research and development department is not a method for promoting intrapreneurship.
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SWOT Analysis is a tool used to analyze the internal strengths and weaknesses of a business, but it does not consider external factors.
SWOT Analysis is a tool used to analyze the internal strengths and weaknesses of a business, but it does not consider external factors.
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A business's weakness is an external factor that could be leveraged to its advantage.
A business's weakness is an external factor that could be leveraged to its advantage.
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Enterprising people can only be found in the business sector.
Enterprising people can only be found in the business sector.
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Enterprise at Home involves only preparing a household budget and growing organic vegetables.
Enterprise at Home involves only preparing a household budget and growing organic vegetables.
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Organizing an art and craft exhibition at school is an example of entrepreneurship in the community sector.
Organizing an art and craft exhibition at school is an example of entrepreneurship in the community sector.
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SWOT Analysis is used to set unrealistic goals for a business.
SWOT Analysis is used to set unrealistic goals for a business.
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Entrepreneurs are likely to spend more time on micro-managing tasks to ensure their quality.
Entrepreneurs are likely to spend more time on micro-managing tasks to ensure their quality.
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Risk management involves taking risks without analysing their potential consequences.
Risk management involves taking risks without analysing their potential consequences.
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Entrepreneurs with excellent human relations skills can neglect the importance of stakeholder contacts.
Entrepreneurs with excellent human relations skills can neglect the importance of stakeholder contacts.
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Decision making in entrepreneurship involves procrastinating and delaying decisions.
Decision making in entrepreneurship involves procrastinating and delaying decisions.
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Delegation involves giving responsibility to subordinates without giving them the authority to make decisions.
Delegation involves giving responsibility to subordinates without giving them the authority to make decisions.
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Effective time management is not essential for entrepreneurs to achieve their goals.
Effective time management is not essential for entrepreneurs to achieve their goals.
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Entrepreneurs with excellent risk management skills can completely eliminate all risks from their business.
Entrepreneurs with excellent risk management skills can completely eliminate all risks from their business.
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Study Notes
Government Support
- Local Enterprise Offices offer financial and educational support to new local businesses with under 10 employees.
- Enterprise Ireland offers grants, mentorship, programs, and training to High Potential Start-Ups.
Reasons for Entrepreneurship
- Ambition: employees may feel they have reached a plateau in their current career, and self-actualization desires and ambition for growth forge entrepreneurship.
- Redundancy: employees may have been let go with few job prospects, leading to entrepreneurship as a means to earn a living.
Intrapreneurship
- Intrapreneurship is an attempt to harness the entrepreneurial spirit of staff in an organization.
- Intrapreneurs don't risk their own money, but can be rewarded with promotion or a salary increase.
- Intrapreneurship leads to new products, new markets, and new ways to reduce waste and improve efficiency.
- Examples of intrapreneurship include the creation of the Cadbury Time Out Bar by factory line employees and a machinery salesman's suggestion to improve company machines.
Intrapreneurship Benefits
- New Products/Services/Markets: intrapreneurship results in new products/services being developed.
- Business Growth: staff loyalty and innovation contribute to business growth and success.
- Increased Productivity/Profitability: various ideas introduced result in greater productivity and profitability.
- Improved Corporate Image: intrapreneurship improves the corporate image for recruiting purposes.
- Greater Morale: nurturing in-house talent leads to more productive, happier, and fulfilled employees.
Methods for Promoting Intrapreneurship
- Financial rewards for effort and creativity.
- Providing resources to help employees pursue ideas.
- Teamwork encourages creativity, e.g., weekly team brainstorming sessions.
- Formation of a Research and Development (R&D) department.
Characteristics vs. Skills
- Characteristics are special attributes or traits that a person is born with.
- Skills are abilities or facilities that people have acquired through learning and practice.
Characteristics of Entrepreneurs
- Innovative: entrepreneurs show initiative and creativity in their approach to business situations.
- Problem Solving Skills: entrepreneurs have the ability to decide how to resolve different problems that may arise.
SWOT Analysis
- A tool used to plan future activities and maximize their positive impact on a business.
- Strengths are internal attributes and resources that can be developed into a competitive advantage.
- Weaknesses are internal aspects that are underdeveloped and could damage the business.
- Opportunities are external factors that can benefit the business.
- Threats are external factors that could jeopardize the business.
Enterprise in Action
- Enterprising people can be found in all walks of life, showing their initiative and using their skills to create work or serve their communities.
- Examples of enterprise in action include Tidy Towns volunteers and community initiatives.
Enterprise at Home
- Examples of enterprise at home include using solar power instead of conventional fossil fuels, implementing an effective waste management program, and growing organic vegetables.
Enterprise at School
- Examples of enterprise at school include generating school funds by organizing an art and craft exhibition.
Key Skills for Entrepreneurs
- Time Management Skills: entrepreneurs make effective use of time, prioritizing tasks and delegating tasks.
- Risk Management: entrepreneurs take a planned approach to gathering information about uncertain situations, minimizing risks and eliminating them where possible.
- Human Relations: entrepreneurs must develop excellent human relations, networking, and persuasion skills.
- Decision Making: entrepreneurs must be decisive, analyzing information and situations, thinking logically, and making quick and clear decisions.
- Delegation: entrepreneurs give responsibility to subordinates to carry out certain tasks and give them the authority to make decisions relevant to it.
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Description
Learn about the support systems for new businesses, reasons for entrepreneurship, and the resources available for start-ups.
