Questions and Answers
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
False
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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
