Unit 2 Quiz 1 Business

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Questions and Answers

What is an example of a motivation for entrepreneurship?

Job security

Lack of ambition

Fear of innovation

Redundancy (correct)

What is a benefit of intrapreneurship?

Decreased productivity

New products and services (correct)

Increased competition

Reduced staff loyalty

What is a characteristic of an entrepreneurial quality?

Innovation and initiative (correct)

Lack of initiative

Risk aversion

Fear of change

What type of support does Enterprise Ireland offer to High Potential Start-Ups?

Grants, mentorship, programmes, and training Signup and view all the answers

What is an example of intrapreneurship in action?

A factory employee coming up with a new product idea Signup and view all the answers

What is a result of intrapreneurship in an organisation?

Improved efficiency and reduced costs Signup and view all the answers

What is one of the benefits of intrapreneurship in a company?

Improved corporate image Signup and view all the answers

What is a characteristic of entrepreneurs?

Innovative thinking Signup and view all the answers

What is a method for promoting intrapreneurship in a company?

Providing financial rewards for creativity Signup and view all the answers

What is the result of increased intrapreneurship in a company?

Greater morale and motivation among employees Signup and view all the answers

What is the difference between a characteristic and a skill?

Skills are learned, while characteristics are innate Signup and view all the answers

What is an outcome of increased intrapreneurship and innovation in a company?

Greater productivity and profitability Signup and view all the answers

What is the primary purpose of conducting a SWOT analysis in a business?

To set realistic goals and develop strategies to achieve them Signup and view all the answers

What is an example of an internal strength in a business?

Talented skilled workforce Signup and view all the answers

What is an example of an external opportunity for a business?

Falling exchange rate Signup and view all the answers

Where can enterprising people be found?

In all walks of life Signup and view all the answers

What is an example of an enterprising activity at home?

Preparing a household budget Signup and view all the answers

What is an example of an enterprising activity at school?

Organising an art and craft exhibition Signup and view all the answers

What is the opposite of an internal strength in a business?

Internal weakness Signup and view all the answers

What is the purpose of identifying external threats in a SWOT analysis?

To develop strategies to mitigate potential risks Signup and view all the answers

Study Notes

Government Support

Local Enterprise Offices offer financial and educational support to new local businesses with under 10 employees.
Enterprise Ireland provides grants, mentorship, programmes, and training to High Potential Start-Ups.

Reasons for Entrepreneurship

Ambition: employees may feel they have reached a plateau in their current career, leading to self-actualization desires and ambition for growth.
Redundancy: being let go with few job prospects, leaving entrepreneurship as a means to earn a living.

Intrapreneurship

An intrapreneur is an employee who displays entrepreneurial qualities of innovation and initiative within an organization.
Intrapreneurs do not risk their own money and may be rewarded with promotion or a salary increase.
Intrapreneurship aims to harness the entrepreneurial spirit of staff in an organization, leading to new products, markets, and efficiency improvements.
Examples: Cadbury Time Out Bar was created by factory line employees, and a machinery salesman suggested improvements to company machines.

Intrapreneurship Benefits

New products, services, and markets are developed.
Business growth is contributed by staff loyalty and innovation.
Increased productivity and profitability result from new ideas and cost-cutting measures.
Improved corporate image attracts and retains top talent.
Greater morale and motivation among staff lead to improved industrial relations.

Promoting Intrapreneurship

Financial rewards for effort and creativity.
Providing resources to help employees pursue ideas (e.g., finance, time).
Teamwork encourages creativity (e.g., weekly team brainstorming sessions).
Formation of a research and development (R&D) department.

Characteristics vs. Skills

Characteristics are innate attributes or traits that a person has (e.g., innovative, problem-solving skills).
Skills are abilities or facilities acquired through learning and practice (e.g., entrepreneurship).

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 arise.

SWOT Analysis

A tool used to plan future activities to maximize their positive impact on a business or organization.
Analyzes internal strengths and weaknesses, and external opportunities and threats.
Strengths: internal attributes and resources, competitive advantages (e.g., strong brand name, loyal customer base).
Weaknesses: internal aspects that are underdeveloped and could damage the business (e.g., poor credit control, weak management).
Opportunities: external factors that a business could use to its advantage (e.g., falling exchange rate, high consumer demand).
Threats: external factors that could jeopardize the business (e.g., government regulations, shortage of raw materials).

Enterprise in Action

Enterprising people can be found in all walks of life, showing initiative and using their skills to create work for themselves or serve their communities.
Found in home, school, local community, government, and business.
Enterprising skills can be applied to various works (e.g., Tidy Towns volunteer shows human relations skills).

Enterprise at Home and School

Examples of enterprising activities at home: using solar power, effective waste management, preparing a household budget, growing organic vegetables.
Examples of enterprising activities at school: generating school funds by organizing an art and craft exhibition.

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Description

This quiz covers the reasons behind entrepreneurship, including government support for local businesses and personal ambition for growth. It also explores how circumstances like redundancy can lead to starting one's own business.