Podcast
Questions and Answers
What is the primary aim of the Leader Programme?
What is the primary aim of the Leader Programme?
Which of the following is NOT a type of grant provided by LEOS?
Which of the following is NOT a type of grant provided by LEOS?
What role does Pobal play in community development?
What role does Pobal play in community development?
How can businesses encourage ethical behavior among staff?
How can businesses encourage ethical behavior among staff?
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Which action is considered unethical behavior in business?
Which action is considered unethical behavior in business?
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Who is responsible for selecting and awarding Leader funding?
Who is responsible for selecting and awarding Leader funding?
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Which of the following best describes the concept of business ethics?
Which of the following best describes the concept of business ethics?
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What is the focus of Area Partnership Companies (APCs)?
What is the focus of Area Partnership Companies (APCs)?
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Which approach can improve business ethics within a company?
Which approach can improve business ethics within a company?
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What type of support does LEOS provide to startups?
What type of support does LEOS provide to startups?
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Study Notes
Taxation Policy
- Reducing PAYE rates increases disposable income, stimulating demand for goods and services; tax bands widened in the 2023 Budget.
- Maintaining a low corporation tax rate of 12.5% promotes company profits and foreign direct investment, crucial for business growth.
- Tax adjustments can specifically boost sectors; e.g., lowering stamp duty boosts the housing market, making home purchases more affordable.
- Increasing tax credits raises disposable income for PAYE earners, promoting spending on goods and services, enhancing competitiveness abroad.
State Agencies
- Government agencies, such as Enterprise Ireland and IDA Ireland, support business activities through mentoring, grants, and market research.
Enterprise Ireland
- Focuses on developing indigenous Irish industries with an export orientation, improving Ireland's balance of payments.
- Provides funding for start-ups and expansions; offers support for research and development initiatives.
- Facilitates trade fairs and export assistance to help Irish businesses connect with international markets.
Industrial Development Authority (IDA)
- Attracts and supports foreign direct investment in Ireland, engaging with multinational companies like Google and Intel.
- Provides comprehensive data on market opportunities and suitable locations for business development.
- Establishes connections between foreign companies and local industries to foster relationships and facilitate entry into the Irish market.
Government Expenditure
- Capital expenditure involves one-off government spending, e.g., the construction of the M20 motorway stimulates job creation and local business demand.
- Current expenditure consists of regular spending, such as salaries for public sector workers, increasing consumer spending power.
Government Grants
- Grants are non-repayable financial support for businesses used for purposes like R&D, machinery purchase, and training.
- Facilitate quicker business expansion and attract foreign direct investment.
- Agencies like LEOs, Enterprise Ireland, and IDA provide various grants.
Government Planning
- Engages with unions to create stable economic conditions and predictable wage costs, reducing industrial relations risks.
- Annually revises national wage agreements, tax changes, and policies through budget announcements. For example, the minimum wage increased from €11.50 to €12.70 per hour in 2023.
Government Regulation of Business
- Regulations safeguard environmental, consumer, and employee rights through established agencies like the EPA and the Competition and Consumer Protection Commission.
- Legislation governs workplace protection, including the Employment Equality Act and Unfair Dismissals Act.
- The Data Protection Commission ensures businesses comply with GDPR standards for data handling.
Community Development
- Local communities foster economic and social development through collective efforts, emphasizing self-reliance and empowerment.
- Aims to enhance local infrastructure and community well-being, often relying on local grants for funding.
- LEOs provide resources and support to help local businesses flourish.
Economic Benefits of Community Development
- Job creation boosts local income, increasing spending in the community.
- Promotes an enterprise culture encouraging new business ventures.
- Enhances local authorities' revenue through increased commercial rates.
Social Benefits of Community Development
- Strengthens community spirit and reduces feelings of despair, fostering hope for progress.
- Empowers locals, generating pride and involvement in community-oriented initiatives.
- Improves local infrastructure and slows outmigration from rural areas, maintaining service availability.
Community Development Organizations
- Local Enterprise Offices serve as the first point of contact for business assistance.
- The Leader Programme supports rural enterprise development, targeting hard-to-reach populations.
- Pobal manages government and EU funding for community development projects.
Local Enterprise Offices (LEOs)
- Provide comprehensive support services including mentoring, training workshops, networking events, and grant assistance to start-ups and expanding businesses.
Leader Programme
- An EU-funded initiative enhancing rural communities by supporting local enterprise initiatives and infrastructure improvements.
Business Ethics
- Establishes guidelines for moral behavior in business, emphasizing social, ethical, and environmental responsibilities.
- Promoted through a formal code of ethics, encouraging transparency and accountability.
Unethical Behavior
- Common unethical practices include low wages, unsafe working conditions, environmental damage, and discrimination.
Improving Business Ethics
- Encouraging whistleblowing can expose unethical practices.
- Developing a code of ethics provides clarity on expected behaviors within the business.
- Management training models ethical behavior, reinforcing the importance of ethical standards through rewards and recognition.
- Staff training ensures awareness and understanding of ethical guidelines from the outset.
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Explore the role of research and development in stimulating technological advancements within companies. This quiz covers the collaboration between companies and research institutions, and sheds light on the Industrial Development Authority's initiatives to foster new technologies and job creation.
