Podcast
Questions and Answers
What is a key characteristic that defines an entrepreneur?
What is a key characteristic that defines an entrepreneur?
- They wait for opportunities to come to them.
- They are primarily focused on job security.
- They work solely within existing businesses.
- They take initiative to create new products or services. (correct)
Which of the following is NOT a reason for pursuing entrepreneurship?
Which of the following is NOT a reason for pursuing entrepreneurship?
- Increase Income
- Ambition
- Independence
- Job security (correct)
What does the term 'gap in the market' refer to?
What does the term 'gap in the market' refer to?
- A saturated market with too much competition.
- An unmet need or opportunity for a new product or service. (correct)
- A decrease in consumer demand.
- An economic recession affecting all businesses.
Which of the following examples best represents a social enterprise?
Which of the following examples best represents a social enterprise?
What kind of support do Local Enterprise Offices typically provide to new businesses?
What kind of support do Local Enterprise Offices typically provide to new businesses?
How can ambition influence entrepreneurship?
How can ambition influence entrepreneurship?
Which of the following is an example of a personal enterprise?
Which of the following is an example of a personal enterprise?
What is the primary role of an intrapreneur within an organization?
What is the primary role of an intrapreneur within an organization?
Which of the following is NOT a characteristic of intrapreneurs?
Which of the following is NOT a characteristic of intrapreneurs?
How can organizations benefit from encouraging intrapreneurship?
How can organizations benefit from encouraging intrapreneurship?
What was the outcome of the suggestion made by a machinery salesman in the example provided?
What was the outcome of the suggestion made by a machinery salesman in the example provided?
What is one key reason why new product development is important for businesses?
What is one key reason why new product development is important for businesses?
What is one direct benefit of increased productivity due to intrapreneurship?
What is one direct benefit of increased productivity due to intrapreneurship?
What motivates organizations to harness the entrepreneurial spirit of their employees?
What motivates organizations to harness the entrepreneurial spirit of their employees?
Which of the following is a potential reward for an intrapreneur after successfully implementing new ideas?
Which of the following is a potential reward for an intrapreneur after successfully implementing new ideas?
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Study Notes
Entrepreneur Characteristics
- An entrepreneur identifies market gaps and seizes opportunities to create products or services for profit.
- They are proactive, anticipating needs rather than waiting for events to unfold.
- Personal and financial risks are inherent as entrepreneurs take initiative to establish their ventures.
- Examples include Richard Branson (Virgin Group) and Pat McDonagh (Supermacs).
Types of Enterprises
- Business Enterprise: Expanding into new products.
- Personal Enterprise: Pursuing personal development, like enrolling in night classes.
- Social Enterprise: Fundraising for charitable causes.
- Government Enterprise: Streamlining government departments to eliminate redundancies.
Reasons for Entrepreneurship
- Increased earning potential compared to fixed employee salaries.
- Full independence, allowing entrepreneurs to make their own decisions with no outside authority.
- Opportunity to capitalize on gaps in the market, gaining control over profits from innovative ideas.
- Influenced by a pro-entrepreneurship culture through media, showcasing successful entrepreneurs.
- Government backing includes financial and educational support for new businesses, especially those with fewer than 10 employees.
- Ambition drives individuals who feel limited in their current roles to pursue entrepreneurial paths.
- Redundancy can prompt individuals to start their own business as a means of income.
Intrapreneurship Characteristics
- An intrapreneur operates within an organization, fostering innovation by developing new ideas or improving existing services/products.
- They do not risk personal finances, as the organization absorbs the financial implications.
- Recognized rewards typically include promotions or salary increases.
- Intrapreneurship harnesses the entrepreneurial spirit among employees, driving creative solutions.
Intrapreneurship Benefits
- Development of new products/services is crucial for ongoing business viability.
- Contributes to business growth through staff loyalty and innovation.
- Enhances productivity and profitability via innovative cost-cutting measures and improved processes, such as online booking systems reducing administration costs.
- Organizations fostering intrapreneurship are better positioned to discover new markets and operational efficiencies.
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