The importance of enterprise (Economic Impacts (Employment: Generates…
The importance of enterprise
happens when an entrepreneur identifies a need, problem or an opportunity that is not being satisfied and then tries to do something about it.
Someone with the initiative & takes the risk of setting up a new business
employees inside a business who behave like entrepreneurs to the benefit of the business
Characteristics: Something you are born with. Innovative/Creative, Risk-taker, Hard worker, Decisive, Self-confident, Determined, Adaptable, Committed.
Skills: Something you can learn. Planning/goal setting, decision-making, communication, delegation, motivation, leadership, time-management, networking.
Types of Enterprises:
Profit- provide goods & services for profit. Eg. Apple, tayto, cadbury's
Not-for-profit; Provide services for reasons other than to make a profit. Eg. Red Cross, GAA, SVP
Public-Owned by the state on behalf of citizens and provide goods & services. Eg. ESB, An Post, IDA Ireland, Failte Ireland
Sole Trader:Someone who sets up a business on their own. Eg. Butcher, Mechanic, Hairdresser
Private Limited Company (PLC): Owned by 1-149 shareholders. Eg. Glanbia
Co-operative: An organisation owned by a group of people who produce goods & services. Eg. Credit Union
Employment: Generates income-people can spend or save
Provides Goods & Services
Further investment into new businesses
Increase cost of living
Demands on housing-rentals prices increase.
Pressure on local services-infrastructure may not be good enough. Government finances overstretched
Sponsor local Events or Teams
Improves quality of life-more range of goods & services
Personal Growth-brings people together, learn new skills & teamwork
Provides Taxes-providing essential public services such as healthcare, education & social welfare
Smaller Businesses cant compete-face closure & people lose their jobs
Anti-social behaviour due to an influx of more people
More traffic-results in traffic jams & delays
Environmental impacts: land air and see pollution
Energy efficient buildings & work practices (recycling)
Less fuel usage if employment is created in the locality
Pressure on local services such as sewerage and water