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Enterprise and Entrepreneurs - Coggle Diagram
Enterprise and Entrepreneurs
Enterprise
When an individual or group of people take a risk and decide to start something new
Risk
Something new
Why is Enterprise important?
Boosts entrepreneur's personal satisfaction
Increases business profitability
Creates jobs
Creates local and national confidence
Not for profits provide valuable charitable services to local community
More government tax revenue
Social Enterprises
Meet need rather than make profit
SVP, GAA, Tidy Towns
Entrepreneur
A person who spots a gap in the market and comes up with an idea that they can turn into a business in order to fill the gap. They take both a personal and financial risk
Gap in market
Have an idea to fill this gap
Personal Risk
Financial Risk
Entrepreneurship
The process which involves take the risk of organising all the resources necessary to provide a product/service, whilst exploiting an opportunity for a possible reward (PROFIT)
Why do people become Entrepreneurs?
Being your own boss
Varied working day
Unemployment
Make work for themselves and for others, when they are unemployed
More money
8 in 100 people in Ireland are involved in entrepreneurship
Intrapreneurship
Intrapreneurs are employees within an organisation who use their initiative to act like entrepreneurs. This means coming up with their own ideas for the business (ways to reduce costs or other improvements)
No financial or personal risks
Within organisations
Own ideas and suggestions
Help improve business/ reduce costs
How can a company improve/ encourage intrapreneurship?
Give employees greater freedom
Create a work culture where it is okay to make mistakes
Reward intrapreneurship
Pay increases
Rewards/ bonuses
Other initiatives
Provide staff with training in creativity and intrapreneurship