Unit 2- Enterprise Case Study

Applied Business question 2014 will have 1 question on Unit 2

32 minutes o answer the case study

20 marks = 8 minutes

30 marks = 12 minutes

40 marks = 16 minutes

Answering case study questions

1. Define key words in question

2. State

3. Explain

4. Quote

5. Apply the case

Unit 2 case study questions:

Year (Click link to view case study)	Case	Question
2010	Castlewest Hotel and Conference Centre	A
2009	RES Ltd	A
2005	Circuit Ltd	A
2004	Peter Palmor	A

Sample Answers

Castlewest Hotel and Conference Centre

2010 Castlewest Hotel and Conference Centre

(A)

(I) Intrapreneurship is:

·         Employee in a business

People working in a business and are empowered by their employer to make decisions

‘The Marketing Manager, Pat Butler, redesigned the website.’

‘Judy O’Brien, the Assisant Manager, provides a weekly update to all staff on hotels performance’

‘Dylan Jones, the Head Chef, was name ‘employee of the Month’ for introducing a ‘Lunch to Go’ menu.

Castlewest Hotel and Conference Centre has numerous employees illustrating intrapreneurship

·         Show enterprising skills and characteristics

They often show skills such as leadership, creative, time management and characteristics such as innovation, initiative and risk takers.

‘staff are encouraged to come up with innovative ideas’

Castlewest Hotel and Conference Centre encourages their staff to show their enterpriseing side and they reward them if their idea improves business

·         Often promoted

Intrapreneurs aim high and illustrate their ability to the employer.  Intrapreeurs reach high ranks in an organisation.

‘Marketing manger’

‘Assistant manager’

Castlewest Hotel and Conference Centre offers staff the opportunity to gain senior positions.

Benefits

·         Motivates staff

Monetary rewards are a great motivation tool.  Employees work hard for financial gain.  Financial rewards could include a pay rise, commission or a bonus.  Non-monetary rewards also motivate staff, it assists self actualisation.  Business can praise and empower staff to motivate them.

‘ideas for improvements for which they are rewarded’

Staff at Castlewest Hotel and Conference Centre would be motivated to show intrapreneurship as they will be rewarded for their ideas.

·         Shares responsibility

By empowering staff to make decision it frees up time for top management. If management all staff to make decisions they can then concentrate on other tasks.

‘her long working hours'

If Mary Cullen notices intrapreneurs on her staff she should promote them to more senior position and free up her time to concentrate on the financial position of the business.

·         Gets ideas from staff who are closest to customers

Staff work with the customers, they recognise problem areas as they listen to customer feedback daily.

‘Mary Collins.. can be seen daily walking around the hotel, talking to staff and customers and getting feedback’

Mary could allow staff to give her this feedback using her ‘voluntary suggestion scheme’ this would give Mary more time for other areas.

2009 RES Ltd

Entrepreneurs : People who start up their own business
Skills : We develop and learn over time
Characteristic : a personal trait

Characteristics:

·         Risk taker

Entrepreneurs are willing to take risks.  They take a financial risk investing their money into the business.  They take a personal risk to their reputation if the business fails.

‘he decided to start his own business’

With 20 years experience in the business Liam gave up his job and took the risk of starting up his own business.  He took the financial risk of giving up his secure wages and he took out a business loan.

·         Innovative

Entrepreneurs are creative.  They come up with original ideas that would interest consumers.

‘Liam identified a niche in the market for an Irish Supplier of Solar Panel’

Liam saw a new opportunity for Irish consumers, he would sell them solar panels.  He saw this opportunity when he attended a Trade Fair in Germany, he knew this would be new for the Irish market.

Skills:

·         Reality Perception

Enterprising people see situations as they really are and not as they might like them to be.  Entrepreneurs realise when things are going wrong and do not fool themselves into thinking otherwise

‘He believes that the government’s new Building Energy Rating regulations, combined with the increasing demand for more cost effective and environmentally friendly heating systems, will provide opportunities for his business.’

RES is not doing so well at the moment but Liam knows that government changes will change the market to a more positive position in the future.

·         Decision Making

Entrepreneurs are decisive.  They do not rely on the opinion of others.  They do not hesitate.

‘It is necessary to implement a 10% pay cut with immediate effect’

Liam knows there are financial problems in the business at the moment so he makes the quick decision to cut pay.

2005 Circuit Ltd

Entrepreneurs : People who start up their own business
Skills : We develop and learn over time
Characteristic : a personal trait

Characteristics:

·         Risk taker

Entrepreneurs are willing to take risks.  They take a financial risk investing their money into the business.  They take a personal risk to their reputation if the business fails.

‘He set up Circuit Ltd to provide electrical services.’

Tom had been working as a fulltime electrician when he took the risk, gave up his job and started Circuit Ltd.

·         Innovative

Entrepreneurs are creative.  They come up with original ideas that would interest consumers.

‘he would develop a specialised department to concentrate on installing wireless computers, using a new and promising technology’

Tom can see the potential in new technology and how it can help his business expand.

Skills:

·         Leadership

Entrepreneurs need to be able to direct people and positively influence them.  They need to be able to delegate tasks to appropriate people.

‘he personally handled recruitment, selection and development of staff’

Tom is a leader and he takes charge of his business making important decisions and working with his staff.  As a result of his leadership there are few industrial problems in the business.

·         Reality Perception

Enterprising people see situations as they really are and not as they might like them to be.  Entrepreneurs realise when things are going wrong and do not fool themselves into thinking otherwise

'he realised that the construction industry was changing and that subcontracting of specific areas of work would become the norm.’

Tom was realistic as a young electrician.  He knew the industry was changing and he would change with it.

2004 Peter Palmor

Entrepreneurs : People who start up their own business
Skills : We develop and learn over time
Characteristic : a personal trait

Characteristics:

·         Risk taker

Entrepreneurs are willing to take risks.  They take a financial risk investing their money into the business.  They take a personal risk to their reputation if the business fails.

‘arrived in Ireland from Eastern Europe ...with little spoken English’

‘he set up a structural engineering and consultancy firm’

Peter has taken many risks, he took a risk coming to a new country and then he took a risk giving up his job and going into his own business.

·         Innovative

Entrepreneurs are creative.  They come up with original ideas that would interest consumers.

‘His fresh ideas and ability in tackling problems’

Peter’s ideas impressed his employer so much that he helped him set up his business and gave him his first contract.

Skills:

·         Reality Perception

Enterprising people see situations as they really are and not as they might like them to be.  Entrepreneurs realise when things are going wrong and do not fool themselves into thinking otherwise

‘He is fearful that he may begin to make serious mistakes’

Peter knows the business is experiencing challenges.  He knows that some areas need to change to improve his business.

·         Communication

A two way process to get a message across.  Can be done in writing, visually or verbally.  Entrepreneurs must be open to upward and downward communication.

‘he is open to suggestions that will improve the management of his business’

Peter is willing to take advice.  He is open to others ideas and is willing to listen to them if it will improve his business.