Unit 2- Enterprise general questions and short question answers

Sample Answers

Enterprise
Long Question 4

1. Describe your understanding of the term entrepreneurship 10 marks 4 minutes

Entrepreneurs : People who start up their own business

·         Involves risk taking

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.

Steve Jobs (RIP) established Apple with all his savings, he was then let go by the board of directors but rebuilt his reputation by taking a risk and working with Pixar and then returned to Apple.  His risk taking paid off.

·         About showing initiative

An entrepreneur will see something needs to be done and they will do it.  They spot gaps in the market and take advantage of them.

Mark Zukerberg saw an opportunity to make friends and display social status on the WWW.  He started his business Facebook.

·         It is being innovative

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

Bill Gates was creative when he designed Microsoft Office.  This was the original software that was user friendly and enabled people to carry out tasks on a PC.

2. Identify the personal characteristics normally associated with entrepreneurial business people 20 marks 8 minutes

Entrepreneurs : People who start up their own business

Characteristic : a personal trait

·         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.

Steve Jobs (RIP) established Apple with all his savings, he was then let go by the board of directors but rebuilt his reputation b taking a risk and working with Pixar and then returned to Apple.  His risk taking paid off.

·         Initiative

An entrepreneur will see something needs to be done and they will do it.  They spot gaps in the market and take advantage of them.

Mark Zukerberg saw an opportunity to make friends and display social status on the WWW.  He started his business Facebook.

·         Innovative

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

Bill Gates was creative when he designed Microsoft Office.  This was the original software that was user friendly and enabled people to carry out tasks on a PC.

·         Decisive

Entrepreneurs are good decision makers.  They do not rely on the opinion of others.  They do not hesitate.

Simon Cowell makes changes and decision regarding his business x-factor.  He decides quickly if he feels an act has potential or if they are wasting his time.

3. Illustrate how entreprenurial skills might be used to enhance either
1. The local community or

Entrepreneurs : People who start up their own business

Skills : We develop and learn over time

·         Leadership

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

In a community leaders are important.  They can direct people.  In a tidy Towns group somebody will need to lead the group.  They will need to chair meetings and share out tasks among the group.

·         Time management

This is the skill of getting all essential tasks that need to be done to achieve the business’s goals in the time available.

In the tidy towns competition the community will need to prepare the town for inspection in a given time.  The community must ensure all jobs are completed before the judges come round.

·         Creative

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

The community will want their local area to stand out from other communities / towns in the competition.  They must be creative with floral displays and shop fronts to achieve this

·         Decision Making

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

The community will have important decisions to make quickly, such as who is responsible for each job and when each job should be completed and how to get the entire community involved in order to win the competition

·         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.

The community involved in a Tidy Towns completion need to be realistic with their aims.  They must consider the number of volunteers and the time available when setting their goals.

A government department 30 marks 12 minutes

Entrepreneurs : People who start up their own business

Skills : We develop and learn over time

·         Leadership

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

Our government need efficient, able leaders for each government department.  Ruairí Quinn, T.D is the minister for education and leads decision making on educational issues.

·         Time management

This is the skill of getting all essential tasks that need to be done to achieve the business’s goals in the time available.

The government set goals to achieve in specific time frames.  Ruairí Quinn must think of the school term and the teaching hours available when he changes programmes in schools.  For example new Project Maths for Leaving Certificate must be able to be completed in 2 academic years.

·         Creative

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

The government are always thinking of new ideas to improve our country.  Ruairí Quinn is changing the Junior Certificate to the JCSA, this is a totally new creative course allowing teachers to be creative with students

·         Decision Making

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

The governments job is to make decisions to improve and run our country.  Ruairí Quinn makes decisions regarding education in Ireland.  He decide to introduce Haddington Road agreement and cut our Teachers pay and increase our teachers hours.

·         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.

The government must be realistic in what they can achieve with their budgets.  Ruairí Quinn had limited budget available and needed to realistic about the number of SNA’s he could employ for schools

4. Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community 20 marks 8 minutes

Entrepreneurs : People who start up their own business

Skills : We develop and learn over time

Business

·         Leadership

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

Leadership is very important in business, mark Zukerberg is an excellent leader.  He knew exactly what direction he wanted to take his social media college site and firstly led his friends and then a Transnational Company.

·         Time management

This is the skill of getting all essential tasks that need to be done to achieve the business’s goals in the time available.

In business entrepreneurs know time is limited and valuable.  Oprah Winfrey needs exactly time management when planning and running her TV show.

 

Community

·         Creative

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

The community will want their local area to stand out from other communities / towns in the competition.  They must be creative with floral displays and shop fronts to achieve this

·         Decision Making

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

The community will have important decisions to make quickly, such as who is responsible for each job and when each job should be completed and how to get the entire community involved in order to win the competition

5. Describe three enterprise skills required of an entrepreneur 15 marks 6 minutes

Entrepreneurs : People who start up their own business

Skills : We develop and learn over time

·         Leadership

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

Leadership is very important in business, mark Zukerberg is an excellent leader.  He knew exactly what direction he wanted to take his social media college site and firstly led his friends and then a Transnational Company.

·         Time management

This is the skill of getting all essential tasks that need to be done to achieve the business’s goals in the time available.

In business entrepreneurs know time is limited and valuable.  Oprah Winfrey needs exactly time management when planning and running her TV show.

·         Creative

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

 

Bill Gates was creative when he designed Microsoft Office.  This was the original software that was user friendly and enabled people to carry out tasks on a PC.

6. 'Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs'. Discuss these characteristics and support your answer with examples. 15 marks 6 minutes

·         Decisive

Entrepreneurs are good decision makers.  They do not rely on the opinion of others.  They do not hesitate.

Simon Cowell makes changes and decision regarding his business x-factor.  He decides quickly if he feels an act has potential or if they are wasting his time.

·         creative

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

Bill Gates was creative when he designed Microsoft Office.  This was the original software that was user friendly and enabled people to carry out tasks on a PC.

·         prepared to take risks

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.

Steve Jobs (RIP) established Apple with all his savings, he was then let go by the board of directors but rebuilt his reputation b taking a risk and working with Pixar and then returned to Apple.  His risk taking paid off.

7. Read the following information and answer the question which follows:

Colm has decided to form a tidy towns committee in his local village and enter the 'tidiest village' category of the national tidy towns competition in 2013.

Discuss four entrepreneurial skills that Colm will require in developing this local community initiative. 20 marks 8 minutes

Entrepreneurs : People who start up their own business

Skills : We develop and learn over time

·         Leadership

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

In a community leaders are important.  They can direct people.  In a tidy Towns group Colm will need to lead the group.  He will need to chair meetings and share out tasks among the group.

·         Time management

This is the skill of getting all essential tasks that need to be done to achieve the business’s goals in the time available.

In the tidy towns competition Colm will need to prepare the town for inspection in a given time.  He must ensure all jobs are completed before the judges come round.

·         Creative

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

Colum will want his local area to stand out from other communities / towns in the competition.  He must be creative with floral displays and shop fronts to achieve this

·         Decision Making

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

Colm will have important decisions to make quickly, such as who is responsible for each job and when each job should be completed and how to get the entire community involved in order to win the competition

8. Read the following information and answer the question which follow

EducaPrint Ltd is a business publishing schoolbooks in Ireland. John O'Leary, the production Manager, suggested introducing some of its traditional print books in eBook format. He wanted to tap into the improvements in broadband speed and the major developments in mobile devices. The ebooks were launched onto the market in 2013 to great success. EducaPrint Ltd operated a matrix organisation structure for the development of the eBook products.

1. Explain the term intrapreneurship

·         Employee in a business

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

John O’Leary works for EducaPrint Ltd.  He has been empowered as the Production Manager

·         Show enterprising skills and characteristics

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

John shows innovation with his new idea of eBooks for Educaprint, he shows initiative getting involved with broadband.  He is taking a personal risk, as if the idea fails it will fall back to him and he shows leadership with teams working under him (Matrix)

·         Often promoted

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

John has already reached a high rank of manager in the company.  He could reach higher if his idea is a success.

2. Outline the methods of promoting intrapreneurship in EducaPrint. 20 marks 8 minutes

·         Offer financial rewards

Monetary rewards are a great motivation tool.  Employees work hard for financial gain.  Financial rewards could include a pay rise, commission or a bonus.

Educaprint could offer staff with good ideas for the company a bonus.

·         Offer non-financial rewards

Non-monetary rewards motivate staff, it assists self actualisation.  Business can praise and empower staff to motivate them

Educaprint could offer staff promotional opportunities if they illustrate intrapreneurship.

·         Involve staff in decision making

Staff like to feel part of the decision making process and like to have a voice.  Business can facilitate this by having regular meetings and allowing staff representative on board of directors.  Empowering staff allows staff to make decisions themselves

Educaprint could empower staff to make decision without involving management.  Giving staff responsibility gives the opportunity to spot intrapreneurs

Short Questions based on unit 2

4 MINUTES per question

1. 2012 Q1 enterprise

·         The most important factor of production

Enterprise is vital for the success of the economy.  It creates wealth and provides jobs.

Business organisations start up, eg Dunnes Stores, they rent land for their shops, they employee staff, they pay taxes and they use other service providers.

·         Enterprise is all around us

Enterprise exists in Business, community, home, school and government.

Business: entrepreneurs eg Dunnes Stores

Community : Tidy towns competitions

Home: cleaning rota

School : Green group

Government : each department

2. 2009 Q7 enterprise and management

·         Role

o   Enterprise (entrepreneurs) role is to take financial risk – Bill Cullen took a financial risk with Renault Ireland

o   Manager takes a personal risk to their reputation – Managers at Renault Ireland reputation will be ruined if the company do not do well

·         Aims

o   Enterprise (Entrepreneurs) aims to make a profit – Mark Zuckerberg set up Facebook to make money

o   Manager aims to run the business- Mark Zuckerberg employs managers to take care of the day to day running of his business

3. 2008 Q1 intrapreneur

Intrapreneurship is:

·         Employee in a business

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

·         Show enterprising skills and characteristics

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

·         Often promoted

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

Examples:

Art Fry a worker at 3m heard about a special glue, this led him to come up with the idea of Post-its.

Workers at Microsoft saw the success of Sony Playstation and came up with the idea of Microsoft xbox

4. 2006 Q1 entrepreneurship

·         Risk Takers

Entrepreneurs take a financial and personal risk stating up a commercial business

·         Aim to make a profit

The main objective of an entrepreneur is to make money

Bill Cullen purchases Renault Ireland to make money

Mark Zuckerber took numerous risks and ended up in court starting up Facebook

5. 2004 Q2 intrapreneur

·         Employee in a business

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

·         Show enterprising skills and characteristics

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

·         Often promoted

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

Examples:

Art Fry a worker at 3m heard about a special glue, this led him to come up with the idea of Post-its.

Workers at Microsoft saw the success of Sony Playstation and came up with the idea of Microsoft xbox