Uncertainty, Risk, Reward and Change

Entrpreneurs
1. What is an Entreprenure
  1. An entreprenure is someone who is willing to take risks to achieve business success
  2. Innovative
  3. Organised
  4. Take Risks
2. Some Characteristics
  1. Risk Taking
  2. Independent
  3. Persistent
  4. Self Confident
  5. Dedicated and Hard Working
3. Need to have:
  1. Understanding of the Market
    1. To know what customers want and any other company is already meeting the need
  2. Determination
    1. To see things through even if there are difficulties
  3. Passion
    1. Not just to make money but to achieve something
  4. Persuasive Abilities
    1. Need to able to persuade others to join the venture
  5. The Ability to cope with Risk
Government and Enterprise
1. The Government is keen to Encourage Enterprise because:
  1. Creates Employment
  2. Stimulates Economic Development
  3. Brings Money to Northern Ireland
  4. People who set up thier own business are highly motivated
Uncertainty
1. Decision Making: this is where the person has to use the current state of knowledge and sue use there commmonn sense to make decisions
2. Information Theory: the person has to be able to make a degree of choices based on the cost of the item and the cost of the project.
3. Statistics: Know if any of the stats are variable or not.
Risk
1. The chance that an investments actual return will be differnet than expected.
Reward
1. Financing: get a concept of how much the investment will yield back to the investor
2. Incentive Plans: this is to reinforce desirable behaviour
Change
1. Changing Role of ICT
  1. Change in work patterns
  2. Job Displacement and retraining
  3. Job Creation
  4. Home based Employment
  5. Video Conferencing and teleconferencing
2. Changes in Work Patterens
  1. Employees can work from home with the use of portable devices
  2. Employees can be contacted at any time
  3. The Employees working day is extended and therefore boundaries between work and home become less defined
  4. May have to work shifts and have unsociable hours
  5. Business will want to operate on a global scale
3. Job diplacement and Retraining
  1. Job Displacement is when an employee that has been established is separated from the job and is then left un-employeed
  2. Retraining occurs when employees have to update their skills
4. Job Creation
  1. ICT Consultants
  2. Software engineers
  3. ICT Technicians
  4. Programmers
  5. Web designers
  6. ICT Security experts
5. Advantages of teleworking
  1. No travel costs
  2. Spend more time with Family
  3. You can work for a company that is thousands of miles away
  4. Working from home will allow poepl with disabilities to still do the work only they don't have to go into the office blck which could be hard to get access to
  5. Employees can work in the comfort of their own home
  6. There is no need to have rent for an expensive office building
  7. They do not have to provide the employee with a computer and desk
  8. The employee may do more work at home as they are happier in the home environment
6. Disadvantages of Teleworking
  1. The employees can be lonely at home
  2. The employee may not feel as part of a team
  3. It may prove difficult to separate work life and home life
  4. There can be more distractions at home than in an office
  5. It is harder for the employer to check up on the employee
  6. The employee may feel isolated because of loss of social interaction which will decrease work ethic
7. Advantages of Video Conferencing
  1. Less expensive as people do not need to travel to the meeting location
  2. Meeting between people in all parts of the world can be called instantly
  3. People do not need to leave the office as the meeting can take place anywhere
  4. People can still attend the meeting even if not physically able
8. Disadvantages of Video Conferencing
  1. It may not be as productive
  2. There could be bad signal
  3. There may be times when you have to meet face to face
  4. Confidential documents can not be shared

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Uncertainty, Risk, Reward and Change

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	Created by Jonathan Brown about 9 years ago