Business - Enterprise Chapter 17

Business - Enterprise Chapter 17

1. DEFINITION

   • The ability of a person or group to:
     • Creatively generate and build ideas
     • Identify opportunities for innovation
     • Turn the opportunities into practical and targeted actions

2. Characteristics

   • Realistic Risk Takers:
     • willing to risk money and time in setting up a business.
     • Only if they have realistic hope of success
   • Innovative/creative
     • Being able to see problem and oppurtunites and solving them creatively by doing something in a new or different way
   • Proactive
     • Prepared to use their own initiative and make things happen, rather than waiting for someone else to do it
   • Flexible
     • Accept change as normal
     • Learn from their mistakes and failures and can adapt when things don'tgo according to plan.
   • Self-confident
     • Believe in themselves and in their business idea.
   • Decisive
     • Have the ability to make decisions quickly and take responsibility for the actions and decisions they make.
   • Determined/resilient
     • They do not give up when faced with obstacles.
     • They are good at tacking problems.
     • They stick with the task until it is completed.

3. Skills

   • Identify opportunities
     • Spot a need or gap in the market that isn't being met.
       • They seize this opportunity
   • Make Decisions
     • Take into account all info available to them when making decisions and make them within a reasonable time
   • Manage Time
     • Prioritise tasks and make the best use of time.
   • Human Relations Skills
     • Have the ability to get on with people. They do this by having good communication skills.
   • Reality Perception skills
     • Use their common sense to see things as they are and not as they want them to be.
   • Manage Stress
     • Can deal with stress of running a business day to day. they remain calm when faced with difficulties.
   • Plan and Set Goals
     • Learn to set goals for themselves and their business and put plans in place to achieve these goals
   • Assess and Manage Risk
     • Measure risk involved in potential course of action and take steps to minimise these risks.

4. Entrepreneurs

   • An entrepreneur is a person who takes the initiative and risk business in the hope of making a profit.

5. Rewards

   • Your own boss.
   • You make all decisions.
   • Flexible Hours.
   • Satisfaction
   • You keep all profit.

6. Risks

   • You may lose money if business is a failure.
   • May need to work long hours
   • May find it difficult to take time away from business.
   • Sales may vary, so will your income.
   • May not have necessary skills

7. Social Enterprise

   • Puts people and community ahead f personal gain.

8. Cultural Enterprise

   • Exists to provide consumers locally/nationally with access to visual arts, theatre, film, music, radio, festivals or events