Types of Enterprises
What is a financial enterprise?
Any enterprise set up to make a profit.
What is work?
Any productive activity that requires effort. May not be paid.
What is an employer?
A person who hires another person to work for them in return for payment.
What is an employee?
Someone who works for someone else in return for payment.
What is the public sector?
People employed by the state (paid by the government).
What is a cultural enterprise?
An enterprise set up to promote culture, heritage and the arts.
What is volunteerism?
When people freely offer to work without payment.
What is a probationary period (aka trial period)?
Trial run for employee. Employee can be let go after this period if they are not suitable for the job.
What is a contract of employment?
A written document containing all the details about the job being offered to an employee.
What is a trade union?
An organisation of workers set up to protect and improve the employment rights and conditions of its members.
What is a social enterprise?
An organisation set up to deal with a social and environmental issue on a local, national or international level.
What is employment?
Working for someone else in return for payment.
Explain the difference between a right and a responsibility.
Right: something you are entitled to.
Responsibility: something that you should do.
Name 2 procedures an employer must do when employing new staff
Job description, advertise the job, collect all applications and select who to interview (shortlisting), carry out the interview, new employee given contract of employment.
What is industrial relations?
The relationship between employers and employees in the workplace.
What is a franchise?
An arrangement where one person is given permission to set up another person's business in return for a fee or a percentage of their sales.
Name 2 reasons someone would volunteer.
They are passionate about the cause, they have personal experience of the cause, to give back, they have free time, personal satisfaction.
Name 2 rights of an employee.
Be paid a faire wage, treated equally, given a written contrcat of employment, treated with dignity and respect.
Name 2 responsibilities of an employer.
To hire employees based on skill and experience (not gender or ethnicity), to treat all employees fairly & equally, to provide healthy and safe working conditions, to run the business in an environmentally friendly way, to pay a fair wage.
Risk: income not guaranteed, unlimited liability, long working hours, responsible for everything but you may not have the skills, no pay when you go on holidays.
Rewards: you are your own boss, make all decisions, choose working hours, keep all profits, doing something you are passionate about.
What is an intrapreneur?
An enterprising person who displays entrepreneurial qualities as an employee of an organisation.
What is the labour force?
All people (in Ireland) who are available for work.
Name 2 responsibilities of an employee.
To do a fair day's work for the money they receive, to be honest & trustworthy, to be punctual for work, to respect their employer/fellow employees, to follow all health and safety procedures.
Name 2 rights of an employer.
To hire the most suitable and qualified people, to take action against employees for bad conduct/poor work, to run a business how they want, to put rules in places for employees.
Name 1 advantage and 1 disadvantage of a private limited company (Ltd).
Adv: limited liability, more finance, better decisions.
Disadv: difficult to set up, more rules/laws to follow, slower decision making, share profits.