Types of Enterprise
What is a financial enterprise?
An enterprise that is there to make a profit.
What is a sole-trader?
A person who owns and runs their business.
What is a Franchise?
An agreement where one person is given permission to set up a branch of another person’s business in return for a fee or a percentage of their sales.
What is an entrepreneur?
A person who show initiative by taking on a new and possibly risky task or who come up with new and better ways of doing something.
What is an intrapreneur?
An employee who comes up with an idea within a workplace.
How does a cultural enterprise contribute to society?
•Gives people access to arts and culture.
•Creates employment.
•Brings money into country via tourism.
What is a Public Limited Company?
A business whose shares can be traded on the stock exchange and bought and sold by members of the general public.
What is the franchisee?
The new organisation that takes on the franchise agreement.
What is an example of being enterprising in school?
•TY students organising an event for fund raising e.g cake sale.
•A teacher setup up a drama group, so students can write and perform their own work.
What is an advantage of intrapreneurship?
1.If intrapreneurship is rewarded, staff should become more motivated, leading to increased productivity and reduced labour turnover.
2.The firm’s sales and profits should increase.
How does a social enterprise contribute to society?
•Raises awareness of social issues.
•Brings about social change.
•Creates employment.
How many directors does a Public Limited Company require to have at minimum?
Two
What is a type of co-operative?
▪Producer Co-operative e.g. Farmers
▪Consumer Co-operative e.g. Food co-op
▪Worker Co-operative e.g. Credit Unions
What is an example of being enterprising in your local community?
•Tidy towns.
•Making clubs.
•Restoration of derelict buildings.
•Fundraising to build a community centre or a new park.
What makes a person a good risk-taker
Has the gut to take risks but they are still SENSIBLE risks.
What is the role of a Local Enterprise Office (LEO)?
Offers advice, training and financial support for start-up businesses in local communities.
My name is Lisa. I set up my juice business, ExPress Ltd, in Dublin last year. I am the only director.
Which form of business ownership is this?
Private Limited Company
What is the minimum amount of members that a co-operative must have?
Seven
How can government be enterprising?
•Smoking ban.
•Low corporation tax.
•New transport schemes.
True or False: Delegation is a characteristic that means handing out tasks to other people.
False - Delegation is a skill
What is Kickstart 2018?
•Kickstart 2018 is a government initiative that was set up to create jobs and support social enterprise for those with criminal convictions.
What is a disadvantage of a Private Limited Company?
Can be slow to make decisions as there are many different layers of control
Can be hard to raise finance
Does a Private Limited Company have to hold an A.G.M by law?
No
How is low corporation tax an example of being enterprising in the government? (i.e. how is it a good idea?)
Having a low corporation tax will attract big companies to Ireland.
Name 5 characteristics of an entrepreneur.
Confident
Flexible
Hardworking
Innovative
Leadership