L.O 6.1
True or False: Intrapreneurship is when someone takes a personal or financial risk to create or grow a business or social enterprise.
False - It is entrepreneurship!!!
List 2 competencies of innovators
Risk Taker
Being Creative
Decision Making
Proactive
Being Realistic
Resilient
Human Relations
Independent
Flexible
Time Management
What state agency is responsible for promoting entrepreneurship locally and supporting start-ups or small businesses with training, funding, and advice?
Local Enterprise Office (LEO)
Explain a benefit of innovation for the economy.
•Drives Economic Growth – Increases business productivity and GDP, supporting public services through higher tax revenues.
•Creates Jobs – Leads to new industries (e.g. green tech, digital health), offering future-proof careers and regional employment. Innovation can also reduce the reliance on traditional sectors.
•Boosts Exports – Enables Irish innovations to solve global problems and generate income from international markets, strengthening the domestic economy.
Why is being flexible important when starting a new business?
Entrepreneurs adapt to change, customer feedback, and unexpected challenges.
Flexibility enables a business to respond effectively during growth or expansion, especially in fast-changing markets.
What state agency is responsible for developing Irish-owned businesses that aim to grow internationally?
Enterprise Ireland
Two personal reasons for an entrepreneur to start an enterprise.
•To be their own boss: Wanting control, independence, and the ability to make all decisions.
•Need for achievement: Enjoying the challenge of success and building something lasting.
•Made redundant: Starting a business after losing a job to regain income and direction.
Explain the competency of 'human relations' and it's significance when starting a business.
They communicate well and build strong networks of people who can help them.
Good people skills support funding, loyalty, and team-building, all critical for sustainable business expansion.
Explain 3 services provided by the LEO.
Provide training: Offer in-person and online courses to help entrepreneurs upskill, including programmes like Start Your Own Business.
Provide mentoring: Match entrepreneurs with experienced mentors to offer one-on-one support in business planning, strategy, finance, and market research.
Provide financial support: Offer grants such as Feasibility and Expansion grants, and help access loans of up to €50,000 through Microfinance Ireland.
Help with networking: Run local events to connect business owners, share insights, and build relationships with others in the community.
Identify one example of intrapreneurship in the following:
•Local Community
•National
•International
Check with teacher
Explain the competency of 'independent' and it's significance when starting a business.
They are confident making decisions and taking control without constant reassurance.
Independence helps new or growing businesses move quickly, trust their judgement, and avoid delays from overreliance on others.
Explain 3 services provided by Enterprise Ireland.
Funding: Provides grants and equity investment to support start-ups and business expansion, especially those targeting exports.
International Offices: Operates over 30 global offices that help Irish businesses access foreign markets and connect with buyers.
Research & Development (R&D): Encourages companies to invest in R&D to create new products and improve long-term competitiveness.
Market Research Centres: Gives access to data on market size, competitors, and trends to guide export planning and decision-making.
Events: Organises trade fairs and missions abroad, helping Irish firms meet global clients and government officials.
Explain 3 benefits of innovation for society.
•Solving Social Challenges – Addresses issues like homelessness, addiction, and digital exclusion using scalable models.
•Supporting Environmental Goals – Drives eco-innovation such as circular packaging and sustainable production.
•Empowering Communities – Provides access to tools, funding, and support to solve local problems from the ground up.
Identify ALL 10 competencies of innovators.
Risk Taker
Being Creative
Decision Making
Proactive
Being Realistic
Resilient
Human Relations
Independent
Flexible
Time Management
How does the government create a positive business climate?
Government Planning - Create stability through budgets and wage agreements, encouraging investment and reducing industrial disputes.
Capital Expenditure - Spends on infrastructure (e.g. roads, schools) to create jobs, make it easier to do business and to boost demand for business with increased spending in the economy.
Current Expenditure - Increases public sector pay and consumer welfare, boosting disposable income and sales; includes direct business supports.
Taxation / Funding - Offers low corporation tax and tax breaks and financial grants to encourage entrepreneurship and business expansion.
Education & Training - Invests in education and training (e.g. SOLAS) to provide skilled workers and support labour market entry. Offers free third level education to encourage upskilling of workforce.