Introduction to Enterprise
Setting up a new enterprise
Enterprise skills
Enterprise opportunities, risk, legal obligations and ethical considerations
100

Is an organisation or business managed by one or more individuals who are able to take the initivtive to make decisions and take calculated risks.

What is enterprise?

100

The various stages involved in starting and running an enterprise.

What is the enterprise process?

100

The theoretical facts and information that you gather through your experience or education.

What is knowledge?

100

Something given in recognition of effort or return for something achieved.

What is a reward?

200

An organisation that has profit as its main aim.

What is a business enterprise?

200

Identifying the problem, need or want.

Exploring creative solutuions.

Action planning.

Implementing the plan.

Monitoring progress.

Evaluation of successes and failures.

What are the steps of the enterprise process?

200

Your ability to do something. This can be something that you were born with or it could be something that you have learnt.

What is a skill?

200

A time or event that makes it possible to do something.

What is an opportunity?

300

An organisation that is started up for social cause for the betterment of society.

What is a social enterprise?

300

Sole trader, limited company, partnership, co-operative, social enterprise, franchise.

What are th types of business organisations?

300

Leadership, innovation, creativity, self-confidence, perseverance.

What are examples of skills?

300

The chance of gaining or losing something as a result of an action taken.

What is risk?

400

A person who starts up a new business or enterprise.

What is an entrepreneur?

400

A business that is owned and run by just one person though it may employ staff. It is an unincorporated business in which the owner has unlimited liability for all the debts of the business.

What is a sole trader?

400

The ability to inspire and encourage others.

What is leadership?

400

It identifies important external factors such as political, economic, social and technological factors.

What is a PEST analysis?

500

An individual, group or organisation with an interest in the activities of a business.

What is a stakeholder?

500

A business that is owned by two or more people. This sort of a business organisation is unincorporated and so the partners have unlimited liability.

What is a partnership?

500

To be able to find solutions to obstacles which are encountered.

What is Problem-solving?

500

It identifies current internal strenghts and weaknesses and potential external opportunities and threats for an individual idea or project.

What is a SWOT analysis?

600

Employees, owners, shareholders

What are examples of internal holders?

600

A form of  business organisation that allows a company to buy the right to use an existing company's brand name and products/services.

What is a franchise?

600

To keep trying to succeed no matter what obstacles are encountered.

What is perseverance?

600

Risk-averse, risk-keen, risk-reducer.

What are the three attitudes to risk?

700

Local community, government, suppliers, lenders, competition.

What are examples of external stakeholders?

700

A type of business organisation that is owned and managed by people who use its services or who work there.

What is a co-operative?

700

The ability to come up with a completely original idea.

What is team innovation?

700

Identify de risks.

Analyse the implications of each risk.

Decide wether the risk is worth it.

Plan how to manage the risk.

Monitor and review.

What are the stages of risk management?

800

Social enterprises may be less competitive in the market due to limited capital.

What is a disadvantage of a social enterprise?

800

The ability to develop or improve on established ideas or designs.

What is creativity?

800

The laws and regulations that the governments introduce to provide protection for different stakeholders to stop them being exploited which an enterprise must comply.

What are legal obligations?

900

Shareholders/owners are only liable to pay or lose the amount they have invested.

What is limited liability?

900

To develop and maintain good relationships with others.

What is team building?

900

It involves actions and behaviour that go beyond what is legally required.

What is being ethical?

1000

An incorporated business that is a separate legal entity from its owners.

What is a limited company?

1000

One way in which an enterprising person can identify the skills they do or do not have.

What is an Skills audit?

1000

Mitigate.

Accept.

Transfer.

Eliminate.

What are the strategies to reduce the risk?