Reasons for starting an enterprise (Reasons for starting an enterprise) - Personal motives, Financial motives, Social goals, Personal motives (Reasons for starting an enterprise) - Take on a challenge; be their own boss, live a self-directed lifestyle, Financial motives (Reasons for starting an enterprise) - Financial independence; earn more in profits than they get in a wage/salary, Social goals (Reasons for starting an enterprise) - Someone may want to solve a social problem e.g. reduce social inequality, Innovation  - Someone coming up with a new way of doing something – new products/process, Intrapreneurship - Employee within a business who is innovative for the business, Entrepreneurship - Someone coming up with an idea, taking on personal and financial risk to set up a business with the aim of making a profit, The importance of innovation For Business - To gain a competitive advantage over rivals; to expand to new markets, The importance of innovation For The Economy - To drive economic growth, create jobs, increase exports, The importance of innovation For Society - Improve standards of living; solve social inequalities; environmental sustainability, Competencies (definition) - The integration of knowledge, skills, values and dispositions that support and foster innovation., Competencies of Entrepreneurs - Risk taker, Creative, Decision making, Proactive, Realistic, Risk Taker - They take on the personal and financial risk involved in setting up a business, Creative - Innovative; spot gaps in the market, Decision making - The ability to analyse situations; be decisive to make decisions under pressure, Proactive - They use their initiative to act rather than wait for the market to change, Realistic - Good reality perception; see situations as they really are and not how they would like them to be, Resilient - They don’t give up easily and are determined to overcome setbacks in order to succeed. Resilience is vital to overcome early failures or slow growth without giving up on the business., Human Relations - They communicate well and are able to build a good network of people who can help them. Good people skills help secure support, funding, and loyalty - all critical when building or growing a business., Independent - happy to be in control and can do things for themselves without needing to wait for help with every decision. Gives entrepreneurs the confidence to trust their judgement and move forward without constant reassurance., Flexible - Ability to change things and be adaptable as required. Enables the business to adjust to new challenges, customer feedback, or unexpected opportunities., Time Management - The entrepreneur can prioritise tasks. They can allocate resources to the most important tasks - essential when starting to not miss opportunities or get overwhelmed, and meet deadlines., Local Enterprise Offices (LEOs) - functions - Promote entrepreneurship in their local area and support start-ups or existing small businesses to enable them to expand. Training: add skills through courses; Mentoring: assign experienced mentors to offer guidance; Finance: Feasibility/expansion grants; Networking: Local Events, Other local Government support for business development  - Pobal (social inclusion/equality); LEADER (rural areas); SOLAS (training); APCs, Enterprise Ireland - They help develop indigenous Irish industry with an export focus with 10 or more employees. Funding (Enterprise Ireland) : Grants/equity investment; Int Offices: Workspace in >30 countries; R&D; Market Research Centres (Enterprise Ireland) : offer key industry stats; Events: Use trade fairs and trade missions to promote Irish business., National Enterprise Hub - one-stop support hub for Irish businesses to make it easier for companies to access government-backed services and funding,

Chapter 6 Key Takeaways

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