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Description
Mind Map by Jonathan McHugh, updated more than 1 year ago
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Created by Jonathan McHugh
over 5 years ago
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Business - Enterprise
Chapter 17
- DEFINITION
- The ability of a person or
group to:
- Creatively generate and build ideas
- Identify opportunities for innovation
- Turn the opportunities into practical and targeted actions
- Creatively generate and build ideas
- The ability of a person or
group to:
- Characteristics
- Realistic Risk Takers:
- willing to risk money and time in setting up a business.
- Only if they have realistic hope of success
- willing to risk money and time in setting up a business.
- Innovative/creative
- Being able to see problem and oppurtunites and solving them creatively by doing something in a new or different way
- Being able to see problem and oppurtunites and solving them creatively by doing something in a new or different way
- Proactive
- Prepared to use their own initiative and make things happen, rather than waiting for someone else to do it
- Prepared to use their own initiative and make things happen, rather than waiting for someone else to do it
- Flexible
- Accept change as normal
- Learn from their mistakes and failures and can adapt when things don'tgo according to plan.
- Accept change as normal
- Self-confident
- Believe in themselves and in their business idea.
- Believe in themselves and in their business idea.
- Decisive
- Have the ability to make decisions quickly and take responsibility for the actions and decisions they make.
- Have the ability to make decisions quickly and take responsibility for the actions and decisions they make.
- Determined/resilient
- They do not give up when faced with obstacles.
- They are good at tacking problems.
- They stick with the task until it is completed.
- They do not give up when faced with obstacles.
- Realistic Risk Takers:
- Skills
- Identify opportunities
- Spot a need or gap in the market that isn't being met.
- They seize this opportunity
- They seize this opportunity
- Spot a need or gap in the market that isn't being met.
- Make Decisions
- Take into account all info available to them when making decisions and make them within a reasonable time
- Take into account all info available to them when making decisions and make them within a reasonable time
- Manage Time
- Prioritise tasks and make the best use of time.
- Prioritise tasks and make the best use of time.
- Human Relations Skills
- Have the ability to get on with people. They do this by having good communication skills.
- Have the ability to get on with people. They do this by having good communication skills.
- Reality Perception skills
- Use their common sense to see things as they are and not as they want them to be.
- Use their common sense to see things as they are and not as they want them to be.
- Manage Stress
- Can deal with stress of running a business day to day. they remain calm when faced with difficulties.
- Can deal with stress of running a business day to day. they remain calm when faced with difficulties.
- Plan and Set Goals
- Learn to set goals for themselves and their business and put plans in place to achieve these goals
- Learn to set goals for themselves and their business and put plans in place to achieve these goals
- Assess and Manage Risk
- Measure risk involved in potential course of action and take steps to minimise these risks.
- Measure risk involved in potential course of action and take steps to minimise these risks.
- Identify opportunities
- Entrepreneurs
- An entrepreneur is a person who takes the initiative and risk business in the hope of making a profit.
- An entrepreneur is a person who takes the initiative and risk business in the hope of making a profit.
- Rewards
- Your own boss.
- You make all decisions.
- Flexible Hours.
- Satisfaction
- You keep all profit.
- Your own boss.
- Risks
- You may lose money if business is a failure.
- May need to work long hours
- May find it difficult to take time away from business.
- Sales may vary, so will your income.
- May not have necessary skills
- You may lose money if business is a failure.
- Social Enterprise
- Puts people and community ahead f personal gain.
- Puts people and community ahead f personal gain.
- Cultural Enterprise
- Exists to provide consumers locally/nationally with access to visual arts, theatre, film, music, radio, festivals or events
- Exists to provide consumers locally/nationally with access to visual arts, theatre, film, music, radio, festivals or events
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