1. Showing Enterprise
-What is enterprise?
- Thinking creatively
- Questions to be asked
- Invention and innovation
- Taking a calculated risk
- Important enterprise skills
2. Enterprise
A willingness to take risks and show initiative
in order to establish new business ventures
• Without enterprise or entrepreneurs new
business will not be started
3. Thinking Creatively
• A mental process involving the generation of new
ideas or concepts, or new associations between
existing ideas or concepts
• This means that creative thinking is about:
- innovation
- new product ideas
- improving existing ideas
- solving problems
- obtaining a competitive advantage
• Most importantly, it is about asking questions
4. Evaluating New Ideas
• Thinking creatively may generate a large
number of ideas, the key is identifying the
good ones
The six thinking hats
What does out
What are the
What facts do we intuition tell us?
potential
know What are we
problems?
feeling?
How can the
What are the What decisions
problems be
benfits have been made?
solved?
5. What Questions Do
Entrepreneurs Ask?
• Why?
- Looking at the current situation to try to identify
opportunities
- Can help a business identify possible opportunities
• Why not?
- Requires firms to look beyond the obvious
- Ideal if a firm wants to know about the future
> why not...?
> what if...?
> why don’t we...?
6. Invention and Innovation
Success?
Innovation
Invention
The ability to build upon
To develop a completely
new ideas based on
new product
ones that already exist
7. Product Development
• When participating in invention or innovation
it is important to ask these questions:
- What do customers want?
- How long will they want it for?
- Are the materials available?
- How much will it cost to produce?
- Is the product safe?
- What are our competitors doing?
- Which method of production should be used?
8. Protecting the Product
• Developing new products is time consuming
and expensive, so businesses will want to
protect their new product
Patents
- Has to be applied for
- gives the inventor the sale rights over their idea for the next 20 years
Copyright
- the copyright owner has the legal right to prevent unauthorised copying of
their work
Licence
- Applies to a single product
9. Risks
• Running a business is risky
• To avoid risks businesses should
- Know what that customer wants
- Ensure they can deliver what the customer wants
- Make sure they have the finance
• Main rewards
- To become wealthy
- For the buzz
- To become your own boss
10. Calculated Risks
• Since risk is unavoidable, it is important to think
about what might happen which can then be
used to make informed decisions
• To do this firms must think about:
- What are the chances of success?
- What are the costs or benefits likely to be?
- What are the implications on the business?
• In order to answer these questions, firms must
- Gather information
- Make a decision
11. What Does it Take to be
Enterprising?
• Creativity and the willingness to take risks aren’t
the only qualities needed to be enterprising
• You also need to be able to:
- Think ahead
- Show initiative
- Make connections
- Show leadership
- Make decisions
• Using a mind map is a useful tool to develop
these enterprising qualities