week 1
A1 Entrepreneurship and enterprise principles and characteristics
• Enterprise is the process of using creativity and innovation to meet customers’ needs and aspirations.
What Enterprise involves?
o identifying gaps in the market to sell products and services and so create markets, grow markets, increase market share and become market leaders
Given the continual changes in the IT sector opportunities can become clear companies and individuals to make significate amounts of profit and revenue. This could be a service or product that compliments those already available or something completely new. So what is a "gap in the market"? essentially it is where there is no other individual or company, or, a limited amount of companies that offer this potential service or product.
o creating products and services and selling them into an identified market.
Companies like Cisco, Microsoft and Huawei create a number of services that operate on, and in the same areas of computing. The competition between these companies continues to push each other to develop the next best thing and to be the chosen preference of companies and industries. Huawei, recently (Jan 2020) have been receiving a lot of press attention around the possible contract with the UK in delivering a high-speed 5g network. Is it that the hardware is cheaper, does it bring something that its competitors don't, you will need to research that, however it does provide the basis of supply and demand.
What are the Enterprise skills and capabilities that are required to establish and drive an enterprise forward?
o expertise: entrepreneurial and technical
Within a company setting CEO's, Managers and owners look to use skills and business attributes to drive their companies forward, this requires in most cases the use of previous experiences or reflection of current case studies to allow them to make informed decisions. Experience and expertise can provide technical and entrepreneurial information to the feasibility of implementing or initiating process, procedures, products and or services within an enterprise setting.
o enthusing and inspiring others
Organisations are machines of productivity and their output, and the quality of output can be impacted positively and negatively by the workforce within the system. In almost every company there are individuals that provide positive enthusiasm to improve and spur on those that may be feeling negative or undervalued. This support can inspire those in the company to move it forward from its current position and to improve the organisation over all.
o motivating teams and co-workers
o commitment to work
Reflect on your time as a student, look at the time that you have spent learning and educating yourself to the areas that you study. Have you ever said to yourself, "if only I ...." now look to your commitment to the work during this time. Could you have done better? Did you know what you had to do? Now think fowards, are you going to change? Do things differently?
This commitment to work is what allows you, your employer and possibly your own company to thrive and sucseed. Remember however, there may be more to this as you may not be the only person in the company so you may be reliant on others and their commitment to work.
o attitude to risk, e.g. risk-averse and risk-taker.
Business is about measured risk, however, this risk can provide huge opportunities, but, adversely you can provide opportunities to large losses. For some companies, the reward of taking large risks is mitigated by having a large scope within the company where they can offset the potential losses, but for smaller companies, this may not be an option and the amount of risk taken could be reduced, so in turn, the reward/gain may be relatively small.
Discussion:
Spend 5 minutes to consider the type of person that you are. Think about what risks you would take within the business. Consider having a virtual £10,000 and that your company needs to use this within the stock market to purchase shares! Where would you invest, Why, How much and would you buy shares from a number of companies.
Factors that make enterprises successful
o good entrepreneurial and IT skills
o teamwork
President John F. Kennedy was visiting NASA headquarters for the first time in 1961. While touring the facility, he introduced himself to a janitor who was mopping the floor and asked him what he did at NASA.
o well-thought-through plan using lean or traditional business principles
o competitive advantage, e.g. enterprise-scale, unique selling point (USP) and lack of competition
o access to finance for start-up and growth, e.g. own resources, bank loans, crowdfunding, venture capital
o positive perception that is communicated by word of mouth, social media, broadcast media and print media
o product champions who promote the internal development and external promotion of a product or service
o rapid market penetration and sales growth
o effective customer service.
In a small group discuss and come up with a potential idea for a mobile application that could be used by all people of all walks of life and age.
Last Updated
2020-02-26 11:31:16
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Links to Assessment criteria |
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A1 Entrepreneurship and enterprise principles and characteristics |
English
Sentences with different forms: statement, question, exclamation, command
Reading: Read and understand texts, selecting material appropriate to purpose, collating from different sources and making comparisons and cross-references as appropriate.
Maths
Analysis of information: Interpreting Results, Drawing conclusions from data, Comparing data
How 2's Coverage
Anonymous Assessment - Learners assess an anonymous piece of work containing deliberate mistakes against given success criteria.
Anonymous Assessment - Learners assess an anonymous piece of work containing deliberate mistakes against given success criteria.
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