Enterprise Education - enterprise skills and the entrepreneurial process
What the exam tests
The entrepreneurial process from idea to review, plus the skills needed at each stage. Case studies often ask what the promoter should do next or how to finance a proposal.
The process
- Idea generation - brainstorm, spot a gap, solve a problem.
- Market research - desk/secondary research (published reports, CSO data) and field/primary research (surveys, interviews, observation).
- Feasibility study - is it viable in terms of market, costs, skills and finance?
- Business plan - describes the idea, market, marketing mix (product, price, place, promotion), operations, management and financial forecasts.
- Finance and legal set-up - choose a structure (sole trader, partnership, private limited company), register with Revenue, arrange insurance.
- Launch and review - monitor sales, cash flow and customer feedback, then adapt.
Enterprise skills
Creativity, planning, financial management, marketing, negotiation, networking, time management, leadership, resilience.
Sources of finance
Own savings, bank loan or overdraft, LEO grants (for example priming or business expansion), Enterprise Ireland, crowdfunding, business angels, venture capital. Choose by amount needed, cost, and how much control you keep.
Worked example
A student plans to sell phone cases. Primary research: survey of 100 students. Costs: €4 per case, selling at €10, fixed costs €600, so break-even is 100 units (€600 ÷ €6 contribution). Cash-flow forecast shows a January cash gap. Loan versus savings is weighed. The business plan is written before launch.
Traps
Jumping from idea to launch; calling a survey 'market segmentation'; omitting break-even or cash flow; treating grants as free money; forgetting tax and insurance; ignoring review.