6
Enterprise in Action
Back in Business · Strand 2: Understanding Enterprise
3 Learning
Outcomes
Outcomes
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6.1
Identify examples of innovation, intrapreneurship and entrepreneurship in their local community, nationally and internationally, and explain the importance of innovation for business, the economy and society
Identify / Explain
▼
IDENTIFYName the concept and state briefly the key feature that distinguishes it from the others.
EXPLAINGive reasons or causes. Cover business, economy and society as separate headings with multiple points under each.
Innovation
The process of creating or improving a product, service, or way of doing something to add value or solve a problem in a new or better way.
Not limited to businesses — also happens in communities, schools and society.
+Not limited to businesses — also happens in communities, schools and society.
Entrepreneurship
Someone who comes up with a new idea and takes on the personal and financial risk of starting a new business, with the aim of making a profit.
Example: Gráinne Mullins founded Grá Chocolates in Galway.
+Example: Gráinne Mullins founded Grá Chocolates in Galway.
Intrapreneurship
When an employee within an existing business comes up with new ideas or innovations on behalf of that business.
The intrapreneur does not take on personal financial risk. The business owns the idea and takes the risk.
+The intrapreneur does not take on personal financial risk. The business owns the idea and takes the risk.
Reasons for starting an enterprise
Personal motivesTo take on a challenge, to be their own boss, to live a self-directed lifestyle.
Financial motivesTo earn more in profits than a wage or salary; financial independence.
Social goalsTo solve a social problem, for example to reduce social inequality or help the local community.
+Financial motivesTo earn more in profits than a wage or salary; financial independence.
Social goalsTo solve a social problem, for example to reduce social inequality or help the local community.
Innovation importance — For Business
Competitive advantageInnovation helps a business gain an edge over rivals by offering better or newer products and services that attract customers away from competitors.
Access to new marketsNew products or digital innovations allow a business to enter markets it could not previously reach, growing revenue beyond the domestic market.
+Access to new marketsNew products or digital innovations allow a business to enter markets it could not previously reach, growing revenue beyond the domestic market.
Innovation importance — For the Economy
Drives economic growthInnovation boosts productivity and output, increasing Ireland's GDP and allowing greater investment in public services.
Creates jobsNew industries such as green tech, digital health and AI create high-skilled employment and reduce dependence on traditional sectors.
Boosts exportsIrish innovations in pharmaceuticals and medtech are sold globally, bringing money into the economy from foreign customers.
+Creates jobsNew industries such as green tech, digital health and AI create high-skilled employment and reduce dependence on traditional sectors.
Boosts exportsIrish innovations in pharmaceuticals and medtech are sold globally, bringing money into the economy from foreign customers.
Innovation importance — For Society
Solves social challengesSocial enterprises use innovation to address problems like food poverty and digital exclusion. Example: FoodCloud redistributes surplus food to reduce waste.
Environmental benefitsEco-innovation such as circular business models and green packaging helps reduce emissions, waste and environmental harm.
Improves living standardsInnovations in healthcare, education and community services improve quality of life and promote inclusion.
+Environmental benefitsEco-innovation such as circular business models and green packaging helps reduce emissions, waste and environmental harm.
Improves living standardsInnovations in healthcare, education and community services improve quality of life and promote inclusion.
6.2
Identify the competencies of innovators and outline why these are significant when starting a business
Identify / Outline
▼
IDENTIFYName the competency and give a brief one-line description of what it means.
OUTLINEState the competency, what it is, then explain why it is significant when starting a business.
Competencies (definition): The integration of knowledge, skills, values and dispositions that support and foster innovation.
Risk Taker
Entrepreneurs take on the personal and financial risk involved in setting up a business. Innovators are not afraid to take risks.
Why significant:Willingness to take risks is essential when launching a new business where success is not guaranteed.
+Why significant:Willingness to take risks is essential when launching a new business where success is not guaranteed.
Creative
Innovators have the ability to think outside the box and come up with new ideas or spot a gap in the market.
Why significant:Creative thinking helps develop a business idea that is unique and attractive to potential customers from the outset.
+Why significant:Creative thinking helps develop a business idea that is unique and attractive to potential customers from the outset.
Decision Making
Entrepreneurs develop the ability to analyse situations, consult the right people and weigh up the pros and cons of any decision.
Why significant:Quick, well-judged decisions are crucial when setting up a business and responding to early challenges.
+Why significant:Quick, well-judged decisions are crucial when setting up a business and responding to early challenges.
Proactive
They use their initiative to act rather than wait for the market to change. Constantly looking to the future for new ways to improve.
Why significant:Crucial when expanding, as they need to act ahead of competitors to take advantage of new opportunities.
+Why significant:Crucial when expanding, as they need to act ahead of competitors to take advantage of new opportunities.
Being Realistic
Innovators have good reality perception — they see situations as they really are, not how they would like them to be, making better decisions without bias.
Why significant:Helps set achievable goals, avoid overestimating early success, and manage limited resources wisely.
+Why significant:Helps set achievable goals, avoid overestimating early success, and manage limited resources wisely.
Resilient
They don't give up easily and are determined to overcome setbacks in order to succeed.
Why significant:Resilience is vital to overcome early failures or slow growth without giving up on the business.
+Why significant: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.
Why significant:Good people skills help secure support, funding and loyalty — all critical when building or growing a business.
+Why significant:Good people skills help secure support, funding and loyalty — all critical when building or growing a business.
Independent
Entrepreneurs are happy to be in control and can act without needing help with every decision.
Why significant:Independence gives entrepreneurs the confidence to trust their judgement and move forward without constant reassurance.
+Why significant:Independence gives entrepreneurs the confidence to trust their judgement and move forward without constant reassurance.
Flexible
The entrepreneur has an ability to change things and be adaptable as required.
Why significant:Flexibility enables the business to adjust to new challenges, customer feedback, or unexpected opportunities.
+Why significant:Flexibility enables the business to adjust to new challenges, customer feedback, or unexpected opportunities.
Time Management
The entrepreneur can prioritise tasks, ranking jobs by importance and allocating time and resources accordingly.
Why significant:Helps founders juggle multiple responsibilities, especially when resources and staff are limited in a new business.
+Why significant:Helps founders juggle multiple responsibilities, especially when resources and staff are limited in a new business.
6.3
Investigate the role of government in fostering enterprise and supporting business development and growth
Investigate
▼
INVESTIGATECarry out a detailed examination. Cover direct government supports, local agencies, Enterprise Ireland and other agencies separately.
Direct Government Supports
Taxation incentives
A low corporation tax rate of 12.5% (15% for very large multinationals) encourages entrepreneurs to start a business. Tax breaks for money spent on expansion and R&D encourage investment and innovation.
+Investment in education and training
The government invests in third-level education, ensuring a steady supply of highly skilled graduates. Training through SOLAS for unemployed people allows upskilling and helps them re-enter the labour force.
+Local State Agencies — Local Enterprise Offices (LEOs)
LEOs — Overview
Their aim is to promote entrepreneurship in their local area and provide high-quality supports to start-ups or existing small businesses to enable them to expand.
+LEO service — Training
LEOs offer training opportunities online and in person for new entrepreneurs and existing business owners to upskill. For example, they run a Start Your Own Business programme.
+LEO service — Mentoring
You can apply through your LEO to access a mentor. They pair you with an experienced professional to provide practical and strategic advice on business strategy, financial planning and market research.
+LEO service — Financial support
LEOs provide grants to small businesses and start-ups, such as Feasibility Study grants and Expansion grants. They can also assist businesses in applying for a loan of up to €50,000 through Microfinance Ireland.
+LEO service — Networking
LEOs facilitate networking events for local businesses to meet like-minded people in their area. These are opportunities to learn valuable local insights and develop relationships with other businesses.
+Other Local Agencies
Microfinance Ireland
A government-funded, not-for-profit lender providing small loans to start-ups and micro-enterprises (fewer than 10 employees) that cannot get credit from traditional banks. Loans are unsecured — no collateral needed. Applications go through the local LEO.
+LEADER
An EU-funded programme run at local level through Local Action Groups (LAGs). Supports projects in rural areas covering economic development, rural infrastructure, social inclusion and sustainable development.
+SOLAS
The state agency responsible for Further Education and Training (FET) in Ireland. Offers programmes for apprenticeships, traineeships, literacy and career development to help people enter or progress in the workforce.
+Area Partnership Companies (APCs)
APCs develop Area Action Plans to assist community members in setting up a business to address a local problem. They provide grant aid, training workshops and mentoring to support local people running a local business.
+National Agency — Enterprise Ireland
Enterprise Ireland — Overview
Responsible for developing indigenous Irish industry with an export focus. Focused on helping Irish-owned businesses with 10 or more employees aiming to deliver new export sales.
+Enterprise Ireland — Funding
Provides funding and supports for companies, including entrepreneurs with high-potential start-ups and larger companies expanding internationally. Can also provide equity investment.
+Enterprise Ireland — International Offices
Operates over 30 international offices worldwide. Helps Irish businesses by providing marketing services and organising introductions with potential clients abroad.
+Enterprise Ireland — R&D
Encourages businesses to invest in research and development and to develop new products, increasing the likelihood of long-term business success. Works with universities and research centres.
+Enterprise Ireland — Market Research
Provides businesses with up-to-date information including market size, key competitors and country statistics. Available online and at the Market Research Centre in Dublin.
+Enterprise Ireland — Events
Organises trade missions and trade fairs, often in coordination with government minister visits. These build links with other countries and give Irish businesses the opportunity to meet consumers in international markets.
+National Enterprise Hub
Set up in 2024, operated by Enterprise Ireland. A one-stop shop for business supports providing centralised information on over 180 government-backed supports from more than 19 state agencies. Trained advisors available via web, phone or live chat. Designed to reduce complexity for SMEs.
+Click an LO to see its mind map.
📌 6.1 Innovation, Entrepreneurship & Intrapreneurship
Enterprise
in Action
in Action
Three Concepts
Innovation: creating/improving a product, service or process to add value
Entrepreneurship: new idea + personal & financial risk + profit aim
Intrapreneurship: employee innovates for the business; no personal risk
Reasons to Start
Personal: be own boss, challenge, self-directed lifestyle
Financial: earn more in profits than a wage or salary
Social: solve a problem, improve the community
Innovation Importance
Business: competitive advantage; access to new markets
Economy: drives growth; creates jobs; boosts exports
Society: solves challenges; environmental benefits; improves living standards
📌 6.2 Competencies of Innovators
Innovator
Competencies
Competencies
All Ten
Risk taker: accepts personal & financial risk
Creative: new ideas, spots market gaps
Decision making: analyses, decides under pressure
Proactive: acts ahead of the market
Being realistic: good reality perception
Resilient: overcomes setbacks; doesn't give up
Human relations: communicates well, builds networks
Independent: trusts own judgement
Flexible: adapts to new challenges
Time management: prioritises tasks and resources
📌 6.3 Government Support for Enterprise
Government
Support
Support
Direct
Low corp tax 12.5% / R&D tax breaks / education investment
LEOs
Training | Mentoring | Financial grants | Networking events
Other Local
Microfinance Ireland: loans up to €50,000 (unsecured, via LEO)
LEADER: EU rural development | SOLAS: FET | APCs: community
Enterprise Ireland
10+ employee export Irish businesses
Funding & equity | 30+ int'l offices | R&D | Market Research | Events
National Enterprise Hub (2024): 180+ supports, one-stop shop
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6.1Read the passage and identify whether the person is an entrepreneur, an intrapreneur or a social entrepreneur. Give a reason for your answer.OL Paper 2 · Q5(a)▼
IdentifyRecognise and name; provide an answer from a number of possibilities; state briefly a distinguishing fact or feature.
Possible solutions could include
EntrepreneurSomeone who comes up with a new idea and takes on the personal and financial risk of starting a new business, with the aim of making a profit.
IntrapreneurAn employee within an existing business who comes up with new ideas or innovations on behalf of that business. The intrapreneur does not take on personal financial risk — the business owns the idea.
Key distinction for your reasonAn intrapreneur innovates inside an existing company and does not carry personal financial risk. An entrepreneur starts a completely new business from scratch and does take on that risk.
6.2Identify four key competencies that innovators such as Gráinne Mullins possess.HL Paper 1 · Q2(a)(i)▼
IdentifyRecognise and name; state briefly a distinguishing fact or feature.
Possible solutions could include (any four)
Risk takerTakes on personal and financial risk to start the business.
CreativeThinks outside the box; generates new ideas; spots gaps in the market.
Decision makingAnalyses situations; makes good choices under pressure.
ProactiveUses initiative; acts ahead of the market rather than waiting.
Being realisticSees situations clearly without bias; avoids overly optimistic plans.
ResilientKeeps going after setbacks and failure.
Human relationsBuilds relationships and communicates effectively.
FlexibleAdapts quickly to new challenges.
6.2Identify one competency and outline its importance when starting or expanding a business.OL Paper 2 · Q1(b)▼
OutlineDevelop in a limited manner.
Possible solutions could include
Risk takerEntrepreneurs take on the personal and financial risk involved in setting up a business. Willingness to take risks is essential when launching a new business where success is not guaranteed. Without this, new ventures would never get off the ground.
ProactiveThey use their initiative to act rather than wait for the market to change. This is crucial when expanding, as they need to act ahead of competitors to take advantage of new opportunities before rivals do.
Being realisticInnovators have good reality perception and see situations as they really are. A realistic outlook helps set achievable goals, avoid overestimating early success, and manage limited resources wisely in the early stages of a business.
6.3Discuss three ways the Irish government can support businesses such as Spectrum.Life.HL Paper 2 · Q4(e)▼
DiscussOffer a considered, balanced review that includes a range of arguments or factors and is supported by appropriate evidence.
Possible solutions could include
1. Support from state agencies — Enterprise IrelandThe government supports growing businesses through Enterprise Ireland, which provides financial grants, market research and export assistance. Enterprise Ireland can provide expansion grants to help Spectrum.Life hire staff, upgrade infrastructure and enter new markets. This allows the business to grow faster than it could on its own resources.
2. Investment in education and skills trainingThe government funds third-level education and further training through agencies like SOLAS, helping to build a skilled workforce. This ensures businesses like Spectrum.Life have access to qualified talent in healthcare, technology and customer support — essential for a high-growth tech company seeking to expand.
3. Taxation incentives and R&D supportIreland's low corporation tax rate of 12.5% (15% for large MNCs) encourages business activity and keeps more profit in the company. R&D tax relief is available for companies investing in research and innovation, reducing the cost of developing new services. These supports make it more affordable for Spectrum.Life to innovate and expand into new markets.
6.3Describe two supports the Irish government can provide to Alice as a new entrepreneur.OL Paper 1 · Q5(c)▼
DescribeGive a detailed account of the main points. State the point. Explain it. Give an example.
Possible solutions could include
1. Local Enterprise Office (LEO) supportState: Alice can access support from her Local Enterprise Office.
Explain: The LEO offers mentoring, training and financial grants to help start-ups get going. Alice could get help writing her business plan, applying for funding, or getting advice on how to grow her mobile bakery.
Example: A feasibility grant from the LEO could help Alice research whether her mobile bakery idea is commercially viable before investing her own money. 2. Microfinance Ireland loanState: If Alice cannot get a loan from a commercial bank, she can apply for a Microfinance Ireland loan through her LEO.
Explain: Microfinance Ireland provides loans of up to €50,000 to new or small businesses that cannot access commercial bank funding. The loans are unsecured, making them accessible for businesses without assets.
Example: Alice could use the loan to purchase a commercial van and baking equipment to start her mobile bakery.
Explain: The LEO offers mentoring, training and financial grants to help start-ups get going. Alice could get help writing her business plan, applying for funding, or getting advice on how to grow her mobile bakery.
Example: A feasibility grant from the LEO could help Alice research whether her mobile bakery idea is commercially viable before investing her own money. 2. Microfinance Ireland loanState: If Alice cannot get a loan from a commercial bank, she can apply for a Microfinance Ireland loan through her LEO.
Explain: Microfinance Ireland provides loans of up to €50,000 to new or small businesses that cannot access commercial bank funding. The loans are unsecured, making them accessible for businesses without assets.
Example: Alice could use the loan to purchase a commercial van and baking equipment to start her mobile bakery.
6.3Enterprise Ireland is a state agency. (i) Name one other state agency. (ii) Explain how the investment of €24 million supports new business start-ups in Ireland.OL Paper 2 · Q3(b)▼
ExplainGive a detailed account including reasons or causes.
Possible solutions could include
(i) Another state agencyLocal Enterprise Office (LEO) / Microfinance Ireland / LEADER / SOLAS.
(ii) How the €24 million investment supports start-upsThe money can be used to offer feasibility study grants to Irish start-ups, helping entrepreneurs research market potential, develop business plans and conduct technical research. This allows founders to validate their idea before increasing production. Enterprise Ireland can also provide equity investment for high-potential start-ups, giving them access to capital they could not raise privately, allowing them to hire staff, develop products and enter new markets.
