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*Which of the following enterprise skills is most important for Mirna when setting up her new business? Justify your choice - Edexcel - GCSE Business - Question 20 - 2018 - Paper 1
Question 20
*Which of the following enterprise skills is most important for Mirna when setting up her new business? Justify your choice. - Enterprise skill 1 – Planning - Ente... show full transcript
Worked Solution & Example Answer:*Which of the following enterprise skills is most important for Mirna when setting up her new business? Justify your choice - Edexcel - GCSE Business - Question 20 - 2018 - Paper 1
Step 1
Enterprise skill 1 – Planning
Answer
Planning is critical for Mirna as it allows her to foresee potential issues that may arise in the business. By engaging in thorough planning, she can:
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Identify Problems: Mirna can recognize challenges and devise ways to avoid them or mitigate their impact, which is essential for the smooth operation of her business.
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Budgeting: Through planning, she can outline her expenditures and identify areas where costs can be controlled to prevent overspending.
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Resource Allocation: A detailed plan helps her understand what resources she will need and when, ensuring she has everything in place to meet customer demands.
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Assessing Viability: A clear plan will also provide insights into whether her business idea is feasible and what obstacles might lie ahead, thereby reducing the risk of failure.
Step 2
Enterprise skill 2 – Determination
Answer
While determination is an important trait for Mirna, it is less about preparing than it is about persevering through challenges. Determination:
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Work Ethic: Having determination means Mirna would work tirelessly to ensure the success of her business, pushing through difficulties.
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Crisis Management: If challenges arise, her determination will encourage her to find solutions and stay committed to her goals.
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Customer Focus: With a determined mindset, she can navigate through phases where customer interest might wane, committing to improve the business continuously.
In summary, while both skills are valuable, planning is more crucial at the initial stage of setting up the business, as it sets the groundwork for eventual determination to take effect.