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Describe three enterprise skills required for an entrepreneur. - Leaving Cert Business - Question A - 2007
Question A
Describe three enterprise skills required for an entrepreneur.
Worked Solution & Example Answer:Describe three enterprise skills required for an entrepreneur. - Leaving Cert Business - Question A - 2007
Step 1
Risk Taking
Answer
One of the essential skills of an entrepreneur is the ability to take calculated risks. This involves evaluating potential challenges and opportunities, weighing the pros and cons, and making informed decisions that can lead to business growth. Entrepreneurs must be willing to step outside their comfort zones and pursue innovative ideas, even when the outcome is uncertain.
Step 2
Flexibility
Answer
Flexibility is another critical skill for entrepreneurs. In the dynamic business environment, circumstances can change rapidly. Successful entrepreneurs must adapt their strategies and operations to meet new challenges and influence from the market. This allows them to pivot their business model when necessary, ensuring long-term sustainability and relevance.
Step 3
Realism
Answer
Realism is vital for entrepreneurs as it involves setting achievable goals and understanding the limitations of both themselves and their businesses. A realistic perspective helps entrepreneurs to plan effectively, allocate resources wisely, and maintain a clear vision of what is feasible within a given timeframe. This grounded approach aids in building a successful enterprise.