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The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present - Leaving Cert Business - Question 4 - 2003
Question 4
The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present. Enter... show full transcript
Worked Solution & Example Answer:The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present - Leaving Cert Business - Question 4 - 2003
Step 1
Describe your understanding of the term entrepreneurship.
Answer
Entrepreneurship is defined as the process of creating, developing, and running a new business venture in order to make a profit. It involves identifying a market opportunity and taking the initiative to develop a product or service that meets that need. Entrepreneurs often undertake significant risks, including financial and personal reputation, to establish and manage their ventures. They are characterized by their vision, creativity, and the ability to adapt to changing market conditions.
Step 2
Identify the personal characteristics normally associated with entrepreneurial business people.
Answer
- Control: Entrepreneurs often need to be in charge, making independent decisions to drive their business forward.
- Risk Taking: They are not afraid to fail and often embrace risks for potential rewards.
- Flexibility: Entrepreneurs adjust to situations and learn from failures.
- Confidence: A strong self-image and belief in their abilities are crucial.
- Realism: Entrepreneurs recognize achievable goals while being truthful about limitations.
- Decisiveness: Quick decision-making is essential, accepting responsibility for outcomes.
- Determination: They persist through obstacles and challenges.
- Leadership: Good entrepreneurs lead and motivate teams effectively.
- Energetic: They are proactive, consistently working towards their goals.
Step 3
Illustrate how entrepreneurial skills might be used to enhance either The local community.
Answer
Entrepreneurial skills can significantly uplift the local community through various channels, including:
- Personal Inter-control: Local entrepreneurs can manage resources effectively to meet community needs.
- Reality Perception: Understanding community challenges helps in creating relevant solutions.
- Innovation: New products or services can be developed to address specific local issues.
- Risk Management: Identifying potential threats to local businesses and devising strategies to mitigate them.
- Decision Making: Engaging community feedback helps refine business strategies.
- Planning and Goal Setting: Setting realistic objectives to achieve community impact.
- Management: Effective delegation of tasks can enhance community projects.
- Using Feedback: Adapting business models based on community needs strengthens relationships.
- Problem Solving: Addressing local concerns efficiently encourages trust and collaboration.
Step 4
Illustrate how entrepreneurial skills might be used to enhance either A Government Department.
Answer
Entrepreneurial skills can be beneficial in a Government Department by promoting:
- Personal Inter-control: Allowing for better management of internal processes.
- Reality Perception: Assessing and addressing the real needs of the public.
- Innovation: Developing new policies or programs that effectively serve citizens.
- Risk Management: Anticipating challenges and crafting proactive solutions.
- Decision Making: Utilizing analytical tools to make informed decisions based on data.
- Planning and Goal Setting: Establishing clear objectives for projects to meet public needs.
- Management: Efficient resource allocation to maximize service delivery.
- Using Feedback: Continuous improvements based on citizen feedback.
- Problem Solving: Addressing bureaucratic hurdles to improve accessibility and efficiency in service delivery.