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"Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs" - Leaving Cert Business - Question A - 2008
Question A
"Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs". Discuss these characteristics and suppo... show full transcript
Worked Solution & Example Answer:"Being decisive, creative and being prepared to take risks are personal characteristics often associated with entrepreneurs" - Leaving Cert Business - Question A - 2008
Step 1
Discuss the characteristic: Being Decisive
Answer
Entrepreneurs have the ability to make quick and clear decisions to seize opportunities. This decisiveness is crucial, particularly when dealing with suppliers and contractors, as delays can result in lost chances. For example, an entrepreneur must often decide to invest in new projects or pivot business strategies. They take full personal responsibility for their decisions, determining the direction of their ventures. This characteristic enhances their effectiveness in a competitive business environment, allowing them to act swiftly and with confidence.
Step 2
Discuss the characteristic: Being Creative
Answer
Creativity in entrepreneurship involves thinking outside the box and seeking new ways to address challenges. Entrepreneurs often expand their thinking through thorough research and innovative ideas. For instance, the Dyson vacuum cleaner illustrates this creativity by utilizing advanced technology, like the Dyson Airblade, which is both hygienic and energy-efficient, drying hands in 10 seconds. This reflects how creative ideas can lead to the development of superior products that differentiate a venture in the market.
Step 3
Discuss the characteristic: Being Prepared to Take Risks
Answer
Taking risks is fundamental for entrepreneurs, as they often face uncertainty and potential failure. However, successful entrepreneurs embrace these challenges, viewing them as learning experiences. They weigh financial implications and personal reputations against potential rewards, making calculated decisions. An example is Eddie O’Connor, the founder of Airtricity, who invested €30 million into a new renewable energy business. This illustrates how entrepreneurs must fearlessly navigate risks to capitalize on future opportunities.