Leaving Cert Business Entrepreneurs & Enterprise: Explain, using examples, the ent

Question

Explain, using examples, the enterprising characteristics/skills shown by Tom.

Tom Ryan is the main shareholder in a busy electrical company. Tom had been working as a fulltime electrician with a local building firm, with whom he served his time as an apprentice, when he realized that the construction industry was changing and that subcontracting of specific areas of work would become the norm. He set up Circuit Ltd to provide electrical services in 1972. Tom gained both flexibility and maintenance contracts with a range of local firms and soon had to take on employees to meet the demand. He was very flexible with his customers and was willing to work late and at weekends.

As the business expanded, Tom regularly took on apprentice electricians and all the current employees had trained, or were in training, with him. This personally handled the recruitment, selection and development of all staff. He placed emphasis on loyalty, commitment and honesty which he rewarded with regular substantial bonuses. He did not recognize any trade union within the company and therefore could introduce rate reductions or adjustments to fit the existing few industrial relations problems or health and safety difficulties.

The business employed thirty electricians and trainees, as well as three office staff; by the end of the 2005 the turnover had expanded impressively and was close to £1.5 million. Tom decided that he would develop a specialised department to concentrate on installing wires for new housing contracts and had hired new staff with skills to make this possible. He recognized that this new department would require redeployment of half of the current staff and extensive retraining for them in new skills.

He felt that he also may have to make changes to his current management activities for this major development to succeed.

Explain, using examples, the enterprising characteristics/skills shown by Tom - Leaving Cert Business - Question A - 2005

Worked Solution & Example Answer:Explain, using examples, the enterprising characteristics/skills shown by Tom - Leaving Cert Business - Question A - 2005

Control

Flexibility

Risk Taking

Confidence

Decision Making

Enterprise

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