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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 supp... 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
Decisiveness is crucial for entrepreneurs as it allows them to make quick and clear decisions to capitalize on opportunities. This characteristic is especially significant when timing is of the essence. Entrepreneurs who are decisive take full ownership of their actions and the outcomes that follow.
For example, when dealing with suppliers or contractors, a decisive entrepreneur can avoid missing strategic opportunities by implementing timely decisions, thus ensuring efficient operations.
Step 2
Discuss the characteristic: Being Creative
Answer
Creativity enables entrepreneurs to innovate and explore new ideas or methods. By thinking outside the box, they can expand their minds beyond conventional boundaries. This characteristic often manifests through research and data analysis, allowing entrepreneurs to envision and shape future trends.
A notable example is Dyson, which revolutionized household appliances like vacuum cleaners. Their Dyson Airblade hand dryer, for instance, dries hands in 10 seconds and uses 83% less energy than conventional hand dryers, emphasizing the role of creativity in product development.
Step 3
Discuss the characteristic: Being Prepared to Take Risks
Answer
Taking risks is an integral trait of successful entrepreneurs. They often view failure not as an endpoint but as a learning experience, fostering resilience. Entrepreneurs must balance the potential for reward against the risk posed by various uncertainties.
For instance, Eddie O’Connor, the founder of the clean energy company Airtricity, invested €30 million into a new renewable energy business. This action reflects not only the willingness to embrace risks but also the strategic consideration that underpins such decisions, aiming for calculated successes.