Outline the characteristics/skills that you would associate with entrepreneurs - Leaving Cert Business - Question A - 2017
Question A
Outline the characteristics/skills that you would associate with entrepreneurs.
(20 marks)
Worked Solution & Example Answer:Outline the characteristics/skills that you would associate with entrepreneurs - Leaving Cert Business - Question A - 2017
Step 1
Risk Taking
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Answer
An entrepreneur takes a personal and financial risk in setting up a new business with no guarantee of success. If the product is successful in the market, the entrepreneur reaps the financial rewards.
Step 2
Decision Making
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Answer
Entrepreneurs must be able to make timely decisions for the benefit of their business in high-pressure situations. They need to analyze intended and unintended consequences of their decisions.
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Answer
Entrepreneurs must possess creativity to develop new ideas or improve existing ones. They are proactive in identifying gaps in the market and ready to undertake risks to innovate.
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Answer
They continually look for opportunities to improve business and identify customer needs, ensuring they stay ahead in the competitive landscape.
Step 5
Resilient/Confident/Determined/Self-Belief
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Answer
Successful entrepreneurs exhibit strong self-belief in their ideas and view failures as learning opportunities. They remain determined to succeed despite setbacks.
Step 6
Other: Networking/Persuasive Abilities
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Answer
Entrepreneurs often need to network effectively to build relationships and persuade others to support their business ideas, enhancing their chances of success.
Step 7
Other: Human Relations/Flexibility/Initiative/Realistic (Reality Perception)
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Answer
The ability to manage relationships and adapt to changing circumstances, showing flexibility in approach, is crucial for effective entrepreneurship.
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