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In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town - Leaving Cert Business - Question 1 - 2014
Question 1
In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town. He received a redundancy package and decided he would like to set up his own busine... show full transcript
Worked Solution & Example Answer:In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town - Leaving Cert Business - Question 1 - 2014
Step 1
Outline three enterprising skills/characteristics displayed by Jordan.
Answer
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Initiative: Jordan took the initiative to set up his own business after receiving a redundancy package. Instead of waiting for another job opportunity, he decided to follow his passion for surfing.
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Market Awareness: He recognized a gap in the market for surfing lessons at local beaches, indicating his ability to identify business opportunities.
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Resilience: Despite being made redundant, Jordan showed resilience by pursuing his dream and seeking assistance from the County Enterprise Board.
Step 2
Jordan turned his hobby into a business opportunity.
Answer
Jordan transformed his passion for surfing into a business by offering surfing lessons. He capitalized on his personal enjoyment and expertise in the sport to cater to a growing market of enthusiasts and tourists visiting the seaside town. This transition from hobby to business also allowed him to pursue something he truly loves while generating income.
Step 3
Outline two other sources of finance Jordan could use to set up his business.
Answer
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Personal Savings: Jordan can use his personal savings as a source of finance to initially invest in his surfing lesson business for equipment, marketing, and other start-up expenses.
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Bank Loan: He could also consider applying for a bank loan, which would provide him with the necessary funds to establish his business, assuming he can present a solid business plan and repayment strategy.
Step 4
Explain why Jordan should carry out a SWOT analysis.
Answer
Conducting a SWOT analysis is essential for Jordan as it helps him identify the Strengths, Weaknesses, Opportunities, and Threats related to his business idea. This analysis will allow him to:
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Leverage Strengths: Understand what unique advantages he has in the market (e.g., expertise in surfing).
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Address Weaknesses: Recognize his limitations and areas needing improvement (e.g., business management skills).
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Explore Opportunities: Identify potential market opportunities for growth and expansion (e.g., partnerships or marketing channels).
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Mitigate Threats: Prepare for external challenges (e.g., competition or economic downturn) that could impact his business.
Step 5
Outline how the mentoring service provided by the County Enterprise Board works.
Answer
The mentoring service offered by the County Enterprise Board involves providing guidance and support to new entrepreneurs such as Jordan. The service aims to:
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Personalized Advice: Match Jordan with an experienced mentor who can offer tailored advice based on his specific business plan and challenges.
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Business Development: Assist him in developing skills necessary for managing and growing his business effectively.
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Networking Opportunities: Provide introductions to other entrepreneurs and business networks that could foster collaboration and partnerships.
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Access to Resources: Ensure that Jordan has access to necessary resources, such as workshops, templates, or materials to aid in the planning and execution of his business strategy.