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Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Question A
Outline the role of an entrepreneur. An entrepreneur is a person who identifies a business opportunity (product or service) and undertakes the risks of establishing... show full transcript
Worked Solution & Example Answer:Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Step 1
Outline the role of an entrepreneur.
Answer
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Identifying Opportunities: An entrepreneur recognizes a viable business opportunity in the market. This involves assessing the needs and preferences of potential customers.
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Taking Risks: Entrepreneurs bear the risks associated with starting and operating a business, which can include financial loss or failure.
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Initiative: They are proactive, taking the initiative to turn ideas into reality by planning and executing their business concepts.
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Resource Organization: Entrepreneurs organize and manage the necessary resources required for establishing and running the business, including capital, human resources, and technology.
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Profit Motivation: Ultimately, the entrepreneur operates the business with the objective of making a profit, which is a key criterion for success.
Step 2
Outline how Alice’s enterprising skills/characteristics could benefit Ashfield Tidy Towns Committee.
Answer
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Innovation / Creativity: Alice can introduce innovative ideas for community improvement, making the Tidy Towns project more appealing and engaging.
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Decisiveness: Her ability to make timely decisions can streamline activities and keep the committee focused on achieving goals.
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Analytical Skills: She can analyze various solutions to problems that arise and choose the most effective approach for the project.
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Time Management: Alice can prioritize tasks effectively to ensure the committee remains on track with its objectives.
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Realistic Approach: She will be able to set achievable goals and manage expectations within the committee, fostering a realistic outlook on what can be accomplished.
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Flexibility / Adaptability: Alice’s adaptability will help her manage changing circumstances and prioritize tasks effectively.
Step 3
Explain the difference between a democratic and an autocratic leader.
Answer
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Democratic Leader: A democratic leader encourages open communication and collaboration. They seek input from team members before making decisions and ensure everyone feels included in the process. They foster a sense of authority and responsibility among staff, encouraging entrepreneurship.
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Autocratic Leader: In contrast, an autocratic leader exerts control and makes decisions independently without consulting others. They prefer to dictate actions and authority, which can result in staff feeling less involved and less motivated. Autocratic leaders may struggle to build trust within their teams.
Step 4
Draft the Notice and Agenda of the Ashfield Tidy Towns Committee meeting, sent by the Secretary, Brian O’Donnell. (The Agenda must contain at least four items.)
Answer
Notice:
Ashfield Tidy Towns Committee
11 June 2015
The next monthly meeting of the Ashfield Tidy Towns Committee will take place on Friday 26th June 2015 at 7.30 p.m. in Ashfield Community Centre.
Agenda:
- Minutes of previous meeting
- Matters arising from minutes / Correspondence
- Chairperson’s agenda / Treasurer’s report
- Sources of finance for improvement to our local park
- Other activities/ initiatives under review.
Signed: Brian O’Donnell, Secretary
Step 5
Explain two benefits of teamwork.
Answer
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Improved Employee Morale: Teamwork promotes a positive work environment where employees feel valued and supported. This can lead to enhanced job satisfaction and overall morale.
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Workload Management: Working in teams allows for the distribution of tasks, making it easier to manage workloads. Each member can focus on their strengths, leading to increased efficiency and productivity while achieving team goals.