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A Transition Year class set up a mini-company in their school - Leaving Cert Business - Question 4 - 2009
Question 4
A Transition Year class set up a mini-company in their school. They decided to produce greeting cards decorated with dried wild flowers from their local area. They n... show full transcript
Worked Solution & Example Answer:A Transition Year class set up a mini-company in their school - Leaving Cert Business - Question 4 - 2009
Step 1
Outline three enterprising characteristics/skills of the students involved in Adora Flora Ltd.
Answer
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Innovation and Creativity: The students exhibited a strong ability to come up with new ideas by creating greeting cards decorated with local flora, showing they can apply creativity in their work.
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Risk-Taking: By investing their own money to start the mini-company, the students demonstrated willingness to take calculated financial risks, which is vital in entrepreneurship.
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Flexibility and Adaptability: The students showed they can adjust to changes and challenges in the marketplace, which is essential for the success of any venture.
Step 2
Outline two characteristics of a democratic leader.
Answer
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Consultative Approach: A democratic leader, like Laura, consults with others before making decisions, ensuring that team members feel heard and valued in the decision-making process.
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Delegation of Authority: A democratic leader delegates authority and responsibility to team members, empowering them to take action and contribute actively to the team's goals.
Step 3
Explain the term SWOT analysis.
Answer
A SWOT analysis is a strategic planning tool used to identify and evaluate the internal and external factors that can impact a business. It stands for:
- Strengths: These are the internal positive attributes of the business that give it an advantage, such as skilled staff or unique product offerings.
- Weaknesses: These are internal challenges that may hinder the business, such as lack of experience or insufficient funding.
- Opportunities: External factors that the business can capitalize on to grow, like emerging markets or trends.
- Threats: External challenges that could negatively impact the business, such as competition or economic downturns.
Step 4
Name two types of plans used in business.
Answer
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Strategic Plan: This outlines the long-term goals and vision of the business, helping to steer its direction over several years.
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Operational Plan: This focuses on the short-term actions required to achieve the strategic goals, detailing daily operations to ensure efficiency and productivity.
Step 5
Explain two benefits of planning for a business.
Answer
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Guidance for Decision Making: Planning provides a clear roadmap and framework for making informed decisions, ensuring that all actions align with the business's goals.
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Resource Allocation: Effective planning helps identify the resources required for the business, allowing for better management of finances, human capital, and time.