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In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town - Leaving Cert Business - Question Question 1 - 2014
Question 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 Question 1 - 2014
Step 1
Outline three enterprising skills/characteristics displayed by Jordan.
Answer
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Decisive: Jordan made a firm decision to set up his own business after being made redundant. This shows his ability to take initiative and act on opportunities.
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Innovative/Creative: He spotted an opportunity to offer surfing lessons, demonstrating his creative thinking in identifying a niche market.
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Realistic: Jordan was aware of his own limitations, which indicates a realistic assessment of his capabilities and the potential challenges he might face.
Step 2
Outline two other sources of new business ideas (apart from hobby).
Answer
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Brainstorming: Engaging in brainstorming sessions with others can lead to generating new ideas. This collaborative method allows multiple perspectives to contribute to innovative concepts.
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Market Research: Conducting market research to understand consumer needs and gaps in the market can inspire new business ideas and strategies.
Step 3
Explain two long-term sources of finance Jordan could use to set up his business.
Answer
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Long-term Loan/Debenture: Jordan could consider receiving a long-term loan from a bank, which would require repayment over several years with interest. This option would provide significant capital but must be repaid.
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Share Capital/Investors: Jordan could seek investors who would provide capital in exchange for ownership stakes in the business. This approach allows him to raise funds without incurring debt.
Step 4
Explain why Jordan should carry out a SWOT analysis.
Answer
A SWOT analysis is essential for Jordan as it helps him assess both the internal and external factors influencing his business. This includes:
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Strengths: Identifying what his business does well and what resources he possesses.
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Weaknesses: Recognizing areas for improvement can help Jordan address potential shortcomings.
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Opportunities: Evaluating external factors that could be advantageous for his business, ensuring he capitalizes on them.
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Threats: Understanding external challenges that could pose risks to his success allows him to develop strategies to mitigate these risks.
Step 5
Outline how the mentoring service provided by the County Enterprise Board works.
Answer
The County Enterprise Board offers mentoring services by assigning experienced business mentors to entrepreneurs. These mentors provide guidance in various aspects of setting up and running a business, including:
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Business Planning: Helping Jordan create a detailed business plan outlining goals, target market, and financial projections.
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Advice on Regulations: Advising on legal requirements and local regulations he must comply with to operate successfully. This guidance is crucial for navigating potential bureaucratic challenges.