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Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community. - Leaving Cert Business - Question C - 2006
Question C
Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community.
Worked Solution & Example Answer:Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community. - Leaving Cert Business - Question C - 2006
Step 1
Risk Taking
Answer
Risk taking is a crucial enterprising skill that allows individuals and businesses to seize opportunities that others may avoid. For instance, an entrepreneur might invest in a startup despite potential financial loss, believing in the long-term vision. This not only propels business growth but also stimulates the economy by creating jobs.
Step 2
Decision-Making
Answer
Effective decision-making is vital for successful enterprises. A business leader must assess various factors, such as market trends and customer feedback, to make informed choices. In a community context, decision-making can help organizations allocate resources effectively to address local needs, ensuring sustainable development.
Step 3
Flexibility
Answer
Flexibility allows businesses to adapt to changing circumstances and customer needs. For example, during a crisis like a pandemic, companies that pivot their operations, such as restaurants offering delivery services, demonstrate flexibility. This skill also enriches community initiatives by enabling groups to shift focus and resources in response to emerging challenges.
Step 4
Leadership
Answer
Leadership is essential for motivating teams and guiding enterprises towards their goals. In business, effective leaders foster a positive work environment, inspiring employees to perform at their best. In the community, strong leaders can mobilize volunteers and resources for local projects, demonstrating how effective leadership can create a significant impact.