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Illustrate your understanding of the term 'entrepreneurship': - Leaving Cert Business - Question 1 - 2012
Question 1
Illustrate your understanding of the term 'entrepreneurship':
Worked Solution & Example Answer:Illustrate your understanding of the term 'entrepreneurship': - Leaving Cert Business - Question 1 - 2012
Step 1
Define Entrepreneurship
Answer
Entrepreneurship refers to the ability and willingness of individuals or groups to establish and manage a business venture, taking on financial and personal risks in the hope of generating profit. The core characteristic of entrepreneurship lies in organizing resources effectively to meet market demands.
Step 2
Explain the Role of an Entrepreneur
Answer
An entrepreneur is an individual or group that undertakes the challenge of starting and running a business. They are responsible for making critical decisions, managing resources, and assuming the risk involved in bringing innovative ideas to life.
Step 3
Provide an Example
Answer
For instance, consider the case of Mark Zuckerberg, who co-founded Facebook. He identified the opportunity to create a social networking platform while in college. By organizing resources, including talent and technology, he created a product that addressed a growing need for connectivity, ultimately leading to significant financial rewards.