Photo AI
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
-
Innovation/Creativity: The students demonstrated innovation by coming up with a unique idea for their mini-company, utilizing dried wildflowers in greeting cards, which sets them apart from traditional card businesses.
-
Risk-taking: The willingness to invest their own money shows their readiness to take both personal and financial risks in pursuing their entrepreneurial venture.
-
Flexibility/Adaptability: By being open to changing their plans and adjusting their strategies based on market demands, the students showcase their ability to adapt as necessary.
Step 2
Outline two characteristics of a democratic leader.
Answer
-
Consultative Approach: A democratic leader involves team members in decision-making, seeking their input and feedback. This promotes a sense of ownership and accountability among the team.
-
Delegation of Authority: A democratic leader delegates tasks and responsibilities, trusting their team members to execute their roles, which enhances collaboration and teamwork.
Step 3
Explain the term SWOT analysis.
Answer
SWOT analysis is a strategic planning tool that helps businesses identify their internal Strengths and Weaknesses, along with external Opportunities and Threats. It provides insights into the current position of a business, enabling informed decision-making.
- Strengths: Refers to the advantages the business has, such as skilled staff or unique products, which can give it an edge in the competitive market.
- Weaknesses: Highlights the areas that need improvement, such as lack of resources or experience, which could hinder success.
- Opportunities: External factors that the business could exploit to its advantage, such as new market trends or changes in customer preferences.
- Threats: Challenges posed by external factors that could negatively impact the business, such as economic downturns or increased competition.
Step 4
Step 5
Explain two benefits of planning for a business.
Answer
- Improved Resource Management: Planning helps in efficiently allocating resources, including finance and manpower, to avoid wastage and ensure productivity.
- Identifies Required Resources: A structured plan lays out what resources are needed to achieve the company’s goals, ensuring readiness and minimizing surprises.