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Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Question A
Outline the role of an entrepreneur. An Entrepreneur is a person who identifies a business opportunity (product or service) and undertakes the risks of establishing... show full transcript
Worked Solution & Example Answer:Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Step 1
Outline the role of an entrepreneur.
Answer
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Identification of Opportunities: An entrepreneur recognizes market needs and identifies potential opportunities for products or services that can address those needs.
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Risk Management: They assess the risks associated with starting a business, including financial, operational, and market risks, and devise strategies to mitigate them.
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Resource Management: Entrepreneurs acquire and organize the necessary resources, both human (staff and teams) and financial (investment and funding), to establish their business.
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Innovation and Adaptation: They often innovate to improve business processes or create new products, and they adapt to changing market conditions to remain competitive.
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Profit Generation: Entrepreneurs work towards the goal of making a profit, driving their commitment and commitment to business growth and sustainability.
Step 2
Outline how Alice’s enterprising skills/characteristics could benefit Ashfield Tidy Towns Committee.
Answer
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Innovation and Creativity: Alice can bring innovative ideas to improve local parks, engaging volunteers in new and effective ways.
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Decisiveness: Her decisiveness will facilitate quick decision-making for important projects, helping the committee act promptly on opportunities or challenges that arise.
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Analytical Skills: With her ability to analyze situations, Alice will prioritize tasks that align with the committee’s objectives, ensuring efficient use of resources.
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Time Management: By effectively managing time, she can allocate sufficient periods for various committee activities, enhancing overall productivity.
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Flexibility and Adaptability: Alice's ability to adapt to changing priorities will allow the committee to respond effectively to unexpected challenges or opportunities.
Step 3
Explain the difference between a democratic and an autocratic leader.
Answer
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Democratic Leader: A democratic leader communicates openly with team members and involves them in decision-making processes. This leader delegates authority, encourages participation, and values the input of the team.
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Autocratic Leader: In contrast, an autocratic leader relies on top-down decision-making. This type of leader prefers to make decisions independently without input from staff, often issuing commands that must be followed without questioning.
Step 4
Draft the Notice and Agenda of the Ashfield Tidy Towns Committee meeting, sent by the Secretary, Brian O’Donnell. (The Agenda must contain at least four items.)
Answer
Notice:
Ashfield Tidy Towns Committee
11 June 2015
The next monthly meeting of the Ashfield Tidy Towns Committee will take place on Friday 26th June 2015 at 7.30 p.m. in Ashfield Community Centre.
Agenda:
- Minutes of previous meeting
- Matters arising from minutes / Correspondence
- Chairperson’s address / Treasurer’s report / Secretary’s report
- Solutions for improvements to local park
- Team responsibilities / other areas of village meeting action
- AOB
Signed:
Brian O’Donnell, Secretary
Step 5
Explain two benefits of teamwork.
Answer
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Shared Workload: Teamwork allows work to be distributed among members, reducing individual stress and enhancing productivity as each member contributes according to their strengths.
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Enhanced Problem-Solving: Diverse perspectives within a team foster creativity and innovation, leading to more effective solutions and improved outcomes for projects undertaken.