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Explain the following entrepreneurial characteristics: (i) Innovative: (ii) Risk taker: - Leaving Cert Business - Question 2 - 2015
Question 2
Explain the following entrepreneurial characteristics: (i) Innovative: (ii) Risk taker:
Worked Solution & Example Answer:Explain the following entrepreneurial characteristics: (i) Innovative: (ii) Risk taker: - Leaving Cert Business - Question 2 - 2015
Step 1
Innovative:
Answer
Innovation refers to the ability to see opportunities where others may not. An innovative entrepreneur constantly seeks new ways to approach problems and processes. This means not only coming up with inventive ideas but also implementing them effectively. Innovations can encompass new products, services, or methods that improve efficiency and meet customer needs. By identifying solutions to existing problems, innovative entrepreneurs create value that can differentiate their businesses in competitive markets.
Step 2
Risk taker:
Answer
A risk taker in entrepreneurship is someone who is prepared to embrace uncertainty and make decisions that can lead to significant rewards. This characteristic entails a willingness to step outside of the comfort zone, investing personal and financial resources into a business venture despite the potential for failure. Effective risk takers analyze situations, weigh pros and cons, and develop contingency plans. Acknowledging the possibility that all investments could be lost if the business fails, they remain undeterred, understanding that taking risks is often necessary for achieving substantial success.