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Outline three enterprising skills / characteristics that entrepreneurs display - Leaving Cert Business - Question A - 2019
Question A
Outline three enterprising skills / characteristics that entrepreneurs display. B) Outline three risks of setting up your own business.
Worked Solution & Example Answer:Outline three enterprising skills / characteristics that entrepreneurs display - Leaving Cert Business - Question A - 2019
Step 1
Outline three enterprising skills / characteristics that entrepreneurs display.
Answer
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Innovative/Creative: Entrepreneurs often come up with new ideas and think outside the box. They constantly seek opportunities and explore innovative solutions to meet consumer demand.
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Hardworking/Energetic: Entrepreneurs demonstrate a strong work ethic, investing long hours into their ventures to achieve their goals. This dedication is crucial for overcoming challenges and ensuring success.
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Decisive/Decision Making: Successful entrepreneurs possess the ability to make effective decisions quickly. They evaluate options, assess risks, and implement strategies to maintain business momentum.
Step 2
Outline three risks of setting up your own business.
Answer
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Financial problems: New businesses often face uncertainty with cash flow and may not generate sufficient revenue initially. This jeopardizes the owner's ability to sustain the business in the long term.
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Stress: Starting a business involves numerous challenges, including long hours and initial setbacks. This can lead to high levels of stress for the entrepreneur, which may affect their well-being and decision-making.
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Competition: New businesses must contend with established competitors. They might struggle to carve out a market share, which can hinder growth and sustainability.