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In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town - Leaving Cert Business - Question West Coast Surf - 2014
Question West Coast Surf
In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town. He received a redundancy package and decided he would like to set up his own busine... show full transcript
Worked Solution & Example Answer:In 2013, Jordan Casey was made redundant from his job at a factory in Sligo town - Leaving Cert Business - Question West Coast Surf - 2014
Step 1
Outline three enterprising skills/characteristics displayed by Jordan.
Answer
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Decisive: Jordan made a clear decision to start his own business after being made redundant, showcasing his ability to take action.
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Innovative/Creative: He identified a unique opportunity to set up surfing lessons, tapping into a growing market.
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Risk Taker: By investing in his own business, he acknowledged the inherent risks involved with entrepreneurship.
Step 2
Outline two other sources of new business ideas.
Answer
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Research & Development: Investing in research to develop new products and services, stemming from market needs and consumer feedback.
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Competitor Analysis: Monitoring competitors can lead to insights on what the market demands, allowing Jordan to adapt and innovate accordingly.
Step 3
Explain two long-term sources of finance Jordan could use to set up his business.
Answer
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Long-Term Loan/Debenture: Jordan could secure a long-term loan from a financial institution, which would require repayment over a specified period with interest.
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Grants: He may apply for grants provided by government bodies, which do not require repayment, helping to fund his business without accumulating debt.
Step 4
Explain why Jordan should carry out a SWOT analysis.
Answer
A SWOT analysis helps Jordan to assess his business environment critically. It identifies:
- Strengths: Advantages he has over competitors.
- Weaknesses: Areas for improvement.
- Opportunities: External factors to capitalize on.
- Threats: Challenges that could hinder his business, guiding him in strategic planning.
Step 5
Outline how the mentoring service provided by the County Enterprise Board works.
Answer
The mentoring service acts as an advisory resource for individuals starting their businesses. It offers:
- Guidance: Experienced mentors provide insights and support during the start-up phase.
- Networking: The service helps mentees connect with other entrepreneurs and resources.
- Development: Mentorship includes assistance in developing business plans and navigating challenges, ensuring the success of his surfing lesson venture.