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Discuss the entrepreneurial skills and characteristics you would associate with entrepreneurs like Maria and David - Leaving Cert Business - Question 5(A) - 2021

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Question 5(A)

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Discuss the entrepreneurial skills and characteristics you would associate with entrepreneurs like Maria and David. Ballymakenny Farm Heritage & Speciality Potatoes... show full transcript

Worked Solution & Example Answer:Discuss the entrepreneurial skills and characteristics you would associate with entrepreneurs like Maria and David - Leaving Cert Business - Question 5(A) - 2021

Step 1

Risk taking

96%

114 rated

Answer

Entrepreneurs often take personal and financial risks in order to pursue their ideas. Maria and David have invested their time and money into their farm and the production of Purple Violetta Potatoes. This requires them to assess risks carefully—deciding when to expand their operations or when to seek financing.

Step 2

Innovative/Creative

99%

104 rated

Answer

Successful entrepreneurs exhibit creativity by seeking new ways to improve their offerings. Maria demonstrated innovation by developing unique marketing strategies, such as selling directly to consumers and carving out a niche within the potato market.

Step 3

Decisive/Decision Making

96%

101 rated

Answer

Entrepreneurs must be skilled decision-makers, often needing to consult with stakeholders. Maria and David learned to weigh the pros and cons of different business strategies, ensuring they make effective choices that promote growth.

Step 4

Resilient

98%

120 rated

Answer

Resilience is key in entrepreneurship. Maria and David needed to adapt and recover from setbacks, demonstrating their determination to overcome challenges in growing their business.

Step 5

Confident

97%

117 rated

Answer

Confidence is vital for entrepreneurs to showcase their ideas. Maria and David's belief in their unique potatoes instilled the confidence required to pursue their venture despite uncertainties.

Step 6

Flexible

97%

121 rated

Answer

Flexibility allows entrepreneurs to adapt to changing situations. Maria and David had to adjust their production methods in response to market trends and consumer preferences, showcasing their ability to pivot in business.

Step 7

Future focused

96%

114 rated

Answer

Successful entrepreneurs are often forward-thinking. Maria and David identified potential future market opportunities by focusing on unique offerings like Purple Violetta Potatoes, aiming to stay ahead of competitors.

Step 8

Proactive/Have Initiative

99%

104 rated

Answer

Entrepreneurs typically take the initiative to explore new opportunities. Maria and David showcased this by actively seeking to develop their unique potato business, which required setting clear goals and efforts to achieve them.

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