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Describe three enterprise skills required of an entrepreneur. - Leaving Cert Business - Question A - 2007
Question A
Describe three enterprise skills required of an entrepreneur.
Worked Solution & Example Answer:Describe three enterprise skills required of an entrepreneur. - Leaving Cert Business - Question A - 2007
Step 1
Risk taking
Answer
Risk taking is a crucial skill for an entrepreneur, as it involves the ability to make decisions that involve uncertainty and potential loss. Entrepreneurs must assess risks critically and choose to engage in ventures that have the potential for significant rewards, despite the possibility of failure.
Step 2
Flexibility
Answer
Flexibility allows an entrepreneur to adapt to changing circumstances and customer needs. This skill is essential in navigating the uncertainties of the business environment, enabling entrepreneurs to pivot their strategies and operations in response to market trends or unforeseen challenges.
Step 3
Realism
Answer
Realism is important for entrepreneurs, as it encompasses the ability to evaluate situations honestly and make pragmatic decisions. Entrepreneurs need to have a clear understanding of their strengths and weaknesses, as well as the feasibility of their ideas, in order to set achievable goals and implement effective strategies.