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Describe three enterprise skills required of an entrepreneur. - Leaving Cert Business - Question A - 2007

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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

96%

114 rated

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

99%

104 rated

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

96%

101 rated

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.

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