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The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present - Leaving Cert Business - Question 4 - 2003
Question 4
The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present. Enter... show full transcript
Worked Solution & Example Answer:The development of enterprise skills and Entrepreneurship is enjoying a great deal of attention not only in Ireland but also in countries worldwide at present - Leaving Cert Business - Question 4 - 2003
Step 1
Describe your understanding of the term entrepreneurship.
Answer
Entrepreneurship refers to the process of identifying opportunities in the market and taking the initiative to create new businesses or products to exploit those opportunities. Entrepreneurs are individuals who undertake the risks involved in establishing and running a business. They are often characterized by their ability to innovate, adapt to changing circumstances, and manage resources effectively.
Entrepreneurs not only provide goods or services but also drive economic growth by creating jobs and fostering competition. Their role extends beyond mere profit-making; it includes social responsibility and community engagement. Successful entrepreneurs are also skilled in decision-making, risk assessment, and are usually relentless in pursuit of their vision.
Step 2
Identify the personal characteristics normally associated with entrepreneurial business people.
Answer
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Control: Entrepreneurs exhibit a strong desire to maintain control over their projects and are independent in decision-making.
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Risk-taking: They are not afraid of failure and are willing to take calculated risks that may involve financial and personal sacrifices.
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Flexibility: Entrepreneurs adapt to changing conditions and learn from mistakes, demonstrating resilience.
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Confidence: A high self-image drives entrepreneurs to seek solutions efficiently, viewing challenges as opportunities.
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Realism: They are realistic about their capabilities and the market environment, setting achievable goals.
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Decisiveness: Entrepreneurs can make quick, informed decisions while taking responsibility for their outcomes.
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Determination: They persist in the face of obstacles, demonstrating commitment and tenacity.
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Leadership: Good leaders inspire teams, fostering collaboration for mutual benefit.
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Energy: High levels of energy and initiative propel entrepreneurs to work diligently towards their objectives.
Step 3
Illustrate how entrepreneurial skills might be used to enhance either the local community.
Answer
Entrepreneurial skills can significantly enhance a local community in various ways:
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Personal Inner Control: Entrepreneurs can motivate locals to take charge of community issues by establishing initiatives that foster self-reliance.
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Reality Perception: By assessing local needs realistically, entrepreneurs can develop programs that directly address these needs, such as setting up local markets or training workshops.
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Innovation: New businesses can introduce innovative solutions to local problems, fostering community development and improving quality of life.
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Decision Making: Skilled entrepreneurs can make informed decisions that help allocate community resources efficiently.
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Delegation and Feedback: They can foster a culture of collaboration and feedback that encourages community participation in various projects.
Step 4
Illustrate how entrepreneurial skills might be used to enhance either a Government Department.
Answer
Within a Government Department, entrepreneurial skills can be applied in numerous beneficial ways:
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Stress Management: Entrepreneurs can help identify and mitigate stressors within the department by streamlining processes and fostering a supportive work environment.
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Human Resources Management: By implementing effective team structures and promoting professional development, entrepreneurs can enhance workforce efficiency.
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Leadership Skills: Strong leadership fosters better coordination between team members and enhances overall productivity.
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Planning and Goal Setting: Entrepreneurs can introduce structured planning methodologies that enhance service delivery.
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Innovation: Entrepreneurial thinking encourages departments to adopt new technologies or methods that improve public service.