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Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ - Leaving Cert Business - Question A - 2015
Question A
Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ. (20 marks)
Worked Solution & Example Answer:Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ - Leaving Cert Business - Question A - 2015
Step 1
Innovative/Creative
Answer
Martin Harte demonstrated innovative thinking by recognizing the need to adapt his company to the changing market conditions. He identified and capitalized on the rising global popularity of Irish dance, as mentioned in the text: "His solution was based on the ever increasing popularity of Irish Dance worldwide." This indicates his ability to innovate in response to external trends.
Step 2
Initiative/Exploding Opportunity
Answer
Martin took the initiative to leverage his expertise in footwear manufacturing to explore the growing Irish Dancing market. He aimed to fill a specific niche by creating high-quality shoes for Irish dancers. The text states, "Martin's goal was to create a range of soft and hard dance shoes, using the finest and most durable leather..." This shows his proactive approach in seizing market opportunities.
Step 3
Risk Taker
Answer
Entrepreneurship often involves taking calculated risks. Martin exemplified this characteristic by investing a significant amount into his business to modernize equipment, as indicated by the text: "Martin invested a further €50,000 into the business to be used for modernizing plant and equipment." Such financial commitment illustrates his willingness to take risks for potential growth.
Step 4
Customer Focus/Future Focus
Answer
Martin also demonstrated a keen awareness of customer needs. By realizing that the centuries-old footwear industry was in decline, he was willing to adapt his business model to better meet the evolving demands of customers. The text notes, "He began to realise that the centuries-old footwear industry was in decline..." This foresight positions him as a future-focused entrepreneur.
Step 5
Reality Perception/Realistic
Answer
An essential trait of successful entrepreneurs is their realistic perception of the current business environment. Martin Harte assessed the situation accurately, understanding both the challenges his company faced and the opportunities available. The statement, "Martin Harte, the owner, began to realise that the centuries-old footwear industry was in decline..." reflects this clear-sightedness.
Step 6
Networking/Persuasive Abilities/Human Relations
Answer
Lastly, Martin understood the importance of networking and seeking external support. By engaging with Enterprise Ireland's 'Get Export Ready' scheme, Martin sought valuable guidance which further illustrates his recognition of the need for collaboration in entrepreneurship. This proactive networking effort underscores his persuasive abilities and willingness to leverage relationships for business success.