Photo AI
Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community. - Leaving Cert Business - Question C - 2006
Question C
Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community.
Worked Solution & Example Answer:Using examples, analyse the importance of four different enterprising skills and relate two to business and two to the community. - Leaving Cert Business - Question C - 2006
Step 1
Risk taking
Answer
Risk taking is essential in entrepreneurship as it allows individuals to explore new opportunities. For businesses, a calculated risk can lead to innovative products or services, helping them stay competitive. For example, a startup may take risks by investing in untested technology, which could lead to significant market advantage if successful. In the community, individuals can take risks by starting initiatives that address local issues, such as creating a community garden to promote sustainability and healthy living.
Step 2
Decision-making
Answer
Effective decision-making is crucial for both businesses and communities. In a business context, strong decision-making skills can drive operations and lead to successful outcomes. For instance, a manager who quickly assesses market trends can adjust strategies to capitalize on new consumer demands. In the community, good decision-making aids in resolving conflicts and ensuring that community projects are beneficial and inclusive, such as deciding on the allocation of funds for community programs.
Step 3
Leadership
Answer
Leadership is an integral skill that encompasses guiding teams towards achieving common goals. In a business context, effective leadership fosters a collaborative environment, motivating employees to enhance productivity. A business leader implementing team-building exercises can improve morale and teamwork. Conversely, in the community, strong leadership is required to mobilize residents for communal activities. For instance, leaders can organize clean-up drives that engage community members in maintaining their local parks.
Step 4
Time management
Answer
Time management enables individuals to prioritize tasks effectively. In businesses, good time management leads to enhanced efficiency, as employees can meet deadlines and optimize workflow. A project manager who allocates time wisely can ensure that projects are completed ahead of schedule. In the community, time management is vital for organizing events. For example, a community leader must manage time effectively to ensure a local festival runs smoothly, coordinating volunteers and activities without conflict.