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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
Skill 1: Risk Taking
Answer
Risk taking is crucial for both businesses and communities. In a business context, a company that embraces risk may explore new markets or launch innovative products. For example, a tech startup that invests heavily in R&D to develop cutting-edge software demonstrates risk taking by betting on the potential success of its product.
In the community, individuals who take risks often bring about positive changes, such as advocating for social issues or starting community initiatives. A classic example is a local entrepreneur who creates a food bank, risking financial resources to benefit those in need.
Step 2
Skill 2: Decision Making
Answer
Effective decision making impacts business success and community development significantly. In a business, strategic decisions like entering a new market or cutting costs can dictate its future. For example, a company might decide to shift production to reduce overheads, showcasing prudent decision making.
On a community level, council leaders must make decisions that affect public welfare, such as allocating budgets for schools or infrastructure projects. Such decisions are vital for the community's growth and sustainability.
Step 3
Skill 3: Leadership
Answer
Leadership is vital for guiding business teams and enriching communities. In businesses, strong leaders inspire employees, fostering motivation and enhancing productivity. For instance, a CEO who encourages innovation and teamwork can create a dynamic work environment.
In community settings, effective leaders unite individuals towards common goals, such as organizing clean-up drives or charity events. This unity develops trust and cooperation within the community, leading to positive outcomes.
Step 4
Skill 4: Problem Solving
Answer
Problem solving is essential for navigating challenges in both business and community contexts. In business, a manager who addresses customer complaints effectively not only retains customers but builds brand loyalty. For instance, resolving a product issue promptly can enhance the company’s reputation.
Similarly, communities often face problems such as resource allocation. Residents who engage in problem-solving dialogues to find solutions for local issues, like traffic congestion or littering, demonstrate how this skill can foster collaboration and improve living conditions.