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Question A
Illustrate, using examples from the above text, four enterprise characteristics/skills shown by Liam. Liam Best, an electrical engineer, established Renewable Energ... show full transcript
Step 1
Answer
Liam is a risk taker. Successful entrepreneurs are not afraid of failing or taking risks. Liam has seen an opportunity in the market for a new product/service and is prepared to take the chance to set up his own business. He is taking both a personal and financial risk in setting up RES Ltd. This is exemplified by his decision to leave his previous stable job to pursue his venture.
Step 2
Answer
Liam demonstrates creativity by identifying a niche in the market for introducing solar panels to the Irish market. Despite the challenges facing his business, he is constantly looking for new ideas and ways of improving what he does. His innovative approach includes setting up comprehensive payment plans to attract customers when traditional sales methods are falling short.
Step 3
Answer
Confidence is another trait that Liam exhibits. He is optimistic about the future demand for green energy sources in Ireland. His belief in the potential of the market to bounce back shows his strong sense of self-belief. This is illustrated by his e-mail to the staff, where he expresses his conviction that the demand for energy-efficient products will increase due to government regulations.
Step 4
Answer
Liam's resilience is evident in his response to the challenges faced by his business. He refuses to give up despite setbacks, such as customer non-payment and decreased sales. His determination to find solutions, like implementing pay cuts and addressing staff concerns, reflects a strong will to navigate through tough times and keep the business afloat.
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