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Outline three enterprising skills / characteristics that entrepreneurs display - Leaving Cert Business - Question A - 2019
Question A
Outline three enterprising skills / characteristics that entrepreneurs display. Outline three risks of setting up your own business. Name two types of plan used ... show full transcript
Worked Solution & Example Answer:Outline three enterprising skills / characteristics that entrepreneurs display - Leaving Cert Business - Question A - 2019
Step 1
Outline three enterprising skills / characteristics that entrepreneurs display.
Answer
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Innovative/Creative: Entrepreneurs are often innovative and creative, constantly coming up with new ideas and finding unique ways to solve problems. They think outside the box to differentiate their offerings from competitors.
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Risk Taker: Entrepreneurs are willing to take risks to pursue their business ideas. They understand the potential for failure and are ready to face challenges in pursuit of success.
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Decisive/Decision Making: Entrepreneurs must make quick and effective decisions, often under pressure. This skill is crucial in determining the direction and strategy of their business.
Step 2
Outline three risks of setting up your own business.
Answer
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Financial Risks: Entrepreneurs often face the risk of personal financial loss if the business fails. Initial investments can lead to significant financial burdens.
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Market Risks: New businesses may struggle to find a customer base. There is always a chance that the business might not meet market needs, leading to potential failure.
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Operational Risks: Managing day-to-day operations can be challenging. Issues such as poor management, supply chain disruptions, or employee turnover can adversely affect the business.
Step 3
Step 4
Explain one type of plan that Smyths Toys Superstores might have.
Answer
Smyths Toys Superstores might have a Strategic Plan, which defines their long-term vision and objectives. This plan could outline goals such as expanding to new locations or increasing market share over a specified timeframe.
Step 5
Explain the term stock control.
Answer
Stock control refers to the process of managing the inventory of a business to ensure they have sufficient stock to meet customer demand without overstocking. It involves regular monitoring of stock levels, ordering new stock, and ensuring that inventory is organized efficiently.
Step 6
Explain two reasons why stock control is important for a toy store.
Answer
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Customer Satisfaction: Efficient stock control helps ensure that the store has the right toys available, particularly during peak seasons like Christmas, thus increasing customer satisfaction.
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Cost Management: By effectively managing stock, the store can reduce costs associated with excess inventory and wastage, leading to better financial efficiency.
Step 7
Draw a diagram to illustrate a functional organisational structure for a business with four departments.
Answer
The functional organisational structure for a business with four departments can be illustrated as follows:
Shareholders
|\n Board of Directors
|
Managing Director
/|
/ |
Finance Production Marketing HR
This diagram shows the hierarchy from shareholders down to the four functional departments.