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Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Question A
Outline the role of an entrepreneur. An Entrepreneur is a person who identifies a business opportunity (product or service) and undertakes the risks of establishing... show full transcript
Worked Solution & Example Answer:Outline the role of an entrepreneur - Leaving Cert Business - Question A - 2015
Step 1
Outline the role of an entrepreneur.
Answer
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Identifying Opportunities: An entrepreneur discovers a gap in the market or a specific need that is not currently addressed.
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Risk Management: They take calculated risks related to investments, product development, and market presence.
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Resource Management: Entrepreneurs gather and manage the resources required, which include finance, materials, and human talent.
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Initiative and Leadership: They show initiative by leading projects and inspiring teams to bring the business idea to fruition.
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Profit Motivation: Ultimately, the goal is to create a profit, which requires a focus on sales, market positioning, and operational efficiency.
Step 2
Outline how Alice’s enterprising skills/characteristics could benefit Ashfield Tidy Towns Committee.
Answer
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Innovation and Creativity: Alice can spot opportunities for improving the area, contributing fresh ideas to enhance the community.
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Decisive Action: Her ability to make decisions swiftly enables the committee to act promptly on pressing matters.
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Analytical Skills: Alice can evaluate problems critically and develop practical solutions, which is crucial for effective committee function.
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Time Management: She will prioritize tasks efficiently, ensuring that all committee objectives are met in a timely manner.
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Realism: Alice's practical approach will help set achievable goals and motivate others by showing what can realistically be accomplished.
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Adaptability: She can adjust strategies based on changing circumstances, ensuring the committee remains effective.
Step 3
Explain the difference between a democratic and an autocratic leader.
Answer
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Democratic Leader:
- Encourages team input and participation in decision-making processes.
- Delegates authority and fosters a sense of responsibility among team members.
- Values feedback and considers team opinions, aiming to reach a consensus.
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Autocratic Leader:
- Makes decisions independently and expects compliance from team members.
- Control-oriented, often does not allow for team input.
- Can lead to staff discontent due to a lack of engagement.
Step 4
Draft the Notice and Agenda of the Ashfield Tidy Towns Committee meeting, sent by the Secretary, Brian O’Donnell. (The Agenda must contain at least four items.)
Answer
Notice:
Ashfield Tidy Towns Committee
11 June 2015
The next monthly meeting of the Ashfield Tidy Towns Committee will take place on Friday 26th June 2015 at 7.30 p.m. in Ashfield Community Centre.
Agenda:
- Minutes of previous meeting
- Matters arising from minutes / Correspondence
- Chairperson’s address / Treasurer’s report / Secretary’s report
- Sponsors for improvement to our local park
- Team responsibilities / other areas of village maintenance attention
AOB
Signed: Brian O’Donnell, Secretary
Step 5
Explain two benefits of teamwork.
Answer
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Improved Employee Morale: Teamwork fosters a sense of belonging and support among team members, which boosts their motivation and job satisfaction.
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Enhanced Problem Solving: By collaborating, team members can pool their diverse skills and perspectives, leading to more comprehensive solutions to challenges.