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Outline the characteristics/skills that you would associate with entrepreneurs. - Leaving Cert Business - Question A - 2017

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Outline the characteristics/skills that you would associate with entrepreneurs.

Worked Solution & Example Answer:Outline the characteristics/skills that you would associate with entrepreneurs. - Leaving Cert Business - Question A - 2017

Step 1

Risk Taking

96%

114 rated

Answer

An entrepreneur takes a personal and financial risk in setting up a new business with no guarantee of success. If the product is successful in the market, the risk pays off and the entrepreneur makes a profit.

Step 2

Decision Making

99%

104 rated

Answer

An entrepreneur must have the ability to make decisions for the benefit of the business, especially in high-pressure situations. They need to analyze intended and unintended consequences of their choices and consider all factors involved.

Step 3

Innovation/Creativity/Exploiting Opportunity

96%

101 rated

Answer

Entrepreneurs should be creative and capable of developing new ideas or methods. They must showcase imagination, resourcefulness, and the willingness to undertake new projects, pushing the limits to create new products.

Step 4

Future Focused/Customer Focus

98%

120 rated

Answer

An entrepreneur is proactive, constantly looking toward the future and identifying potential opportunities or gaps in the market that can be exploited.

Step 5

Resilient/Confident/Determined

97%

117 rated

Answer

Entrepreneurs must not be dissuaded by failures. They should possess a strong sense of self-belief and conviction in their business ideas, viewing setbacks as opportunities for learning and growth.

Step 6

Networking/Persuasive Abilities

97%

121 rated

Answer

Having strong networking skills is essential for entrepreneurs, as they must effectively build relationships, persuade others about their vision, and foster partnerships that can enhance their business.

Step 7

Human Relations/Flexibility/Initiative

96%

114 rated

Answer

Entrepreneurs need to be adaptable, understanding the importance of human relations. They should take the initiative and have a realistic perception of their business environment.

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