Podcast
Questions and Answers
What is a key characteristic of an enterprising person?
What is a key characteristic of an enterprising person?
What is the purpose of conducting a SWOT analysis?
What is the purpose of conducting a SWOT analysis?
What is an example of a strength in a SWOT analysis?
What is an example of a strength in a SWOT analysis?
What is a characteristic of an opportunity in a SWOT analysis?
What is a characteristic of an opportunity in a SWOT analysis?
Signup and view all the answers
What is an example of enterprise in action at home?
What is an example of enterprise in action at home?
Signup and view all the answers
What is a problem-solving skill that is essential for leaders?
What is a problem-solving skill that is essential for leaders?
Signup and view all the answers
What is the primary aim of an entrepreneur?
What is the primary aim of an entrepreneur?
Signup and view all the answers
Which of the following is a characteristic of an entrepreneur?
Which of the following is a characteristic of an entrepreneur?
Signup and view all the answers
What is the purpose of SWOT analysis in entrepreneurship?
What is the purpose of SWOT analysis in entrepreneurship?
Signup and view all the answers
Which of the following is a benefit of intrapreneurship?
Which of the following is a benefit of intrapreneurship?
Signup and view all the answers
What is the main reason why entrepreneurs engage in diversification?
What is the main reason why entrepreneurs engage in diversification?
Signup and view all the answers
What is the primary motivator for entrepreneurs who are inspired by the current media landscape?
What is the primary motivator for entrepreneurs who are inspired by the current media landscape?
Signup and view all the answers
What is a characteristic of a successful entrepreneur in terms of risk taking?
What is a characteristic of a successful entrepreneur in terms of risk taking?
Signup and view all the answers
Why are entrepreneurs able to take risks and push forward with their business ideas?
Why are entrepreneurs able to take risks and push forward with their business ideas?
Signup and view all the answers
What is an important step in planning and goal setting for entrepreneurs?
What is an important step in planning and goal setting for entrepreneurs?
Signup and view all the answers
How do entrepreneurs approach problems and challenges?
How do entrepreneurs approach problems and challenges?
Signup and view all the answers
What is a key aspect of an entrepreneur's reality perception?
What is a key aspect of an entrepreneur's reality perception?
Signup and view all the answers
What is a key characteristic of entrepreneurs in terms of customer focus?
What is a key characteristic of entrepreneurs in terms of customer focus?
Signup and view all the answers
What is an essential aspect of an entrepreneur's time management skills?
What is an essential aspect of an entrepreneur's time management skills?
Signup and view all the answers
What is the primary goal of risk management in entrepreneurship?
What is the primary goal of risk management in entrepreneurship?
Signup and view all the answers
What is a key aspect of human relations in entrepreneurship?
What is a key aspect of human relations in entrepreneurship?
Signup and view all the answers
What is a characteristic of an entrepreneur's decision-making process?
What is a characteristic of an entrepreneur's decision-making process?
Signup and view all the answers
What is the purpose of delegation in entrepreneurship?
What is the purpose of delegation in entrepreneurship?
Signup and view all the answers
Which of the following is a key aspect of leadership in entrepreneurship?
Which of the following is a key aspect of leadership in entrepreneurship?
Signup and view all the answers
What is a critical aspect of problem-solving in entrepreneurship?
What is a critical aspect of problem-solving in entrepreneurship?
Signup and view all the answers
Study Notes
Problem Solving Skills
- Having the ability to decide how to resolve different problems that may arise
- Involves using tools like SWOT analysis to plan future activities and maximize their positive impact
SWOT Analysis
- An analysis of internal strengths and weaknesses, and external opportunities and threats facing a business
- Used to plan future activities and set realistic goals
- Strengths: internal attributes and resources that can be developed into a competitive advantage (e.g., strong brand name, loyal customer base, good market share)
- Weaknesses: internal aspects of a business that are underdeveloped and could damage the business (e.g., poor credit control, poor industrial relations, obsolete technologies)
- Opportunities: external factors that could benefit the business (e.g., falling exchange rate, high consumer demand, strong economy, competitor weaknesses)
- Threats: external factors that could jeopardize the business (e.g., government regulations, shortage of raw materials, changing market tastes, increased competition, failing economy)
Enterprise in Action
- Enterprising people can be found in all walks of life, showing initiative and using their skills to create work for themselves or serve their communities
- Found in home, school, local community, government, and business
- Enterprising skills can be applied to various works, such as volunteering for Tidy Towns
Enterprise at Home
- Examples of enterprising skills at home include:
- Using solar power instead of conventional fossil fuels as an energy source
- Implementing an effective waste management program
- Preparing a household budget
- Growing organic vegetables in the garden
Enterprise at School
- Examples of enterprising skills at school include:
- Organizing an art and craft exhibition to generate school funds
Characteristics of Entrepreneurs
- Risk-taking: willing to take personal and financial risks in pursuit of a business idea
- Resilient: not put off by failure, with a strong sense of self-belief and conviction about their business ideas
- Reality Perception: realistic in their expectations, recognizing their limitations and seeking advice and help when needed
- Proactive: anticipating what is needed and doing something about it rather than being reactive
- Customer Focused: aware of customers' needs and willing to change their business model to meet those needs
- Flexibility: adaptable and able to cope with change
Skills of Entrepreneurs
- Planning and Goal Setting: setting short-term and long-term goals, and drawing up plans to achieve them
- Business Unit: role of entrepreneur, reasons for entrepreneurship, intrapreneurship, benefits of intrapreneurship, characteristics of entrepreneur, skills of entrepreneur, SWOT analysis, importance of enterprise
- Risk Management: a planned approach towards gathering information about uncertain situations, minimizing risks, and eliminating them where possible
- Human Relations: communicating and interacting effectively with others, developing excellent human relations, networking, and persuasion skills
- Decision Making: analyzing information, thinking logically, and making quick and clear decisions
- Delegation: giving responsibility to subordinates to carry out certain tasks and giving them the authority to make decisions relevant to it
Definition of Entrepreneur
- Someone who spots an opportunity in a market gap and uses initiative to create a new product or service, taking financial and personal risk
- Examples of entrepreneurs include Richard Branson of Virgin Group and Pat McDonagh of Supermacs
Reasons for Entrepreneurship
- Increase Income: potential to maximize income and keep profits
- Independence: being one's own boss, making own decisions, and creating own path
- Gap in Market: spotting a product or service opportunity and gaining total control
- Inspired: new found age of pro-entrepreneurship in current media
- Time Management Skills: making effective use of time, carrying out tasks as quickly as possible, and prioritizing tasks in order of importance
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge of problem-solving skills and SWOT analysis, a crucial tool for business planning and goal setting. Learn how to identify strengths, weaknesses, opportunities, and threats to maximize positive impact.
