Business Management: Problem Solving and SWOT Analysis

Questions and Answers

What is a key characteristic of an enterprising person?

Specializing in a specific field

Showing initiative and using their skills (correct)

Working in a team environment

Following a set of rules and procedures

What is the purpose of conducting a SWOT analysis?

To identify opportunities and threats

To develop a competitive advantage

To create a budget for a business

To plan future activities to maximize their positive impact (correct)

What is an example of a strength in a SWOT analysis?

Government regulations

Falling exchange rate

Poor credit control

Strong brand name (correct)

What is a characteristic of an opportunity in a SWOT analysis?

It is an external factor that can benefit the business Signup and view all the answers

What is an example of enterprise in action at home?

Preparing a household budget Signup and view all the answers

What is a problem-solving skill that is essential for leaders?

Decision-making Signup and view all the answers

What is the primary aim of an entrepreneur?

To make a profit Signup and view all the answers

Which of the following is a characteristic of an entrepreneur?

Proactive Signup and view all the answers

What is the purpose of SWOT analysis in entrepreneurship?

To identify business opportunities Signup and view all the answers

Which of the following is a benefit of intrapreneurship?

Enhanced innovation and creativity Signup and view all the answers

What is the main reason why entrepreneurs engage in diversification?

To increase profits Signup and view all the answers

What is the primary motivator for entrepreneurs who are inspired by the current media landscape?

Role models Signup and view all the answers

What is a characteristic of a successful entrepreneur in terms of risk taking?

They are realistic risk takers and are prepared to take risks. Signup and view all the answers

Why are entrepreneurs able to take risks and push forward with their business ideas?

They have a strong sense of self-belief and conviction about their business ideas. Signup and view all the answers

What is an important step in planning and goal setting for entrepreneurs?

Conducting a SWOT analysis. Signup and view all the answers

How do entrepreneurs approach problems and challenges?

They are proactive and anticipate what is needed, taking action accordingly. Signup and view all the answers

What is a key aspect of an entrepreneur's reality perception?

They have a realistic view of their business idea and recognize their limitations. Signup and view all the answers

What is a key characteristic of entrepreneurs in terms of customer focus?

They are very aware of customers' needs and are willing to change their business model to meet those needs. Signup and view all the answers

What is an essential aspect of an entrepreneur's time management skills?

Prioritizing tasks in order of importance Signup and view all the answers

What is the primary goal of risk management in entrepreneurship?

Minimizing risks and eliminating them where possible Signup and view all the answers

What is a key aspect of human relations in entrepreneurship?

Developing excellent communication skills Signup and view all the answers

What is a characteristic of an entrepreneur's decision-making process?

Analyzing information and thinking logically Signup and view all the answers

What is the purpose of delegation in entrepreneurship?

To give responsibility to subordinates and avoid micromanaging Signup and view all the answers

Which of the following is a key aspect of leadership in entrepreneurship?

Developing excellent human relations and communication skills Signup and view all the answers

What is a critical aspect of problem-solving in entrepreneurship?

Analyzing information and thinking logically 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.

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.