2.6 LC Business Quiz

Can you identify examples of innovation in any local business?

Answer explanation

Local businesses often innovate by adopting new technologies, like a café using an app for contactless orders, or a retail store implementing virtual fitting rooms to enhance customer experience.

For what reasons, other than profit, might someone want to start a business?

Answer explanation

People may start a business to pursue a passion, create jobs, contribute to the community, achieve personal fulfillment, or promote social change, rather than solely focusing on profit.

Can you name any way that the government supports businesses in Ireland?

Answer explanation

The Irish government supports businesses through various initiatives, such as grants, tax incentives, and funding programs aimed at fostering innovation and growth in the economy.

What social problem or challenge are they trying to solve?

Answer explanation

They are addressing a social problem by identifying and tackling issues such as poverty, inequality, or access to education, aiming to improve community well-being and promote social justice.

What was the innovation they have used? Who benefits from the innovation?

Answer explanation

The innovation used was a new technology or method that improves efficiency. Beneficiaries include consumers who gain better products or services and businesses that enhance productivity and competitiveness.

Do you think this innovation could work in another business or industry?

Answer explanation

Yes, this innovation could be adapted to other industries by leveraging its core principles, such as efficiency or customer engagement, to meet the unique needs of different markets, enhancing overall productivity and satisfaction.

What is the role of resilience in entrepreneurship?

• To overcome early failures or slow growth without giving up

• To ensure immediate success

• To avoid any setbacks

• To guarantee financial stability

Answer explanation

Resilience is crucial in entrepreneurship as it helps entrepreneurs navigate early failures and slow growth. It enables them to persist and adapt, ultimately leading to long-term success despite challenges.

How do good people skills benefit entrepreneurs?

• They help secure support, funding, and loyalty

• They eliminate the need for a business plan

• They guarantee business success

• They reduce the need for marketing

Answer explanation

Good people skills enable entrepreneurs to build strong relationships, which are crucial for securing support, funding, and customer loyalty. These connections can significantly enhance business opportunities and growth.

What is the importance of independence for entrepreneurs?

• It gives them confidence to trust their judgement

• It ensures they never need help

• It guarantees business growth

• It eliminates the need for a team

Answer explanation

Independence is crucial for entrepreneurs as it fosters confidence in their judgment, enabling them to make decisions that align with their vision. This self-trust is essential for navigating challenges and pursuing innovative ideas.

What does flexibility enable in a business?

• Adjusting to new challenges and opportunities

• Avoiding any changes

• Ensuring constant growth

• Guaranteeing customer satisfaction

Answer explanation

Flexibility in a business allows it to adapt to new challenges and opportunities, ensuring it can respond effectively to changes in the market and customer needs, which is crucial for long-term success.