IGCSE Enterprise: Specimen Questions with Answers 23 - 23 of 49

Passage

Case Study: 4

Jones and Little (2000) present a critical analysis of the role of partnership in new public management in the UK, in a paper called Rural challenges: partnership and new rural governance. The authors note that: “whatever definition is favored, partnerships or networks between the public, private and voluntary sectors are an important part of what constitutes novel forms of governance” in the UK. The authors question the uncritical promotion of this form of governance, which emerged from the “traumatic neo-liberal restructuring of urban politics in the 1980s” and its transfer to rural areas, where it brings the requirement for rural organizations and In the field of public policy, partnership is often viewed as the second generation of efforts to bring competitive market discipline to bear on government operations (after the first generation efforts of privatization) . The authors argue that contemporary discussions of partnership approaches lead to submergence of key issues about power relations, accountability, public spending levels, and equitable resource allocation in the systematic addressing of the needs of rural communities. They question the culture of partnership and its suitability as a means of securing effective rural regeneration, arguing for greater scrutiny to be paid to its increased political currency and practical applications.

In Government – non-profit partnership: A defining framework, Brinkerhoff (2002a) notes that partnership has emerged as an increasingly popular approach to privatization and government – non-profit relations. However, there is no consensus on what partnership means, and its practice varies. The author provides a useful review of partnership literatures and refines the definition of partnership using the concepts of ‘mutuality’ and ‘organizational identity.’ These concepts are used as the two axes of an inter-organizational relationship matrix, in which partnership is distinguished from three other basic relationship types: contracting, extension, and co-option or gradual absorption.

Question 23 (10 of 12 Based on Passage)

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What are the skills possessed by an entrepreneur?

Explanation

Entrepreneurship requires various types of skills ranging from planning of resources to management of human resource. It can be tedious task for the entrepreneur to manage these tasks. Some skills are naturally possessed by an entrepreneur and some are acquired by making mistakes and experience. To be an entrepreneur following skills are required-

  • Research: For planning, launching, and starting operation of an enterprise research is an important skill. An entrepreneur should research about the market, competitors, and problems to be faced by them in running the enterprise. An entrepreneur should even research about his clients to ensure smooth running of the business.
  • Focus: Focus is more of a personality trait rather than a skill. Without focus productivity can՚t be maximized or an entrepreneur cannot prioritize task. He should learn the environment which maximize the focus and refines his working abilities.
  • Cash management: In the initial stages of a start-up management of cash is important as profitability is the major concern. Earning should be more than the expenditures. An entrepreneur should manage also the cash transactions effectively including expenses, rent, operational cost, payroll etc.
  • Communication: Communication is the basic skill to be possessed by the entrepreneur. Communication may be required to communicate with the investors and various stakeholders, customers for selling the product to make sure business is running effectively.
Various Types of Skills