The definition of enterprise is: A project or undertaking, typically one that is difficult or requires effort.
An enterprise is another word for a business or the name of someone actions who show initiative and take risks.
Enterprise is a skill. Put simply, enterprise is the willingness of an individual or organisation to: Take Risks, Show Initiative (make things happen) and undertaking to new ventures.
An example of enterprise skills is in Dragons Den.
Risk Taking- Setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there's always a chance that customers may reject the product and that a loss will be made.
Showing Initiative- Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses.
Undertake New Ventures- An entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market.
Goods and Services- Goods are things that you can buy and that you can touch like a toothbrush or drink. A service is something you can purchase but can't touch like a haircut or a plumber.
Quick Questions
- Is a frying pan a service or good?
- Is a ambulance a good or service?
This is good Jake. Add in 2 multiple choice questions that may come up in the exam. Also, watch your formatting and make sure it looks as tidy as possible.
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