Introduction to Enterprise
Enterprise is another word for organization or business managed by one or more individuals who are able to take the initiative to make decisions and take calculated risks.
Types of Enterprise
- Business Enterprise (Trading Business) – A business enterprise is an organization that has profit as its main aim.
- Service/Social Enterprise (Service Business) – It is an organization that is started for social cause or for the betterment of the society
Who is an Entrepreneur?
A person who takes the initiative to set up a business, make decisions and takes on financial risks in the hope of making profit.
Key Attributes that comprise enterprise capability –
- Risk Taking
- Creativity
- Leadership and more…
Risk Taking –
Risks are a major factor in ensuring a successful business because without the ability and confidence to take risks when needed to, the business wouldn’t prosper. That doesn’t take away the fact that one must be careful when taking risks because decisions have to be evaluated with caution before being executed. There are a number of ways we could evaluate and analyze, one of which is PEST Analysis.
Creativity –
This is a major skill that is needed in all entrepreneurs and it assists them in building a successful enterprise. Without a product or an individuality that separates your product or enterprise from others, profit would not be the outcome, nor would success be one. The goal is to fulfill the gap in the market, and bring something new, this can involve latest trends and fashions, twists in a generic product, adding a technological aspect and so on.
Leadership –
Leadership is an attribute that is necessary in all types of businesses. A leader shares a vision and direction with his employees so they all have a shared goal. They don’t leave them stranded, however, doesn’t also do all the work himself, instead, he supports and teaches important skills in workplaces, and brings the fire in them to work hard. This will provide for a better work environment, and improve quality and productivity. It can be a turning point in any company’s success.
Who are Stakeholders?
A stakeholder is an individual, group or organization with an interest in the activities of a business and usually there are two types:
Types of Stakeholders –
| Internal Stakeholders | External Stakeholders |
| Employees | Customers |
| Owners | Government |
| Shareholders | Local Community |
| Managers | Suppliers |