Illustrate your understanding of the term enterprise.
- Leaving Cert Business - Question 1 - 2006
Question 1
Illustrate your understanding of the term enterprise.
Worked Solution & Example Answer:Illustrate your understanding of the term enterprise.
- Leaving Cert Business - Question 1 - 2006
Step 1
Definition of Enterprise
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Answer
Enterprise is defined as being innovative and creative while taking personal or financial risks to achieve one's goals. It reflects the spirit of initiative where individuals or groups take the lead in creating something new.
Step 2
Role of Initiative
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Answer
An enterprise often begins when an individual or a group starts to take initiative in exploiting opportunities. This creative action can lead to new products, services, or solutions.
Step 3
Resource Organization
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Answer
Enterprise involves organizing all necessary resources to provide a product or service. This organization hinges on identifying risks and benefits, with a primary focus on potential profit.
Step 4
Examples of Enterprise
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Personal Enterprise: Enrolling in a night class to improve skills.
Business Enterprise: Diversification into new markets, such as Facebook's expansion or Microsoft's product launches.
Government Enterprise: Rationalization of government services to enhance effectiveness.
Social Enterprise: Initiatives like the Special Olympics that aim to benefit society while engaging in fundraising.
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