What is an Enterprise?

Enterprise is another word for a for-profit business or company, but it is most often associated with entrepreneurial ventures. People who have entrepreneurial success are often referred to as “enterprising.”

Why Enterprise is Important?

It is a valuable resource for people who have a business idea and are thinking about setting up a new business, or for those who already own a business. Network Experts is an important service provider and is involved in every aspect of the direction and future of the City. Network Experts offer sites for development, provide advice to bring development proposals to completion, and maximise economic development through a coordinated approach with other agencies. Network Experts is the engine of the Irish economy. It is the centre of a creative economic region, which attracts, retains and harnesses creative assets and capabilities. Whilst the Dublin region has been successful in attracting many international firms such as Google, Microsoft and Yahoo, it is important to continue to encourage new enterprise in the City.

1. Initiator

The entrepreneur is the one who initiates the process of creating an enterprise by coming up with the idea for the business and planning out how to turn that idea into a reality.

2. Risk Taker

In an enterprise, the entrepreneur, being the owner, is the biggest risk taker. He is the one who finds the capital to back up his idea and also the person who is accountable in the face of the failure of that particular idea.

3. Reduces Risk

It is also one of the most important roles of entrepreneurs to reduce the risk of an enterprise failure by bringing in people that can help the organization grow. These people can be shareholders or investors that have a stake in the company and therefore are motivated to help the company succeed.

4. Allocator

An entrepreneur procures and allocates various resources in the organization. The most important of these resources is human resources. The entrepreneur is responsible for hiring an efficient staff to help carry out business. This is important because a good manager can take a business to new heights, while a bad manager can destroy the business.

5. Forecasting

Last but far from least, the role of entrepreneurs involve acting as a forecaster. The enterprise works in a business environment and is affected by changes occurring in various aspects of this environment. It could be internal, such as strikes, machinery breakdowns, budget cuts etc. or these could be external, such as legal policy changes, political or social unrest, technological advancements, etc.