Home Entrepreneurship Understanding the Meaning and Scope of Enterprise

Understanding the Meaning and Scope of Enterprise

by Olufisayo
Meaning of Enterprise

In order to ensure that his ideas materialize and in the bid to sustain them, the entrepreneur creates an enterprise utilizing the economic and human resources available to him and controls their realization.

In its wider sense, an enterprise is any identified idea that is translated into a planned and satisfactorily implemented activity.

In its narrower sense, it refers to a business venture or undertaking. Practically all projects and undertakings can be referred to as enterprises if the five steps mentioned in the definition are followed, i.e.

  • idea identification,
  • planning,
  • implementation,
  • successful completion of an activity and
  • accepting the reward.

You become an enterprising man or woman if you are consistent in systematically following the above process whenever you are involved in dealing with issues in your life.

By understanding the enterprise concept in the above context, you appreciate that most people have the potential to be enterprising and that even you can realize your own business enterprise.

The difference between enterprising men and women who are able to deal positively with the challenges and problems they face in their daily lives and those who are unable to do so is to be found in the approaches and attitudes they have when addressing issues and solving problems.

Being enterprising can bring benefits to you as an individual, and also help you to become a valued member of your family, community, place of work, and society in general. Being enterprising will specifically enable you to achieve a great deal, and you will stand out in the crowd due to your attitude and systematic approach to issues.

By adopting an enterprising approach you will know what to do in whatever circumstances you find yourself in. This kind of approach will enable you to appreciate the challenges of life because you will generally be able to translate them into positive results.

To help you become enterprising, you will need the following tools (enterprises synonym) 

Meaning of Enterprise

E — Energy

Working hard, but also in a smart way, is key in entrepreneurship. Lots of both mental and physical energy is needed to be able to face all the challenges involved in providing solutions to issues and for the successful completion of projects.

To sustain this energy, you need to stimulate your brains and all your senses – sight, hearing, touch, smell, and taste – so that they all stay alert in identifying what needs to be done in different situations. You also need to be healthy and physically fit, and this can be achieved through appropriate diet and exercise.

N — Need to achieve

You have the motivation to achieve success and accomplish all the activities you engage in. Your attitude and perceptiveness enable you to work towards acceptable results whenever you set out to do something. This approach enables you to work harder than the ordinary man or woman.

T — Task-Oriented

You are convinced that to gain satisfying rewards, tasks have to be well-executed and completed on time. Efficiency, effectiveness, and time management are important aspects that enable you to complete tasks. Being able to focus on results helps you to concentrate on whatever you set out to do.

E — Empathy

You are able to mentally put yourself in the position of the person or persons you intend to influence. You want to feel what they are feeling. You are able to put yourself in their shoes. In the case of a business enterprise, you are able to imagine how a potential customer would feel.

R — Resourcefulness

You are able to provide the leadership and guidance needed to realize the enterprise. Identification, mobilization, and effective utilization of both the physical and the non-physical resources needed in undertaking a venture are very important in the enterprise process.

P — Planning

To be able to see the total picture of the enterprise in terms of why it should be set up, what needs to be done, how it will be done, who will do it, and when it will be done, it is necessary to establish a written plan.

This will help to clarify the situation and permit decisions to be made as to whether to engage in activities that will result in an enterprise being set up or not. In the case of business ventures, it is through planning that indication on whether there will be profits or losses will be made available.

R — Risk-taking

The decision to go ahead and start the enterprise or undertake the activity must be made. All enterprising men and women make this decision only after they have done a certain amount of research, so that in the end they are usually able to achieve the results, succeed and receive the rewards.

You will always have to take this first step, as it marks the difference between enterprising and non-enterprising men and women. Success begins with the decision to start moving in the right and desired direction.

I — Innovation

The ability to apply new ideas that will enable you to undertake activities differently is another hallmark of enterprising men and women. Through individual initiative, imagination, intuition, and insight you will be able to change things around or devise ways of doing things to accommodate whatever new situation you may find yourself in.

Information on different issues and fields is an important input for being innovative. Enterprising men and women, therefore, place great value on information and are always alert and constantly engaging in research.

S — Skills

Enterprising men and women have the ability or know-how that enables them to undertake and complete activities. Most men and women have a certain amount of knowledge, attitudes, and practical skills that can be useful when realizing an enterprise. You should, therefore, evaluate the talents and level of skills you have and how they can be harnessed to realize an enterprise.

Talents and acquired skills have to be constantly utilized and applied, otherwise, they can also be forgotten and wasted.

E — Endurance

There are many challenges to be faced when trying to set up an enterprise. Women face specific challenges, some of which are negative and discouraging. To ultimately realize the enterprise that will provide you with the rewards you desire, the ability to keep on track despite the many challenges along the way is critical.

Patience, persistence, and confidence are some of the attitudes you will need to adopt to enable you to endure the physical and mental challenges you may encounter.

Photo by Philipp Birmes from Pexels

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Palmira Mcconney January 14, 2011 - 6:36 PM

very good stuff. Do you have a RSS feed? And also would it be cool if I put in your feed to a site of mine? I have a site that draws content by RSS feeds via a number of websites and I would like to add yours, many people don’t mind because I link back and everything but I like to get approval first. Anyway let me know if you can, thanks.

Olufisayo January 14, 2011 - 7:06 PM
Keye January 17, 2011 - 11:41 PM

You certainly have some agreeable opinions and views. Your blog provides a fresh look at the subject.

Jasper November 16, 2014 - 10:55 PM

Hello, so the Energy, Need to achieve, Task oriented, Empathy, Resourcefulness, Planning, Risk-Taking, Innovation, Skills and Endurance are the SCOPE OF ENTERPRISE?

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