Enterprise: almost any business or organisation can be called an enterprise but the term usually refers to the process by which new businesses are formed and new products and services created and brought to the market.
Entrepreneurs: Individuals who have an idea that they develop by setting up a new business and encouraging it to grow. They take the risk and the subsequent profits that come with success of the losses that come with failure.
Characteristics of Successful Entrepreneurs:
-Determination and Persistence
-The ability to spot and take advantage of oppportunities
-Relevant skills and expertise
-Vision, Creativity and Innovation
-Motivation to succeed and not be daunted by failure
-Willingness to take risks- possibly the most important quality of an entrepreneur.
Businesses fail for these reasons:
a) Lack of Finance
b) skills shortages
c) Poor infrastructure
d) complexity of regulations or red tape
Opportunity Cost- the 'real cost' of taking a particular action or the next best…