Enterprise and Entrepreneurship

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Enterprise and Entrepreneurship 

New businesses are started by people called entrepreneurs. Although the ideas for a business are often different, entrepreneurs usually:

  • have an idea for a new business
  • are prepared to invest their own savings
  • accept the risks of failure
  • want to make all the decisions about the management of the business

The idea for an enterprise - meaning a project or business - may be any of the following:

  • a new idea for a good or service
  • offering an existing good or service in a way that has not been offered before
  • offering an existing good or service in a new location

Characteristics of successful entrepreneurs

There is no such thing as a typical entrepreneur, they all have different traits and weaknesses, however a successful entrepreneur must have the ability to take an idea and turn it into a good or service which can be sold for profit.

Entrepreneurs usually share similiar characteristics:

  • Innovative - they are good at coming up with new ideas
  • Self motivated and determined - they have the drive to keep going
  • Self confident - They have a strong belief in their own ability
  • Multi skilled - they have the


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