ENTERPRISE
In the world of business, you will hear different terms used to describe organisations. Some of those terms are interchangeable synonyms, and some should be used to refer to one type of business. One such term is ‘enterprise’. But what exactly is an enterprise, and what makes it different from other such terms?
What Is an Enterprise? Definition and Example
Enterprise companies are large businesses with complex structures and needs. Find out what an enterprise business does and how Shaktech supports enterprises in this post.
What is an Enterprise?
Enterprise refers to a for-profit business started and run by an entrepreneur. And we will often say that people running such businesses are enterprising. The roots of the word lie in the French word entreprendre (from prendre), meaning ‘to undertake’, which in turn comes from the Latin “inter prehendere” (seize with the hand).
Entrepreneurs usually start an enterprise – with the associated risks – to make a profit, and for one of several reasons:
Problem-solving: They see a particular issue that they feel they can solve.
Exploit ideas: They have a new idea or product they believe will be successful.
Filling a gap: They see a gap in the market they believe they can fill.
Competitive pricing: They believe they can produce something on the market cheaper and offer it at a lower price.
Knowledge-based: Where they believe they can supply specialist knowledge that customers will pay for.