Study Commerce notes on Enterprise for O-Level. Useful for revision, homework, and exam preparation in Zimbabwe.
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This is the ZIMSEC O-Level Commerce notes. It is a free notes for revision.
ENTERPRISE FULL NOTES What is an enterprise? This is an organisation or business that is formed by an entrepreneur What is an entrepreneur? An entrepreneur is a person who creates a new business, in the face of risk and uncertainty, for the purpose of profit and growth by identifying opportunities and gathering the necessary resources to exploit them. The entrepreneur often carries out new combinations of activities, which often make old industries outdated. Established ways of doing business are changed by the creation of new and better ways of doing them. An example of an entrepreneur in Zimbabwe is Strive Masiyiwa, who formed Econet. Attributes of an entrepreneur. Here is a list of some of the most important: - Creativity - Creativity is what drives the development of new products or services. It is the push for innovation and improvement. Entrepreneurs are very imaginative and creative people who see opportunities even in areas where other people do not see any. - Risk-takers - Entrepreneurs are willing to start yentures, which might see them losing their investments, based on their knowledge of the market and availability of resources. - Confidence - Entrepreneurs are people who believe they can do what they set out to achieve, which motivates them to venture into business. They believe in themselves. - Determination -They have a strong desire to achieve success. Obstacles, obstructions and defeat do not dissuade entrepreneurs from pursuing their vision. They simply keep trying. - High degree of commitment - Entrepreneurs work very hard to accomplish their vision. They dedicate their time and/resources to achieve their ideas. - Skills and organisation - Entrepreneurs have the required skills and ability to organise, which are necessary for building and running a company. - Flexibility - Successful entrepreneurs have the ability to respond quickly to changing market needs. They are true to their dream while also being mindful of market realities. - Leadership - Entrepreneurs have the ability to create rules and to set goals. They then follow through to see that the rules are followed and the goals are accomplished. Advantages of being an entrepreneur - Create your own destiny - Entrepreneurs are their own bosses. - They make quick decisions, choose whom to do business with and 'what work they will do and decide what hours to work, as well as what to pay and whether to take vacations. 'Together we are stronger'