The paper "What Is Meant by Enterprise and Entrepreneurship" is a perfect example of a business assignment. An enterprise is a legally recognized organization that is instituted for business ventures such as providing goods and services to consumers in exchange for money. An enterprise can also be viewed as an industrious undertaking that is geared towards yielding profits. The main aim of an enterprise is to generate profit. There are different kinds of enterprises that range between the. Entrepreneurship is the act of initiating; manufacturing of products, mining, agriculture, retailing, distribution and providing services among many other business undertakings financing and managing innovations with the aim of converting these innovations into economic goods.
Entrepreneurship is also the process through which individuals or entrepreneurs identify opportunities, gaps, problems or unmet needs in the market. Thereafter, the entrepreneur takes actions by innovating means that can fill the existing gaps and yield profits. The key elements of entrepreneurship are innovativeness and risk-taking. Moreover, entrepreneurship can be seen as a means of self-employment that creates job opportunities and helps to bridge the gaps in the market (Timmons & Spinelli 16) 2) Why has entrepreneurship assumed global prominence in the economic language and policies? The term “ entrepreneurship” has assumed global prominence mainly because the term is versatile, it not only reflects the act of starting a new business but it also extends to social and political forms of entrepreneurial undertakings.
Entrepreneurship has gained global prominence due to its potential to support the growth of the economy, fill in the gaps in the market and create job opportunities. As a result, many governments have endeavored to promote, develop and sustain the culture of entrepreneurship national campaigns, by enacting legislation or policies that promote entrepreneurship and by integrating entrepreneurship into the current education systems.
Consequently, entrepreneurship has assumed global prominence in the economic language and policies.
Works CitedTimmons, Jeffrey& Spinelli, Stephen. New venture creation: entrepreneurship for the 21st century. 8th Ed. New York: McGraw-Hill. 2008, p5-341.