What is Enterprise?

What is enterprise?

What is enterprise capability?

What is an entrepreneur?

Burning questions that can exercise debate for hours and drive academics to distraction when those of us who are more interested in practical application play with definitions! In any institution looking to develop and embed an enterprise culture it is vital that there is shared understanding and language.

However, people can get too hung up about having very precise definitions. The process of defining enterprise and what being enterprising means is vital for all those in an enterprising school (as it is with any other underpinning value in a school). I have had many debates about what it means to be enterprising, and often faced people who think enterprise is only about business.

Alongside these debates have been the heated discussions about the difference between being an enterprising person and being an entrepreneur.

For me, the key difference is simple and related to risk. Entrepreneurs have a vision and risk their own money, as well as their reputation (are willing to go out on a limb), to make things happen and realize that vision: enterprising people have the vision (but it may be more limited), and can risk their reputation to make things happen but generally risk other people’s money to do so.

There is, however, a significant difference between those who are entrepreneurs and those who aren’t in their perception of risk. Most entrepreneurs do not view what they’re trying to achieve as risky – they have dreams, ideas and set goals, often not knowing how they are going to achieve them. The “how” comes later! They just harness all the resources they can muster and boldly get started, planning and re-planning their route as they go, and as opportunities arise.

Others view it as risky. Others have ideas and dreams but are paralysed by worrying about “how” and fear of failure. They need to be clear about “how” before they start, which often prevents them from starting!

Here are some definitions as a “starter for 10” which are mine, or those I think best describe the concept:

Enterprise

Enterprise is starting something new. It’s deciding what you want to achieve, deciding what you’re prepared to pay (time, money, energy, sacrifice), and making it happen. This can be a social or business enterprise.

Enterprising People – Enterprise Capability

Enterprising people have the confidence, creative thinking skills and capabilities to have a vision and make it happen. They are able to see, create, develop and make the most of opportunities.

Entrepreneur

“Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets.”
Victor Kiam.

Intrepreneur

Someone who is entrepreneurial within employment.

A range of definitions which I find useful are in the attached document.

What is enterprise

I would really like to hear your definitions.