Business enterprise - EduqasWhat is business enterprise?

Business enterprise refers to a person spotting a business opportunity and setting up a business. Business ideas come about for a number of reasons. Often this is because a person may feel that they or others have a need that is not being met, they want to make a social difference or they want to make money. A person who sets up a business is known as an entrepreneur.

Many new businesses aim to meet a specific need or fill a certain gap in the market. To do this, they sell products in the form of goods or services. An entrepreneur might start a business enterprise because they believe there is a demand for the goods or services they can provide.

Businesses sell all sorts of different good and services. Examples of goods include food, cars, TVs and mobile phones. Examples of services include trains, taxi rides, broadband, Wi-Fi and haircuts.