Enterprise Opportunities
New chances for businesses to grow and how they deal with possible problems.
Being Enterprising
Identifying chances to meet needs or solve problems in new or better ways.
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Enterprise Opportunities
New chances for businesses to grow and how they deal with possible problems.
Being Enterprising
Identifying chances to meet needs or solve problems in new or better ways.
Opportunity
A set of circumstances that makes it possible to do something or achieve a goal. In business, a favorable situation that could lead to growth, profit, or success if acted upon effectively.
Enterprise Opportunities
Can arise from changes in customer preferences, new technology, competitor failures, or changes in laws/policies.
Risk Taking
Making decisions or taking actions that involve a degree of uncertainty or potential loss, with the aim of achieving a desired outcome or reward.
Risk in Enterprise
Entrepreneurs must take risks, and not all ideas will succeed. Mistakes are normal and provide learning opportunities. Taking risks is part of innovation and growth in business.
Enterprise Risks
Examples include poor pricing decisions, being overwhelmed by demand, and negative customer response to new products.
Financial Risks
Risks related to a business's ability to afford operations and unexpected cost increases.
Economic Risks
Risks related to changes in customer income or interest rates affecting the business.
Health and Safety/Environmental Risks
Risks related to laws affecting how the business must operate, including safety and environmental regulations.
Human Resource Risks
Risks concerning availability of skilled workers.
Production Risks
Risks related to equipment breakdowns or material shortages.
Risk Management
Part of the planning stage where entrepreneurs assess potential problems and create strategies to overcome them.
SWOT Analysis
Identifies internal strengths and weaknesses and external opportunities and threats for an idea or project.
Risk Worth Taking
A decision about whether potential upsides outweigh the downsides
Mitigate
Strategy to reduce risk by changing actions.
Accept
Strategy to be prepared for or set aside money for the negative effects of a risk.
Transfer
Strategy to let someone else take the risk.
Eliminate
Strategy to avoid a hazard, potentially giving up a related opportunity.
Risk-averse
Someone who will attempt to avoid any possibility of risk.
Risk-keen
Someone who is willing to accept a level of risk.
Risk-reducer
Someone who will attempt to limit the likelihood and amount of possible risk.
Legal Obligations
Laws and regulations to provide protection for different stakeholders to stop them being exploited (harmed).
Employment Contracts
Outline job terms, roles, and responsibilities to prevent or resolve disputes.
Minimum Wage Laws
Ensure all workers receive a fair base income, preventing exploitation.
Anti-Discrimination Laws
Protect against unfair treatment based on race, gender, or physical disability, promoting equality.
Health and Safety Laws
Establish minimum standards for workplace safety.
Financial Laws
Govern how businesses handle money—loans, investments, and financial reporting; ensure transparency and accountability.
Ethical Considerations
Moral principles guiding business behavior.