Unit 20: Enterprise in IT
A: Explore the nature of enterprise and entrepreneurship in an IT context
The concepts and traits that contribute to pro table enterprises.
What precisely is an enterprise?
Enterprises are businesses or corpora ons that priori se pro t. Businesses operate by
manufacturing items or providing services, which are then sold to clients to meet their
wants and aspira ons. For the business to be created, an entrepreneur with a business
concept is required. Entrepreneurs plan, create, and manage their businesses in order to
bene t from the commercializa on of their ideas and acquire wealth. There are two primary
reasons why entrepreneurs start a business.
An Enterprise's Required Skills and Capabili es:
The ability of an entrepreneur to create, set up, and operate a successful business, as well as
make the necessary management changes that result in bene cial outcomes, is referred to
as an enterprise's talents and capaci es. I'll go over a few of the required characteris cs
below:
- Entrepreneurial and technological exper se - This form of specialist skill is necessary
to carry out certain obliga ons for an entrepreneur. This might contain objec ves like
as se ng the company's direc on and ideal image, for example.
- Mo va ng and inspiring others - The workplace should mo vate and inspire
employees to be enthusias c about their jobs.
- Mo va ng teams and coworkers - Aids in the development of employee and
workplace mo va on, which manifests as e ec ve outcomes and a sense of
signi cance in one's job.
- Work commitment - demonstrates an entrepreneur's excitement for their ac ons
and goals at work. Most of the me, a person's conduct, such as punctuality and task
comple on, may be u lised to determine how devoted they are to their job.
, - A tude towards risk - This a ribute is essen al for entrepreneurs since it is cri cal
to the success of a rm. It underlines the need of taking proac ve steps to cope with
uncertainty in order to minimise dangers, maximise opportuni es, and achieve goals.
Factors that contribute to the success of businesses
To expand and prosper, an organisa on must have a range of components, including aspects
that improve produc vity, reputa on, and other characteris cs. The following factors are
required for a business to succeed:
- Excellent entrepreneurship and IT skills - Finance, communica on, leadership, me
management, and sales talents are the ve essen al components of good
entrepreneurship. Success is unavoidable once an organisa on has implemented and
put all ve traits into e ect. Businesses would require core IT skills, data
management skills, which include managing database and spreadsheet so ware, and
word processing abili es, which entail wri ng and changing text on a computer using
specialist so ware, to accomplish jobs and achieve goals. Desktop publishing and
social media management would be employed in addi on to these.
- Teamwork - enables all members of the workforce to exchange ideas and tasks,
lessening everyone's overall stress levels and allowing them to be thorough in their
task ful lment. This would allow the employees to meet sales objec ves, thereby
improving the success of the en re rm rather than just their department.
Compe ve advantage - When a company surpasses its compe tors in terms of
pro tability, produc vity, market share, and growth, it is more likely to thrive. Three factors
are frequently used to gain a compe ve advantage:
- Enterprise Scale - Allows the business to swi ly adapt to new or upgraded digital
services and applica ons in order to compete. For digital services and applica ons
that run at scale, op mising performance and cost is essen al.
- Unique Selling Proposi on (USP) - Educa ng customers on why a company's brand or
product is superior than compe tors.
- Customers will support a rm and buy its products with less regard for product
quality if it has created a good reputa on and there are no other big compe tors in
the same sector.
, Access to money for start-up/growth - The purpose of this component is to assist an
organiza on's expansion by providing nancial stability, allowing it to purchase the tools and
resources required to recruit people. Businesses will be able to expand and grow as a result
of these resources and assets, allowing them to prosper.
- Financial Resources - These would include things like liquid assets that are quickly
conver ble into cash, making it a way that generates pro ts for the business.
- Bank Loans - A bank loan is one of the most common methods of nancing for a new
business since it is a quick and easy way to receive the money needed and is
normally provided over a certain period of me.
- Crowdfunding - entails a large number of individuals working together to support a
poten al business by seeking funds from a range of sponsors.
- Venture capital - is incorporated into poten al rms that are developed with a plan
and the expecta on of pro t.
Favourable communica on - having a favourable percep on that is proven on social media,
broadcast, and word of mouth would therefore boost the business's a rac veness and
could induce people to regard it as a dependable organisa on. Given the growing popularity
of social media, businesses should use it to project a posi ve picture of themselves. This
makes it easier for their content and adverts to reach their intended audience. By
accomplishing all of this, the company might possibly generate a signi cant pro t by
acquiring clients rapidly.
Product champions promote - A person who takes a dispropor onate interest in seeing that
a certain process or product is completely developed and promoted; this is performed by
monitoring the end product's development and maintaining alignment among all par es. A
product champion must have the following ve characteris cs:
- Speak up for the customer - The product champion must guarantee that user
comments and sa sfac on are taken into account while developing a new product.
Because customer input would not be used at every stage, the product champion
would be the one to a empt and examine how a product is at di erent stages from
the consumer's perspec ve.
A: Explore the nature of enterprise and entrepreneurship in an IT context
The concepts and traits that contribute to pro table enterprises.
What precisely is an enterprise?
Enterprises are businesses or corpora ons that priori se pro t. Businesses operate by
manufacturing items or providing services, which are then sold to clients to meet their
wants and aspira ons. For the business to be created, an entrepreneur with a business
concept is required. Entrepreneurs plan, create, and manage their businesses in order to
bene t from the commercializa on of their ideas and acquire wealth. There are two primary
reasons why entrepreneurs start a business.
An Enterprise's Required Skills and Capabili es:
The ability of an entrepreneur to create, set up, and operate a successful business, as well as
make the necessary management changes that result in bene cial outcomes, is referred to
as an enterprise's talents and capaci es. I'll go over a few of the required characteris cs
below:
- Entrepreneurial and technological exper se - This form of specialist skill is necessary
to carry out certain obliga ons for an entrepreneur. This might contain objec ves like
as se ng the company's direc on and ideal image, for example.
- Mo va ng and inspiring others - The workplace should mo vate and inspire
employees to be enthusias c about their jobs.
- Mo va ng teams and coworkers - Aids in the development of employee and
workplace mo va on, which manifests as e ec ve outcomes and a sense of
signi cance in one's job.
- Work commitment - demonstrates an entrepreneur's excitement for their ac ons
and goals at work. Most of the me, a person's conduct, such as punctuality and task
comple on, may be u lised to determine how devoted they are to their job.
, - A tude towards risk - This a ribute is essen al for entrepreneurs since it is cri cal
to the success of a rm. It underlines the need of taking proac ve steps to cope with
uncertainty in order to minimise dangers, maximise opportuni es, and achieve goals.
Factors that contribute to the success of businesses
To expand and prosper, an organisa on must have a range of components, including aspects
that improve produc vity, reputa on, and other characteris cs. The following factors are
required for a business to succeed:
- Excellent entrepreneurship and IT skills - Finance, communica on, leadership, me
management, and sales talents are the ve essen al components of good
entrepreneurship. Success is unavoidable once an organisa on has implemented and
put all ve traits into e ect. Businesses would require core IT skills, data
management skills, which include managing database and spreadsheet so ware, and
word processing abili es, which entail wri ng and changing text on a computer using
specialist so ware, to accomplish jobs and achieve goals. Desktop publishing and
social media management would be employed in addi on to these.
- Teamwork - enables all members of the workforce to exchange ideas and tasks,
lessening everyone's overall stress levels and allowing them to be thorough in their
task ful lment. This would allow the employees to meet sales objec ves, thereby
improving the success of the en re rm rather than just their department.
Compe ve advantage - When a company surpasses its compe tors in terms of
pro tability, produc vity, market share, and growth, it is more likely to thrive. Three factors
are frequently used to gain a compe ve advantage:
- Enterprise Scale - Allows the business to swi ly adapt to new or upgraded digital
services and applica ons in order to compete. For digital services and applica ons
that run at scale, op mising performance and cost is essen al.
- Unique Selling Proposi on (USP) - Educa ng customers on why a company's brand or
product is superior than compe tors.
- Customers will support a rm and buy its products with less regard for product
quality if it has created a good reputa on and there are no other big compe tors in
the same sector.
, Access to money for start-up/growth - The purpose of this component is to assist an
organiza on's expansion by providing nancial stability, allowing it to purchase the tools and
resources required to recruit people. Businesses will be able to expand and grow as a result
of these resources and assets, allowing them to prosper.
- Financial Resources - These would include things like liquid assets that are quickly
conver ble into cash, making it a way that generates pro ts for the business.
- Bank Loans - A bank loan is one of the most common methods of nancing for a new
business since it is a quick and easy way to receive the money needed and is
normally provided over a certain period of me.
- Crowdfunding - entails a large number of individuals working together to support a
poten al business by seeking funds from a range of sponsors.
- Venture capital - is incorporated into poten al rms that are developed with a plan
and the expecta on of pro t.
Favourable communica on - having a favourable percep on that is proven on social media,
broadcast, and word of mouth would therefore boost the business's a rac veness and
could induce people to regard it as a dependable organisa on. Given the growing popularity
of social media, businesses should use it to project a posi ve picture of themselves. This
makes it easier for their content and adverts to reach their intended audience. By
accomplishing all of this, the company might possibly generate a signi cant pro t by
acquiring clients rapidly.
Product champions promote - A person who takes a dispropor onate interest in seeing that
a certain process or product is completely developed and promoted; this is performed by
monitoring the end product's development and maintaining alignment among all par es. A
product champion must have the following ve characteris cs:
- Speak up for the customer - The product champion must guarantee that user
comments and sa sfac on are taken into account while developing a new product.
Because customer input would not be used at every stage, the product champion
would be the one to a empt and examine how a product is at di erent stages from
the consumer's perspec ve.
