An Acronym for Entrepreneur gives details of what it is all about:
E – Enterprise (enterprising/ industrious/ diligent, etc.)
N – Network (networking/ building bridges & business relationships, etc.)
T – Technology (better or faster and cheaper ways of doing it)
R – Research (dig deeper)
E – Education (know more than enough in that field)
P – Preparation/ Passion (demonstrating readiness)
R – Revelations (special insight)
E – Endurance (staying power, rugged, etc.)
N – Niche (market, sphere of influence)
E – Earnings (value creation, revenue, profits)
U – Unique (unique selling point, outstanding etc.)
R – Resources (human, capital, etc., are all it takes to deliver results)
Lets break it down further:
E stands for Enterprise – the word enterprise describes the actions of someone who shows some initiative by taking risks by setting up, investing in and running a business. Look again at two key words above – initiative and risk. A person who shows initiative is someone who “makes things happen”. He or she tends to be decisive. A business opportunity is identified and the person does something about it. Showing initiative is about taking decisions and being bold – not everyone is like that!
Risk-taking is slightly different. In business there is no such thing as a “sure fire bet”. All business investments carry an element of risk which is the chance or probability that things will go wrong. At the worst, the risk of an enterprise might mean that the person making the investment loses all of his/her money or becomes personally liable for the debts of the business.
The trick is to take calculated risks and to ensure that the likely returns from taking risks are enough to make the gamble worthwhile. Someone who shows enterprise is an “entrepreneur”.
Enterprise focuses on developing skills, attitudes and knowledge in three areas;
1. Enterprise capability – innovation, creativity, risk management, risk taking, a ‘can-do’ attitude and a drive to make things happen.
2. Financial literacy – the ability to manage one’s own finances and other finances.
3. Business and economic understanding – the ability to understand the business context and trends.