Victor Anosike
Unit 20 – Enterprise in IT
Assignment 1
``Unit 20: Assignment 1 – Explore the Nature of Enterprise
and Entrepreneurship in an IT Context
I will be discussing and evaluating the principles and characteristics that a successful
entrepreneur would need as well as the necessary skills to carry out effectively constructed
plans. The two enterprises I have chosen to discuss is Google and
The Principles and Characteristics that lead to Successful
Enterprises
What is an Enterprise
Enterprises are businesses or companies that prioritise making a profit. Businesses function by
creating products or offering services, then selling them to customers to fulfil their needs and
desires. An entrepreneur who has the concept for the business is necessary for it to be
founded. Entrepreneurs design, launch, and manage their enterprises with the goal of making
a profit from the commercialisation of their ideas and build wealth. There are two basic motives
for entrepreneurs to launch a firm.
Skills and Capabilities Required of an Enterprise
How skilfully and efficiently an entrepreneur can launch, set up, and run a profitable firm, as
well as make the required management adjustments that result in favourable outcomes, is
referred to as an enterprise's skills and capabilities. I'll outline a couple of the necessary
qualities below:
• Expertise (entrepreneurial and technical) – This type of specialised expertise is
required to carry out particular responsibilities for an entrepreneur. This can include
goals like determining the direction and the ideal image for the company, for instance.
• Enthusing and inspiring others – The workplace must inspire people and help them
feel excited about their work.
• Motivating teams and co-workers – Aids in fostering employee and workplace
motivation, which shows up as successful outcomes and a sense of meaning in one's
work.
• Commitment to work – This proves the level of enthusiasm an entrepreneur has for
their activities and goals at work. Most of the time, a person's behaviour, such as
timeliness and completion of their task, can be used to gauge how committed they are
to their employment.
• Attitude to risk – This quality would be necessary for entrepreneurs since it is crucial
to a business' success. It emphasises on taking proactive measures to deal with
uncertainties in order to reduce threats, maximise opportunities, and accomplish goals.
, Victor Anosike
Unit 20 – Enterprise in IT
Assignment 1
Factors that make enterprises successful
An organisation needs to have a variety of components in order to grow and succeed,
including elements that will boost its production, reputation, and other factors. The elements
listed below are necessary for an enterprise to succeed:
• Good entrepreneurial and IT skills – The five important components of effective
entrepreneurship are finance, communication, leadership, time management, and
sales abilities. Once an organisation has implemented and put all five qualities into
practise, success is certain to follow. To perform tasks and achieve goals, businesses
would need to have the fundamental IT skills, data management skills, which include
managing database and spreadsheet software, and word processing abilities, which
involve creating and modifying text on a computer using specialised software.
Together with these, desktop publishing and social media management would be
used.
• Teamwork – Good teamwork would allow all members of the workforce to share ideas
and tasks in the aim of lowering everyone's overall stress levels and enabling them to
be thorough in their task completion. This would enable the workers to achieve sales
targets, which would ultimately improve the success of the entire company rather than
just their particular department.
• Competitive advantage – A business is more likely to flourish when it outperforms
its competition in terms of profitability, productivity, market share, and growth. Three
elements are often competitive advantage:
o Enterprise Scale – Enables the organisation to quickly adapt with new or
improved digital services and applications as needed to compete. Optimising
performance and cost is necessary for digital services and applications that
operate at scale.
o Unique Selling Point (USP) – Educating consumers on why a company's brand
or product is superior to that of its rivals.
o Lack of Competition – Customers will support a company and buy their items
with less concern for product quality if they have established a solid reputation
for themselves and there are no other significant competitors in the same
industry.
• Access to finance for start-up/ growth – This component's goal is to support an
organization's expansion through financial stability, enabling it to buy the tools and
resources it needs to hire staff. Businesses will be able to expand and grow thanks to
these resources and assets, which will help them succeed.
o Financial Resources – These would include things like liquid assets that are
quickly convertible into cash, making it a way that generates profits for the
business.
o Bank Loans – One of the most popular types of financing for a start-up business
is a bank loan because it is typically a quick and simple way to get the capital
required and is typically supplied over a certain period of time.
