Enterprise, as defined by Webster, is “the use of assets, time, talent or money brought together or accumulated for the purpose of making a profit.” Enterprise, however, is not limited to a business enterprise or corporation and can also include a partnership or sole proprietorship. There are various common forms of commercial enterprises, including: sole proprietorship, partnership, limited liability company (LLC), partnership, and corporation.

Many people believe that if they have the resources and time, they can start up their own business enterprise and call it “enterprise”. This is actually illegal in many states, and if you do so it may be considered a form of fraud. When you begin your business venture, you should have an elaborate structure in place, one that include a business plan (a legally binding document explaining how your business will operate), a board of directors, and shareholders. All these things are necessary to protect and grow the assets of your business enterprise.

Some small businesses in today’s competitive markets are formed out of personal entrepreneurialism, such as one person starting out from scratch in a garage. While it is rare, some people turn a hobby or trade into a successful for-profit venture, which can be done easily with an adequate amount of planning and capital. In all cases, a successful business will utilize all available resources to maximize its potential, while minimizing its risks. To do this, a detailed business plan should be developed, and accurate projections must be made regarding the success of your business venture.