Entrepreneurship.(business of the enterprise)

Entrepreneurship (business of the enterprise)
Defining the Business of the Enterprise
The concern of this chapter is how to define the business of the enterprise. In an attempt to do that, we need to consider the fact that the enterprise as an organization engages resources to produce goods or services for the society But
the question is what goods or services should be produced by an enterprise? To obtain an answer, the entrepreneur has a responsibility to establish the need, want and demand of the society in
conceptualising the product which the enterprise must come out with to meet the identified need. The ability to identify societal needs, creates
opportunity for business for the entrepreneur's enterprise, and the successful production of the
requisite good or service appropriate to meet the
identified need makes the enterprise relevant continuously in the society.

The ability to identify the societal needs, creates opportunity for business for the entrepreneur's
enterprise, and the successful production of the
service,appropriate to meet the identified
need, makes the enterprise relevant continuously in the society.
Also important is the ability to identify within the society the category of people that require (need) the product, and are willing and able to pay for the good or service of the enterprise. The constituent of these people are categorised as the
potential customers of the enterprise. It is not enough to know the needs of the society or the number of people who need the enterprise's product, but those among them that have the capacity to pay the price which the enterprise has
attached to the product and are also able to pay such price only are those that will demand for the product. This is essential because it is only this category of people that will eventually patronise the product. Of equal significance is the need to establish the reason for the demand for the
enterprise's products. We may be wondering why we need to bother ourselves on what the consumers are doing with the product. Yes, it is important for the entrepreneur to establish this in order to be able to confirm continuous patronage.
For instance, a growing demand for hostel accommodation in an area where a non
residential academic institution has been sighted cannot be taken on the face of it alone. This becomes obvious when one compares the absence of the same growing demand for hostel accommodation in another area where a residential academic institution is situated. Thus, the situation of an institution in an area and the growing population of that area, as well as, need for accommodation in the area is not enough without consideration of the reason for the need which may be subjected to policy change from time to time.Businesses are organs of society that perform tasks associated with providing most goods and services the public decides it wishes to own and use Under this capitalistic system, a business can prosper to the extent that it performs its particular tasks effectively and efficiently within the law. The nature of the tasks to be performed usually changes over time as those served change. The people in a successful company predict and respond to their chosen customers needs.Customers, therefore, define an enduring business. At all times, some customers

are growing in their ability to buy; others are declining The astute manager ascertains which is which.Businesses are organs of society that perform tasks associated with providing most goods and services the public decides it wishes to own and use.