Enterprise
What is an enterprise?
An enterprise is a synonym for a business of any kind, although it’s often used to describe for-profits with an entrepreneurial focus. The word ‘enterprise’ can also be attached to a product or service to signal that it’s intended for larger businesses. For example, software that is labeled as ‘enterprise level’ is usually created to help companies with hundreds, or even thousands, of employees manage their business needs.
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Types of enterprises
As it’s essentially a synonym for business, an enterprise can take the same form as any legal business model. Some of the most common examples of enterprises include:
Sole proprietorship: A business owned by one individual, where the legal responsibility lies with the individual and is not separated from the business.
Partnership: A formal agreement between two or more partners who agree to work together towards a mutual goal.
Corporation: A business considered to be its own legal entity. This status allows it to operate almost entirely as an individual does, while limiting the financial and legal repercussions company actions can have on its owners.
Limited Liability Company (LLC): A hybrid model that combines the tax benefits of a partnership or sole proprietorship with the legal and financial protection of a corporation. As a result, business earnings are only taxed once through the owner’s individual tax filings and the business is legally separated from its owners.
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What are some enterprise examples
Technology enterprise
Company: Wix.com
Industry: Technology
Description: Wixis a multinational technology company known for it's website builder and website creation tools.
Retail enterprise
Company: Walmart Inc.
Industry: Retail
Description: Walmart is a global retail corporation with a chain of hypermarkets, discount department stores, and grocery stores. It is one of the world's largest retailers, offering a wide range of products, from groceries to electronics.
Automotive enterprise
Company: Toyota Motor Corporation
Industry: Automotive
Description: Toyota is a multinational automotive manufacturer known for producing a diverse range of vehicles, including cars, trucks, and hybrids. It is one of the largest automakers globally, with a strong emphasis on innovation and sustainability.
Financial services enterprise
Company: JPMorgan Chase & Co.
Industry: Financial Services
Description: JPMorgan Chase is a multinational investment bank and financial services company. It provides a wide range of financial services, including banking, investment banking, asset management and retail banking, serving millions of customers worldwide.
What is an enterprise vs a business
Business generally refers to a commercial entity involved in trade, production or services. It can range from small ventures to large corporations. Enterprise often conveys a broader and more complex organization, encompassing various businesses, divisions, or activities within a unified structure. While business emphasizes commercial activities, enterprise denotes a more comprehensive entity that may involve multiple business units, diverse operations and strategic coordination on a larger scale.
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