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There are two main aspects to an Enterprise. One of them being Risks, the other Resources.

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Introduction

An Example of Enterprise There are two main aspects to an Enterprise. One of them being Risks, the other Resources. Mustafa comes from a Less Economically Developed Country. Mustafa's business is weighing passers-by on an old set of bathroom scales. In an enterprise the threat of risk can be disastrous. Risk arises from Choice. And choice also results in Opportunity Cost. Every time we make a choice we give up the opportunity to follow a different path. For example, I could either go to Scunthorpe or Skegness for my summer holidays. ...read more.

Middle

Resources, being another ingredient of an Enterprise. This is a major risk that Mustafa must decide on taking. Does Mustafa have the resources? If the bathroom scales breakdown after the first day, will he be able to afford another set of scales? And what if his service is irregular? Mustafa might have homework to do, to further his education, or his family might be ill and need looking after or even if he is physically unable to do the job himself due to illness. If Mustafa does succeed his business, there is a choice of completing his original goal and returning to his education or he could sacrifice the opportunity of going to school and start to expand his business. ...read more.

Conclusion

If Mustafa's business does fail then he could have had an education at school and later on in life could have started a much more efficient business. Mustafa's business not really a long-term business and if he desired to expand it would be difficult to do so, if his business is not successful in the first place. Profit is obviously important to Mustafa's business and without it survival time for him is short. He needs to make enough profit for his family or for himself and then he needs more profit to expand his business. As you can see there are a lot of questions involved when it comes to Choice and Opportunity. Risk plays a large role which can decide the success or the failure of Mustafa' Business. H/wk 02/05/07 ...read more.

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