Want to Know More about Enterprises?

A Comprehensive Guide to an Enterprise

If you are a student of management and business studies, your course demands you to develop an understanding of the basics of enterprises and enterprise resource planning (ERP). While you can find the much-needed assignment help for everything related to your academic course at MyAssignmenthelp.com, you should know the following things to better understand your course materials.

1. What is an enterprise?

The term enterprise is used to describe a for-profit business or company. However, it is typically associated with entrepreneurial ventures. There are a number of legal forms of enterprises. The most common ones are:

• Sole proprietorship: A company that is run by an individual, generally for its own benefit, is referred to as sole proprietorship. The person needs to take all the liability for any damages that occur due to the business' operations.
• Partnership:A business that is run by two or more individuals or entities are considered a partnership business. The two parties share ownership. However, the ownership does not necessarily have to be equal.
• Corporation: This type of for-profit organizations is created to safeguard the owner(s) from liability in case the enterprise faces a lawsuit. There are plenty of varieties of corporations depending on the number of owners they have.
• Limited Liability Company (LLC):This type of businesses offers legal protection for a corporation and the tax treatment of a partnership.
• Professional Limited Liability Company (PLLC): This type of businesses are for licensed professional firms, such as engineers, architects, doctors, accountants, lawyers, etc., and offer liability protection just like in a corporation.

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2. What is enterprise value?

Enterprise value (EV) refers to the total value of a company. This measure is often used as a more comprehensive alternative to the capitalization of the equity market. The calculation of EV includes the market capitalization of a company along with the short-term and long-term debt and any cash on the company's balance sheet.

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3. What is free enterprise?

Free enterprise, also referred to as free-market or capitalism, is basically an economic system driven by two factors – supply and demand. The marketplace is controlled by private businesses and consumers, with little to no interference from the government.

4. How to calculate enterprise value?

In order to calculate enterprise value, you need to add a corporation’s market capitalization, preferred stock, and outstanding debt together and then subtract the cash and cash equivalents found on the balance sheet.

EV = Market Capitalization + Debt + Preferred Stock - Cash

It means that the EV is equal to the amount it costs you to buy a single share of a company's common stock and preferred stocks along with the outstanding debt. You need to subtract the cash balance since you have acquired complete ownership of the company, and the cash becomes yours.

The process is fairly simple. However, if you need assistance with the calculation, our experts are always there to help.

5. What does enterprise mean?

We have already discussed what an enterprise is. However, if you want to learn the meaning of the word, here it is. According to the Merriam-Webster dictionary, an enterprise is a project or undertaking that is especially difficult, complicated, or risky. An alternative meaning of the word enterprise is a unit of economic organization or activity, especially a business organization.

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6. What is enterprise software?

As the name suggests, enterprise software is developed to make certain aspects of the business operations easier for the organization. Enterprise systems handle a variety of operations within a company in order to facilitate its business and management-reporting tasks. They are developed for speed, scale and designed to deploy across an array of networks, including the internet, an intranet and corporate networks.

Since such enterprise software is often too complex to understand, it pushes most companies to outsource the development of applications they need to run operations. After the software is developed, it is bought back in-house for deployment. Most companies require a specialized IT team for that job.

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7. What is enterprise resource planning?

Enterprise resource planning (ERP) is a process used by companies to better manage and integrate the crucial areas of their businesses. Companies often rely on the ERP software applications to help them implement resource planning by integrating all of the processes necessary to run their companies with a single system. An ERP software system integrates planning, sales, purchasing inventory, finance, marketing, human resources, and a lot more.

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8. What is enterprise architecture?

Enterprise architecture (EA) is a process of analyzing, designing, planning and implementing company analysis in order to successfully execute the business strategies. EA allows businesses to develop IT projects and policies to achieve desired business results and to comply with the industry trends and disruptions with the help of architecture principles and practices.

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9. Which of the following is not true about enterprise systems?

ERP systems are becoming more common in small and large enterprises. While its popularity continues to grow, there are several myths and misconceptions regarding enterprise resource planning and its implementation in the market.

1. Myth: ERP is too expensive – The high-end, innovative ERP solutions can be quite pricey. However, technical advancements are making such systems a lot more affordable.
2. Myth: ERP is only for big enterprises – Even though ERP systems are typically meant for larger firms, they are gaining a lot of popularity among smaller businesses as the options for customizations are growing.
3. Myth: ERP benefits the executive and management only – While ERP can offer the upper management some crucial information for decision making, the benefits of the system can spread to the entire business, improving employee performance across all levels.
4. Myth: One ERP solution fits all – You need to compare the available ERP solutions and choose the best one based on the business requirements, trends, functionalities and features.
5. Myth: ERP, CRM, MRP, SCM are all the same – All the terms mentioned here represent different things. ERP is enterprise resource planning. CRM is customer relationship management, MRP is manufacturing resource planning. SCM is supply chain management.
6. Myth: ERP takes a lot of time to implement – The ERP implementation time generally depends on a number of factors, including the size of the business, the number of users, the degree of customization, the expectations of company leadership and more. So, the implementation time ranges between several months to a couple of years.

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10. What is a social enterprise?

A social enterprise or social business refers to a business that has several social objectives that serve its primary purpose. Social enterprises aim to boost profits which maximizing benefits to society and the environment. Their profits are generally used for funding social programs.

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11. What is enterprise risk management?

Enterprise risk management (ERM) is the process that helps identify and address methodically the potential events which represent risks in the way of achieving strategic objectives or the opportunities to get a competitive advantage.

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12. How to start an enterprise?

If you want to start an enterprise business, you need to follow the steps mentioned below:

1. Conduct market research
2. Prepare your business plan
3. Find fund for your business
4. Pick your business location
5. Choose a business structure
6. Decide a name for your business
7. Register your business with the federal government
8. Get federal and state tax IDs
9. Apply for licenses and permits
10. Open a business bank account

These were the basic steps of starting an enterprise business. However, if you have confusion regarding the steps, you can consult with our in-house experts at MyAssignmenthelp.com for much-needed assistance.

13. Enterprise vs enterprises:

 The plural of enterprise is enterprises. That is the only difference you need to know between those two words. However, if you want to know the difference between how a single enterprise work and how a group of enterprises work, you can get in touch with our academic experts at MyAssignmenthelp.com and get the much-needed information.