Definition of Enterprise Development

by Dwight Chestnut - Updated September 26, 2017
Enterprise development is the engine of entrepreneurship.

Innovation advances the economy to new levels, and enterprise development activity is the cradle of innovation. This applies whether the innovation results in the formation of a new organization or in the expansion of an existing organization.

Identification

According to the Nationwide Enterprise Development Administrators, enterprise development can refer to the creation of new enterprises or the redevelopment or expansion of existing enterprises. The critical success factors of any enterprise development strategy are the viability of the business ideas or strategy behind the enterprise development activity.

Function

Enterprise development materializes as any action, movement or activity that creates new business value. The individuals or organizations who have an interest in the result of the enterprise activity are responsible for funding, guiding or supporting the enterprise development activity toward its objective.

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Significance

Economic society evolves as a result of enterprise development activity. Aggressive and continuous enterprise development creates jobs, funds the tax base for local and federal governments, and increases the aggregate standard of living.

About the Author

Dwight Chestnut has been a freelance business researcher and article writer for over 18 years. He has published several business articles online and written several business ebooks. Chestnut holds a bachelor's degree in electrical engineering from the University of Mississippi (1980) and a Master of Business Administration from University of Phoenix (2004).

Photo Credits

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