NAME: AJANI-TAIWO ODUNAYO OLUWASEUN

MATRIC NO: 2004021051

DEPARTMENT: BANKING AND FINANCE

LEVEL: ND1 FULL TIME

COURSE TITLE: EED THEORY

COURSE CODE: EED126

DEFINITION OF AN ENTERPRISE:

It is a human skills: eagerness to do something new and clever, despite any risks. It
implies not only running of a business, but also shouldering the loss, if any. The man
who undertakes all this work is called an organiser, or, more commonly, an
entrepreneur. Organising and risk-taking are the two main functions of the
entrepreneur.

FORMS OF ENTERPRISE

There are many forms of legal enterprises, with the most common in the U.S. being:

Sole proprietorship: – A company run by a single individual, typically for their

benefit, with unlimited liability for any damages that occur as a result of the business’
operations.

Partnership: – A business run by two or more individuals or entities who share

ownership: – not necessarily equal ownership, however.

Corporation: – A for-profit entity created to shield the owner(s) from liability should
the enterprise become subject to a lawsuit. There are different forms of corporations,
depending on how many owners there are.

Limited Liability Company (LLC): – An LLC offers the legal protection of a

corporation and the tax treatment of a partnership.

Professional Company/Professional Limited Liability Company (PC/PLLC) – PCs and

PLLCs are for licensed professional firms, such as accountants, architects, engineers,
doctors, and lawyers, and provide liability protection similar to a corporation.
 BENEFITS OF ENTERPRISE

These include the following:

1. Improved visibility into operations and performance

The use of ITSM technology lets staff and management understand what has been
achieved and what hasn’t. It ultimately gives insight into the value that each business
function provides and makes it easier for this to be communicated to customers and
other business stakeholders.

2. Improved efficiency and reduced operational costs

Optimized processes, workflow, automation, and alerting can remove unnecessary

manual effort and rework. This is added to when self-service and self-help capabilities
are used by employees.

3. Self-service efficiencies and workload reductions

Employees can get to the solutions they need more quickly through self-help. Then this
and the ability for employees to log issues and requests via self-service means fewer
telephone calls to the service desk or the business function equivalent.

4. Increased control and governance

Enterprise service management processes and enabling technology can be used to

implement much needed internal controls and to provide insight into who did what
when as well as higher-level reporting.

5. A better ROI on the corporate ITSM solution investment

The more the people, and business functions, that use the ITSM solution, the better the
ROI and per-user ongoing management costs. Also, depending on the business function
systems that can be phased out, there is the potential for additional technology cost
savings through business-function application rationalization.

6. Improved effectiveness

Using a fit-for-purpose ITSM solution for enterprise service management can help to
ensure that all employee issues and requests are dealt with and, where possible, to
agreed service levels. No more losing requests in personal email accounts or delays
through the inefficiency of individuals.