What term refers to an organization or business managed by one or more individuals who take the initiative to make decisions and take risks?

• A. Corporation
• B. Enterprise
• C. Franchise
• D. Cooperative

Answer: (B)

The term "enterprise" refers to an organization or business that is typically created and managed by individuals who are willing to take initiative, make decisions, and assume the risks involved in operating a business. This concept emphasizes entrepreneurship, highlighting the role of visionaries and innovators who pursue opportunities in the market, often in pursuit of profit or social impact.

In a broader context, enterprises can range from small startups to large companies, but what unites them is this key characteristic: the readiness to take on challenges and make strategic choices that would steer the organization in a desired direction. This feature is essential for fostering creativity and driving progress within the business landscape.

While the other terms refer to specific forms of business structures or collaborations—such as corporations, which are more complex legal entities typically owned by shareholders; franchises, which operate under a larger brand but with a contractual agreement; and cooperatives, which focus on providing benefits to members rather than profits—none fully encapsulate the entrepreneurial spirit reflected in the term “enterprise.”