private enterprise
nounUK /ˈpraɪ.vət ˈen.tə.praɪz/
US /ˈpraɪ.vət ˈen.tɚ.praɪz/
A business that is owned and run by people, not by the government.
The bakery is a private enterprise started by two friends.
RELATED WORDS
OTHER MEANINGS
2. The system in which businesses are owned and run by private individuals rather than the state.
The country's economy relies heavily on private enterprise.
3. A commercial undertaking or project owned by an individual or company.
Building the new shopping mall was a private enterprise funded by investors.
4. Individual initiative and self-reliance in business.
Her success came from private enterprise and hard work.