Which term describes a willingness to take risks, show initiative, and undertake new ventures?

The term that describes a willingness to take risks, show initiative, and undertake new ventures is "Enterprise." This concept encapsulates the spirit of entrepreneurship, where individuals or businesses are proactive in exploring new opportunities, developing innovative ideas, and investing in projects despite uncertainties.

Enterprise involves not just the ability to identify and pursue new ventures, but also the courage to face potential failures and learn from them. Entrepreneurs exemplify this definition by continuously seeking ways to improve and diversify their business operations, which is crucial for economic growth and societal progress.

In contrast, the other options do not represent the same concept. A franchise refers to a licensing arrangement through which a franchisee can operate a business under the franchisor's brand. Competitive advantage speaks to the attributes that allow a business to outperform its rivals, while creative thinking involves generating original ideas and solutions but does not inherently include the aspect of risk-taking or initiative associated with starting new ventures.