Enterprise was created when the Mackenzie Highway was created to provide access to the North. Its location, at an important junction where the road to Yellowknife splits off from the Mackenzie Highway, allowed two service stations to take advantage of traffic along these routes. CN Railways constructed railway siding and loading facilities near the settlement in the 1960s in anticipation of development of the site, but the development did not occur. Over time, is grew to include a cargo station, restaurants and gift shop, and accommodations for visitors. Enterprise gained Settlement Corporation status on July 1, 1988 and on October 27, 2007, was incorporated as a hamlet.