Hooter initiates new over-seas enterprise (4)
I believe the answer is:
nose
'hooter' is the definition.
(informal term)
'initiates new over-seas enterprise' is the wordplay.
'initiates' indicates taking the first letters (I've seen 'initiated' mean this).
The first letters of 'new over seas enterprise' is 'NOSE'.
(Other definitions for nose that I've seen before include "In-your-face" , "Pry" , "Olfactory organ" , "Deserving blame" , "Front of plane" .)