Ethics are important in entrepreneurship because for the same reasons ethics are important in life. Ethics or morals are essential in business because, ethics keep an entrepreneur honest with ourselves and the consumers. Ethics in entrepreneurship is paramount in establishing the integrity of a business. In entrepreneurship, your goal is establish a good connection with you and the audience you want to target. Making smart and ethical decisions that benefits the consumer, builds a report rooted in trust. Ethics matter in entrepreneurship because ethics in business refer to the standards for morally right and wrong.
A personal budget is related to an entrepreneur budget because they can be intertwined. In the early stages of any small business, there is often a lot more money being spent, than being gained. Often times to get a business off the ground, an entrepreneur must also play investor. Investing in one’s passion can be expensive. This may cause the budget lines to get crossed. Many entrepreneurs will dip into their personal budgeting system to take money to sustain the business. The first cash influx for a business will normally come from a loan from the bank or a personal saving accounts. This is to set up the entrepreneur with all the tools to be successful at the cost of their personal expense. However, once capital can be made, it can recoup the loss of personal expenses.
Social entrepreneurship refers to groups of individuals finding solutions that address social issues. A social entrepreneur is an individual who seeks entrepreneurial endeavors that will have a positive impact on social change. For example, a non profit organization like the Salvation Army is an example of social entrepreneurship. The Salvation Army is an organization that helps underprivileged people and families purchase donated necessities at a discounted rate. They are an independent organization dedicated to improving conditions of the poor around the world. Social entrepreneurship’s like these are positively impacting communities in need of assistance.
Budgets are important because they monitor and create guidelines for your finances. Creating a budget, creates a plan for how, when and why we spend our money. Personally, I view a budget as a means for hope as well. When I am budgeting, having an accurate account of my finances displayed allows me to see the financial room I have created. Proper budgeting can leave for room investing, travel, mini excursions, staycations etc. Budgets are necessary to help maintain financial balance, build savings accounts and allocute fund appropriately. In this point of my life budgeting has become a necessity due to the change in pace, new opportunities and big changes afoot. A budget can help balance the different aspects of crazy in life.
In the challenges of entrepreneurship, an entrepreneur can face legal issues regarding marketing, product market fit and staffing issues. Marketing is very important to gaining clientele. In the marketing field, an entrepreneur can face legal issues regarding their concepts and ideas. Product market fit refers to the problem of finding the right products to fit the consumer’s budget but allow you to raise capital as well. Staffing and employment issues can cause legal trouble when referring to working conditions, time and compensation. These are just a few examples of possible legal hardship an entrepreneur may face on their journey.
