Journal 3

  1. Ethics matter in entrepreneurship because it can have an impact on either you or whoever your audience is. If you were to make a decision that could benefit you in a way, there’s a chance that it can potentially hurt others with or without you knowing. Ethics is very important to how the world sees you and your company that you plan to be part of. If that were to happen to you or the person, it could be so drastic that it could be irreversible.
  2. Your own personal budget is very related to the entrepreneur budget. If you run low on entrepreneur money, it may bleed into your own budget and could put you at risk for bankruptcy. When it comes to money, budgeting between the two comes with a lot of risks. If one were to run out, the other might have money taken out. Your personal budget is also somewhat your entrepreneur budget too because the entrepreneur budget is pretty much everyone on the team’s portion of personal money.
  3. We need budgets because it helps give an idea of what we could work with. If we were able to have whatever we wanted with an unlimited budget, it would get old very quickly or possibly even cause things to crash harder than if you were to do things with a budget. If things were to fail on a budget, it wouldn’t hit you as hard as the unlimited budget. Giving yourself a budget makes it easier to take off the horrors of being under the impression of having anything you could get.
  4. Social entrepreneurship is developing solutions and funding them that are related to social issues. Those who work in this field work for the people and the issues that happen in the environment. The way that it works is to help out society rather than help out the entrepreneur.
  5. Licensing is one of the most common legal issues because it involves spending money that varies depending on your location. Trademarking is another legal issue because even though you think of something that would seem very original, there’s a good chance that it was already taken by someone else. Another legal issue that entrepreneurs face is having to make the choice of terminating someone because they’re either costing too much money to keep or they’re not fitting in. You can also run into issues with overtime, making sure that you keep yourself stable with finances and legality.