1.     Why do ethics matter in entrepreneurship?

2.     How does my own personal budget related to an entrepreneurship budget? 3.     Why do we need budgets?

4.     What is social entrepreneurship? 5.     What are the most significant legal issues entrepreneurs face?

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1.  Ethics matter because good ethics is good business.  If your company behaves ethically it will gain a good reputation in the marketplace among consumers who will want to choose your product or service over other companies.  Ethical frameworks help companies choose the best choice that produces the most good when presented with a decision to be made.  

2.  A personal budget is similar to an entrepreneurship budget.  Both a personal budget and entrepreneurship budget need to track expenses and income.  In both avenues you need to prioritize your spending to ensure your life or business is properly provisioned and that you have funds to deal with any unseen circumstances.  Additionally  with both a personal budget and you can review in what way you spent your money and if it is was the best option. 

3.  We need budgets because they are the best way to track finances.   Creating budgets allows an entrepreneur to see the performance of a new business and modify it to improve.  Budgets also help demonstrate the long term plan of the business to investors and business partners.  With a budget you can avoid financial issues, and grow the business in a methodical way.  

4.  Social entrepreneurship is characterized by having a social mission that drives the organization.  This can help drive philanthropy or systemic change.  Social entrepreneurship can help tackle social problems,  create social movements and improvements, and integrate social awareness into business endeavors.  It is applying business principles to address social problems, using economic development to create lasting change with growth and sustainable impact.

5.  The most significant legal issues entrepreneurs face is the legal form of organization the new venture will take.  Deciding between sole proprietorship, corporation, or limited liability company will have advantages and disadvantages for tax structures, and cost of growing the business.  Additionally structuring the new business in the correct way shields and protects the owners personal lives and assets from law suites or other liabilities.  Entrepreneurs should determine the best legal form for the enterprise they wish to start.