Why do ethics matter in entrepreneurship?
Ethics matter in everything. It matters in education. It matters in businesses large or small. It matters in the community. It matters within government entities. So, it certainly matters in entrepreneurship. It would be silly to put ethical standards on everything besides entrepreneurship. Dr. Anne-Taylor Cahill has a video in the learning modules that goes over ethics in entrepreneurship (Cahill, n.d.). She mentions that when ethics are present within an entrepreneur’s goals, they will find themselves with a business that clearly outlines trust and confidence (Cahill, n.d.). Additionally, she brings up a good point that the likelihood of a business being a good business under an ethically challenged entrepreneur is very slim (Cahill, n.d.). This makes a lot of sense to me. Businesses are businesses because they put a lot of work into making a name for themselves. If an entrepreneur that makes questionable decisions that are considered unethical, they are associating that with the potential business. Most people would rather give their money to an ethical business. Therefore, It is easier to just keep the entrepreneurial venture ethical to avoid problems down the line. Ethics in entrepreneurship matters a lot.
References:
Cahill, D., Anne Taylor. (n.d.). Ethics Intro: 202220_CPD494_30646 ENTREPRENEURSHIP-PROF STUDIES. Retrieved February 3, 2023, from https://canvas.odu.edu/courses/131858/pages/ethics-intro?module_item_id=4029319
How is my own personal budget related to an entrepreneurship budget?
My personal budget is most likely very different from others because of my situation. I am a college student that lives at home and whose parents pay for things like food, health insurance, and all that comes with having a roof over one’s head. I pay for everything else. So, phone bills, car expenses, and everything I might want I pay for that. Other college student might find themselves living on campus and having to pay for everything themselves. It all depends on an individual’s situation. I feel like this is the same for an entrepreneur. I assume that the budget of an entrepreneur is most likely based on the complexity of their idea. Dr. Jing Zhang in a learning module talks about a concept known as “market potential” that is important in considering a budget (Zhang, n.d.-a). The example mentioned in the module on market potential is the market potential of a vegetarian restaurant (Zhang, n.d.-a). This is made up of ideas such as how much of the population in the area goes out to eat, how many people within the population are vegetarian, and what amount of money do people tend to spend at restaurants (Zhang, n.d.-a). This sort of corroborates my original assumption and shows that it is dependent on the situation just like a personal budget.
References:
Zhang, Dr. J. (n.d.-a). Introductory Case: 202220_CPD494_30646 ENTREPRENEURSHIP-PROF STUDIES. Retrieved February 3, 2023, from https://canvas.odu.edu/courses/131858/pages/introductory-case?module_item_id=4029327
Why do we need budgets?
Budgets are necessary to not get into sticky financial situations. If I set out a budget for myself biweekly so I do not run out of money, then I need to follow that budget to not run out of money. Some questions constantly run through my head each paycheck. What am I allowed to spend while taking into consideration what bills are coming out of my account this month? How much do I need to put into savings to ensure that I have emergency money? What trips do I plan on taking this year? What are some items that I am going to need soon? Taking everything into consideration and being intentional with money is essential. Budgets help keep money around.
What is social entrepreneurship?
While trying to find a good way to answer this question, I looked at various ways sources described social entrepreneurship (including the course modules) but really liked the way this one website described it. The chamber of commerce describes social entrepreneurship as a type of entrepreneurship that focuses on fixing social dilemmas using business strategies to thus create positivity in the world (Peek, 2020). There are plenty of social issues in the world. So, there are plenty of opportunities for social entrepreneurship. One social entrepreneurial solution that I have the pleasure of being a part of is the organization Women in Cybersecurity (WiCyS). This organization was made to address the problem of a lack of women in the field of cybersecurity. It is a member-only organization but being a part of it reveals unique opportunities for women and serves as a place of support and empowerment. It is truly a great example of what social entrepreneurship stands for.
References:
Peek, S. (2020, July 30). What Is Social Entrepreneurship? Https://Www.Uschamber.Com/Co. https://www.uschamber.com/co/co/start/startup/what-is-social-entrepreneurship
What are the most significant legal issues entrepreneurs face?
The most significant legal issues entrepreneurs face was outlined in the course learning module created by Dr. Zhang (Zhang, n.d.-b). These issues based on the video lecture seem to be issues associated with legal forms, taxes, and instances of liability (customers suing) (Zhang, n.d.-b). The taxes and liabilities come as no surprise to me. There are people that I know that must file taxes as a business and it comes with an array of complaints due to the complexity of it. Liabilities are common and often seen in the media or exemplified in movies often. One that comes to mind is that woman who sued Mcdonald’s over their extremely hot coffee. If my memory serves me correctly, she won that lawsuit. This is one of those legal issues that most everyone is aware of because of instances like that. Meanwhile, it never occurred to me until going through the course module that there are legal documents specifically for businesses. I can now say those forms seem to be important for a variety of reasons based on Zhang’s lecture video.
References:
Zhang, Dr. J. (n.d.-b). Legal Issues: Introduction: 202220_CPD494_30646 ENTREPRENEURSHIP-PROF STUDIES. Retrieved February 3, 2023, from https://canvas.odu.edu/courses/131858/pages/legal-issues-introduction?module_item_id=4029372