- Why do ethics matter in entrepreneurship?
Ethics matters in all entrepreneurship because by using good ethics in a business or organization, you create a positive reputation, ultimately bringing in more business or customers. Each entrepreneur will have to face ethical dilemmas when it comes to running a business. Ensuring your customers can rely on you, the quality of your product, and any other form of service, Having a good moral identity and good ethical standards is a good way to ensure good business throughout your operation levels. - How does my own personal budget relate to an entrepreneurship budget?
I think my personal budget relates to an entrepreneurship budget because of the planning and organization behind it. In my personal budget, I know when I have money coming in from my job and I can plan when my bills are taken out of my account, or I can plan when I can spend my extra money. In an entrepreneurship budget, you need to be able to track what you have coming in and what you need to spend money on to ensure your business stays afloat. - Why do we need budgets?
Budgets are incredibly important to any business venture or entrepreneurship because it allows the creator to stay within their appropriate financial means. Having budgets helps entrepreneurs plan and coordinate what they can plan to spend on their business based on the amount of income they have coming in. Without a budget, you risk spending too much money and possibly finding yourself spending more than you are taking in, making your business nonprofitable. - What is social entrepreneurship?
Social Entrepreneurship is the focus on social improvement and sustainable, or long lasting, system change. This kind of entrepreneurship is an idea or innovation, not focused on the economy or wealth accumulation, like a business entrepreneurship, but the idea is concentrated on a group of people or a society to improve a common issue or reoccurring problem. While social entrepreneurships can be both non-profit and for-profit, this is not the same concept as a charity. Charities are focused on giving and donating to others, in return they are non-profits and rely on donations from others to fund their donations. - What are the most significant legal issues entrepreneurs face?
Entrepreneurs, much like ethical issues, are bound to face legal issues in their ventures. One of the significant legal issues includes what the business is classified under for tax purposes. Another issue is what licenses are necessary for your business to be legal as well as any certifications you or your employees must have. Another significant issue that some entrepreneurs face is not having an appropriate system in place for human resource issues such as any allegations against the company or any illegal activities done by your employees. There is a lot of research that needs to be done to ensure that entrepreneurship is a legal, successful business.