9/22/2022
- Why do ethics matter in entrepreneurship?
Ethics matters in entrepreneurship because good ethics is good business. For example, you would not partner up with a company If they had a sketchy reputation. At the core of being an entrepreneur that is ethical it protects the integrity of your business. Being an ethical entrepreneur is the finest advertisement you can buy. Individuals will start to have faith in you and desire to conduct business with you. Ethics is based on two things Logic and Reason, how someone responds to that shows us what type of ethics one uses. - How does my own personal budget related to an entrepreneurship budget?
Relating to my own personal budget, first I must figure out how much income I will maybe be able to gain and then how to spend it. The budget that would be for my entrepreneurship, will have to depend on how much I make because that is how much could go into the budget. Anticipating the future needs of the company is a beneficial way to accommodate what the company’s budget would look like. These two budgets are related because being able to keep your entrepreneurship afloat due to funding and good budgeting would be advantageous. - Why do we need budgets?
We need budgets because they help us plan how we would like to spend our money. It is significant because it allows you to regulate your spending, track your costs, save money, make smarter financial decisions, and even plan for crises. It is also to choose the correct type of budget that fits your company, If the wrong type is chosen it can lead to an unsuccessful financial plan. budgets, it enables the tracking of variable expenses and fixed expenses to estimate expenses related to the business. The budget also helps with tracking revenue for the company. - What is social entrepreneurship?
Social entrepreneurship is the practice of identifying and developing opportunities to provide social benefit. This type of entrepreneurship is different from the others since it has a social mission at the core. Social entrepreneurs are often engaged in both economic growth and social transformation. It shows growth by scaling up the business if it is being managed properly. Social entrepreneurs rely on earned money and seek to produce cash as part of their strategy for accomplishing social reform. Some characteristics include empathic, curious, opportunistic, creative, strong collaborator, or resilient. - What are the most significant legal issues entrepreneurs face?
There are three different categories of legal forms that are split up into least protection, bridges, and the most protection. The most significant legal issues entrepreneurs would be in the bridges categories, so I am referring to S-Corp and LLC. Paying tax on profits, especially intended retaining earnings, is a challenge for S-Corporations, and they must be able to create enough money to cover the tax. The first downside of forming a Limited Liability Company (LLC) is that it may have an excess of managers on staff, resulting in a revenue loss for the company. The second drawback is that LLCs pay more taxes than S-Corporations. S-Corporations already pay a lot of taxes, so having to pay even more might affect a firm if it can’t handle the expense.