Journal 3

1.  Ethics matter in entrpreneurship because good ethics practice will equavilate to good product/services. If you have bad intetions in entrepreneurship then you will produce bad products/services. Customers need to be able to have trust and confidence in what business you’re offering , they can be able to trust your entrepreneurship based on your ethics.  Having a great reputation for your business will likely make you more of an income. Having a clean slate of ethics will be the best option to maintain for your business to thrive in the world. 

2. A person’s personal budget relates to an entrepreneurship budget because they work together. An entrepreneur has to know its target auidece. They have to know how much they are willing to spend based on income and when they will spend it. The consumers’ pockets fill the entrepreneurs so they go hand-in-hand. The entrepreneur has to base the prices on what the consumer budget would be. 

3. We need budgets to keep track of all costs. Spending money with no plan will lead to failure and is not responsible at all. Once a budget is created, all expenses can be tracked and accounted for to determine more options in the future. These budget plans give entrepreneurs the option to expand businesses and mke more money. The budget planning is one of the smartest things you can do as an entrepreneur.  

4. Social Entrepreneurship involves creating innovative solutions to problems and harnessing opportunities to create better ways of doing things. Social Entrepreneurship main focus is on social improvement and sustainable system change. The key to Social Entrepreneurship is providing business principles to address social issues. These entrepreneurs seek social value and financial value. How they determine that value is based on financial profit, social impact, and environmental impact. 
5. Sole proprietorship is a legal issue that entrepreneurs face and it’s tough. With sole proprietorship the company’s survival is 100% dependent on the owner. It’s also difficult to raise debt capital. Partnership is another tough battle as entrepreneurship, as each partner is liable for the obligations of other partners. That means if everyone must do it, they pay for the business. If one of the parents mess up, then that falls on everyone involved.