Week 3 Journal Entry
| 1. Why do ethics matter in entrepreneurship? In this society, businesses are increasingly distrusting of one another. It’s comforting to have companies with ethical business models. It is a refreshing change for customers who have no decision but to trust their goods and services. Applying ethical practices sometimes is easier than it sounds because other business owners are not as ethical even if they portray themselves in public. To be ethical is really a matter of individual preference. However, institutions that have successfully created a healthy corporate culture are bound to have happier and better-performing services and customers. 2. How does my own personal budget relate to an entrepreneurship budget? Personal budgets are based on bills, expenses, and your own personal needs. An entrepreneurial budget has nothing but the business needs in mine. From inventory to overall expenses, the budget gives a good guideline on how much money can be spent before making good revenue. 3. Why do we need budgets? Budgets are put in place to help properly spend and save money when there is a goal/event/responsibility that needs to be financed. They are needed so that there is no overspending or if there is a surplus in money or inventory it is put in writing so that the business can move accordingly. To do that there are some ways to organize your budget. Keep your personal and business expenses separate, put money aside for taxes, save all receipts, Negotiate with vendors for better prices, and make sure to record all expenses. 4. What is social entrepreneurship? Social Entrepreneurship is doing business for a good cause. Social entrepreneurs combine commerce and societal problems in a way that benefits those who are involved in the cause. They don’t define success by making a profit, their success is measured by making the world a better place. 5. What are the most significant legal issues entrepreneurs face? – Setting up an Entity – Founders Agreements, Put in Writing – Employment Issues – Licensing – Lawsuits -Discrimination, Harassment |