1.     Why do ethics matter in entrepreneurship?

Entrepreneurship refers to the standards of morally right and wrong conduct while running a business. These ethical standards include ethical accounting. Entrepreneurs should avoid cooking their financial books to influence people’s perception of the business. Entrepreneurs should strive to maintain accurate books. Discrimination is another ethical issue that Entrepreneurs should consider. No one should be discriminated against based on Age, race, sex and gender, disability, or pregnancy. In addition, employees should be guaranteed privacy in the workplace, and the business should not monitor employees’ emails or private files.

2.     How does my own personal budget related to an entrepreneurship budget?

The primary step in entrepreneurship is the budgeting of money. This practice may seem more complicated in a business than in a personal budget, but in reality, they are not different but the same. The best practice for personal and business is taking monthly income and subtracting the necessary or uncontrollable expenses. For both, it involves projecting income in a given period and expenses, profit, and savings for businesses and individuals. Budgeting involves planning for your income and expenses; this principle does not change in business or personal budgets.

3.     Why do we need budgets?

Having a business is vital for the success of the business. When a business has a budget done well, it helps the owners of the business have a clear road map to managing funds. Having a budget help the business to better prepare for emergencies whenever they arise. The budget helps avoid diverting operational money to manage emergencies. A budget helps attract investors to the business. A budget increases investors’ confidence in a company by seeing how much money the company intends to get. Additionally, a budget helps a business set financial goals as a way of measuring the performance of the business.

4.     What is social entrepreneurship?

This form of entrepreneurship refers to the process of identifying and chasing opportunities that seek to create social value. Social Entrepreneurs are usually results-oriented, resourceful, and highly innovative. They aim to come up with ideas along the line of business and nonprofit worlds to develop strategies that seek to maximize social impact. This field is growing rapidly and has continued to attract attention from many sectors. There are many reasons behind this, one being the interesting and appealing thing about entrepreneurs and the stories of why and how they do their work.

5.     What are the most significant legal issues entrepreneurs face?

Once an individual starts running a business, it gets even more complicated. An entrepreneur is faced with many legal inconveniences that may have negative impacts on the business. These legal issues include licensing, the most common legal problem faced by small businesses. Individuals must comply with the local government requirements, or they may find themselves paying fines that could have been avoided. Additionally, an entrepreneur may face disputes over time. These disputes can be avoided by making clear rules and improving them over time to avoid future problems. n entrepreneur may also face legal issues when it comes to hiring and building a team that is not in line with the legal requirement of a country. By understanding these laws, the entrepreneur can make the right decision concerning employment.