Narcisse Teyiri
Professor Porcher
Entrepreneurship
16 September 2023
Journal entry: Week 3
Why do ethics matter in entrepreneurship?
Ethics is an important entrepreneurial skill. Because technology and digital communications have made it simpler to spot and draw attention to violations of ethics, the majority of businesses have excellent skills in the field of cybersecurity. Companies are investing more in business ethics these days. An ethical workplace is created at their company by hiring the best talent. Strong ethical employees assist in handling ethical issues. Additionally, it encourages them to carry out their duties honorably and honestly.
How does my own personal budget related to an entrepreneurship budget? How are they different?
There are some similarities between personal spending plans and business budgets. some people are already business owners. For instance, maintaining a household requires almost the same skills as managing a business. You have to keep track of your spending and maintain the building on both sides. You’ll need to keep up with what you need for the home; what needs to be done is the same as keeping up with an office and spending money in the office. Both must make regular payments toward fixed expenses. Personal expenses might include your mortgage, utilities, car payments, etc. Also included in the cost of doing business are rent, utilities, labor, insurance, etc. The distinction will be in how you generate income to pay for your expenses. If your monthly rent is $2,000, you will need a job that pays at least that much to cover your expenses. And you manage your business. Therefore, if your costs reach $10,000 and the cost of hardware/software services is $200, you’ll need about 50 clients.
Why do businesses need a budget or financial forecast?
They both assist in establishing financial objectives so that you can monitor the progress of your company and prevent bankruptcy. Following your financial progress is excellent for your company. Additionally, it’s great for development and storm preparation. A company’s budget will outline its financial objectives, including revenue, expenses, debt reduction, profit, etc.
What is your definition of social entrepreneurship? Give an example of an enterprise you read about from the Schwab Foundation website (Module page ” Social Entrepreneurship vs. Business Entrepreneurship-2).
I would define it as what I looked up before reading this question. It is an individual business that develops and seeks out solutions to social problems. a person with business opportunities and the potential to make a difference in society or the world. Creating a successful business will also benefit the individual as well as society. The Schwab Foundation will give the example of “Three strategies that can help social enterprises survive and thrive.” To assist one of the most impoverished and unemployed nations, research was conducted in South Africa. By enhancing their standard of living and helping the community with its health issues, they enhanced the community.
What are the most significant legal issues entrepreneurs face?
Choosing how to structure their business is one of the legal issues that entrepreneurs face. For instance, a partnership, an LLC, a non-profit, etc. Each of them has specific legal and commercial consequences that could have an impact on business. The type of protection and tax that the founders want should be taken into consideration. Your company may be financially at risk if you don’t understand what you’re signing up for and the regulations.