Shacara Pitre
CYSE 494
February 1, 2023
Week 3 Journal Entries
- Why do ethics matter in entrepreneurship?
Ethics matter in entrepreneurship because people will trust and have confidence in your business if you have good work ethics. As a result, this makes them want to do business with you. This is done by ensuring that ethics are a core value of the enterprise. Also, ethical entrepreneurs anticipate the ethical tensions in day to day decisions which involves having honest conversations with their team before situations are confronted. Ethical entrepreneurs find opportunities early to make their ethical commitments real.
- How does my own personal budget relate to an entrepreneurship budget?
A personal budget is similar to an entrepreneurship budget because they both help to build financial stability by allowing you to see where your money is going each month. Also, having a budget allows for you to determine what your expenses are and compare them to your expected income. Furthermore, your own personal budget allows you to set up a plan for your goals and gives you an idea of how long it will take to achieve them.
- Why do we need budgets?
Having a personal budget allows you to track how much money you have, business expenses, and to know how much revenue you need to keep the business growing. Budgets allow for entrepreneurs to see the expected income that they are going to make along with if they are able to afford new ventures. Also, they help to manage unexpected challenges that may arise and plan accordingly. Overall, budgets are the most important parts of a business because they determine the success or failure of a business in the long run.
- What is social entrepreneurship?
Social entrepreneurs focus on social improvement and sustainable system change. It applies business principles to address social problems. Social entrepreneurship is typically interested in economic development coinciding with social change. Social entrepreneurial endeavors depend on earned income and look to generate revenue as part of their approach to achieving social change.
- What are the most significant legal issues entrepreneurs face?
Sole proprietorship and partnerships provide the least legal protection even though they are the cheapest and easiest way to start a business. Corporate forms are harder and the most expensive to start, but they offer the best legal protection in case a business is subject to lawsuits and other liabilities. C-corp offers growth opportunities for new businesses, but is criticized for double-taxation. Sole proprietorships and partnerships, LLC and S-cort offer a pass through tax benefits. Overall, none of the legal forms are optional and many factors determine the choice of a legal form for a particular organization.