1.     Why do ethics matter in entrepreneurship?

Ethics matter in an entrepreneurship because it is how a business gains trust and confidence from the consumers. In simple words, good ethics equals to good business; no one wants to do business with a company that has bad reputation. The best way for a company to promote itself is by having a good standing, people will automatically trust your business and build a sense of confidence. Without a strong set of ethics, companies can find many legal, financial, and moral challenges. Maintaining high expectations and meeting legal obligations are key to business ethics.

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

I believe a personal budget is related to an entrepreneurship budget because both project and track our income and expenses, budgeting works as a foundation of our personal spending and ensure efficiency. Just like a business, not managing our expenses can bring financial burden and cause too much imbalance. Having financial complications can generate asset losses and make us fall under a lot of stress. 

3.     Why do we need budgets?

The reason we need budgets is because it is one of the most valuable skills an entrepreneur can acquire. It is one of the first steps when creating a new company, it allows the entrepreneur to get an idea of expected income, cash needs, and costs. With these calculations, the entrepreneur can test the feasibility of a new company and adjust to better business plans.  Also, a budget is how an entrepreneur presents the progression of the company to investors, employees, and partners. The meetings with different groups can generate ideas as the plan progresses.

4.     What is social entrepreneurship?

A social entrepreneurship uses the business model to analyze social, cultural, and environmental problems. Then, make a sustainable change to bring a positive outcome in society. A social entrepreneur is focused on creating a business that will impact society positively and not focused only on the funds that it generates.

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

Legal issues can occur at any time in a business, it is critical that an organization has the fundamental knowledge of organizations legal forms. Having this knowledge allows a company to take advantage of all the legal protections and avoid damage. There are many legal forms available to entrepreneurial business owners, it is important to choose the right form to operate under because choosing the wrong one can result in tax burdens, laws sues and other issues that that can bring personal asset losses to the business owner.