| Maria Martinez WCS494 09/18/2023 Journal 3 Why do ethics matter in entrepreneurship? Ethics matter in entrepreneurship for various reasons. Ethical practices help entrepreneurs create a good reputation, which then increases their brand recognition. Having ethics and morals also improves the brand image for the entrepreneur. Ethics also help guide the conduct that entrepreneurs and their businesses abide by the law as well as help them respect the rights of their stakeholders. Arguably the most important point being that ethics guide entrepreneurs to make the world a better place. |
| How is my own personal budget related to an entrepreneurship budget? How are they different? My own personal budget focuses on managing my personal finances, it has the purpose of helping me track my income, wages and investments for example, and my expenses, rent, groceries, insurance, car payments, etc. My personal budget establishes my objectives with my spending and saving on my personal spending. An entrepreneurship budget is designed to manage the finances of the business. It helps the entrepreneurs track revenue, income, expenses, helps budget, and provides insights into the performance of the business. They are similar in the way they both involve projecting and tracking income and expenses. Why do businesses need a budget or financial forecast? Businesses need a budget or financial forecast because they are essential for various reasons. They help with goal setting, in other words, they help the business identify and set long-term goals. Financial forecasts also help businesses forecast their cash inflows and outflows. Finances can be planned more efficiently. Budgets and financial forecasts can help create more accurate financial reports and analytics. If you need an investor, having a budget plan and financial forecast can help demonstrate to investors that your business has a plan in place. Budgets and financial forecasts also help in decision making as well as risk mitigation. These are crucial tools that help entrepreneurs create a business plan and manage the finances within it. |
| 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). My definition of social entrepreneurship is that it refers to a business venture that has the goals to make changes in the world by addressing social and cultural issues. It focuses on applying practical, innovative, and sustainable approaches that benefit society. An example is: As Executive Head of Social Welfare Corporation Shinko Fukushikai, she currently operates 40 elderly care, 11 childcare, and 3 disabled aid businesses. In 2012, Seiko successfully organized an original musical performance about an elderly care site in front of an audience of 2,200 people, with 202 non-professional performers. One year later, she hosted the 1st Global Welfare Summit in Yokohama Japan, during which she invited welfare specialists from 9 different countries and 733 participants from medical, welfare, and other fields including academia. In 2014, she received the Schwab Social Entrepreneurs Award for her entrepreneurship excellence as well as the Funai Soken Great Company Award Grand Prize. In April 2017, Seiko co-hosted the 2nd Global Welfare Summit at the Gold Coast in Australia together with Charlton Brown. What are the most significant legal issues entrepreneurs face? Entrepreneurs face various legal issues like issues with non-disclosure agreements, intellectual property, trademarks, naming the business, tax laws, insurance, employment laws, and raising capital, it can be hard to run a business with all the aspects like contracts, employment, having insurance, trademarking it, protecting the intellectual property, etc. while staying within the law. |