Journal Entry

1. Why do ethics matter in entrepreneurship?

Ethics matter in entrepreneurship because they help guide us on our business journey. They help us establish integrity and build trust within ourselves, our employees, our shareholders, and most importantly our customers. In today’s climate, businesses are expected to be more than a money machine. I expect them to work for the people and the benefit of society.

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

Your personal budget is how much you are comfortably willing to invest or spend. This can be significant in entrepreneurship because when you first start your business, typically you have to self-fund. Most entrepreneurs won’t have investors, so you have to take that into consideration before investing time and money into a business innovation/idea.

3. Why do we need budgets?

We need a budget to keep our financials organized. Carelessly spending money will only result in a potential bankruptcy. Without a proper budget, you may be financially tied to others, which will affect your ability to achieve business or financial goals in the future. Analyzing your spending habits is an important aspect of the business.

4. What is social entrepreneurship?

Social entrepreneurship is the process of pursuing opportunities to address social issues. This is when a person explores the ability to make a positive impact on society and typically their personal community. They desire to alleviate some kind of cultural problem or social issue through their business/organization.

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

I believe one of the most common forms of legal issues that entrepreneurs face is licensing issues. Ensuring that the company meets all the legal/federal guidelines can be overwhelming if you aren’t aware of all of them, especially at the local level. Setting up your business can be very difficult if the business structure is not fully determined (non-profit, LLC, etc.). Trademarks can also be very challenging because of the extended process. You must ensure that the name is original enough to avoid infringement/conflict.