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One of the necessary resources for the establishment of an ethical and legal foundation include participating in training that provides the information necessary to ensure that the entrepreneur is completely cognizant of the regulations that affect the business venture. Information on the mode of incorporating the business can be outsourced from various sources such as the existing businesses and literary materials. The foundation principles for the business ethics include exercising the due care, maintenance of confidentiality, fidelity to special responsibilities, respecting the liberty and the constitutional rights of others. Others include respect for the human well-being, ensuring good-faith in the business negotiations, complying with the law, and evading the conflict of interest. The most eminent ethical resources for the suppliers include the code of conduct, ethics audits, ethics surveys, ethics training and ethics helpline (Ravi 540). Establishing an ethical and legal foundation for the customers requires transparency, undertaking the corporate social responsibility, ethical surveys, ethics helpline and access to ombuds. The strategies applied for motivating customers can also be applied to the investors. What challenges do entrepreneurs experience when establishing a solid legal and ethical
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(Entrepreneurial Question Essay Example | Topics and Well Written Essays - 250 Words)
“Entrepreneurial Question Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/nursing/1614393-entrepreneurial-question.
This article critically analyses the steps involved in a business plan. Each stage of the Business Plan is critically examined in terms of what should be included in each step. Also, the contribution of each step to the overall plan is dealt in extended detail. The intention of the assignment is to develop a clear understanding and framework of the requirements for setting up and operating a successful business.
Some people would view some skills as necessary while others have a different set of skills which they consider essential for a successful entrepreneur. An entrepreneur is a self-starter who is able to see opportunities and by using creativity and innovation, be able to successfully start a unique business or develop new products.
The entrepreneur tests the conjecture by, say, conducting market research or talking to a trusted advisor... The entrepreneur will apply what he learns to modify the original business conception. There are other explanations that have similar thread and they all cite a logical procedure by which entrepreneurship and enterprise emerges and flourishes.
From this, it can be derived that an entrepreneur is "someone who perceives an opportunity and creates an organization to pursue it" (Bygrave & Hofer, 1991, p 14). Timmons, (1994) has identified three crucial driving forces of entrepreneurship, which include (i) the entrepreneur or founder, (ii) the recognition of opportunity and (iii) the resources needed to found the firm.
Hence, it would be easier if there was prototype that reflected entrepreneurial personality. This prototype would help in identifying and separating entrepreneurs from the crowd. This approach has been known as the trait approach.
y espouse, is an individual that is innovative, oftentimes dismissive of risk, unsatisfied with the status quo, and willing to go outside their comfort zone as a means of achieving a particular degree of success. This layman’s definition of what defines an entrepreneur is of
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