Entrepreneurial question - Essay Example

Module Ethical and Legal Foundation of a Business Establishing a solid ethical and legal foundation is one of the most eminent strategies of building a firm. The legal foundation of a business is established by an entrepreneur through adherence to various legal restrictions that regulate business establishments. Some of them include definition of the form of business organization, fulfilling the legal filings, incorporation, providing organizational name, registering the trade mark, fulfilling legal agreements such as those related to the shareholder, incomplete and nondisclosure and taxation issues such as corporate tax, corporate returns and sales taxes (Ravi 530).

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 foundation?Work CitedRavi, Seethamraju. "Business Process Management: a Missing Link in Business Education." Business Process Management Journal. 18.3 (2012): 532-547.