Assignment on Being an Entrepreneur
7 Pages1681 Words379 Views
Added on 2019-10-09
Assignment on Being an Entrepreneur
Added on 2019-10-09
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Running Head: Being an EntrepreneurBEING ANENTREPRENEUR[Document subtitle]
Being an Entrepreneur1Table of ContentsAssignment 4...............................................................................................................................................1Part A......................................................................................................................................................1Part B.......................................................................................................................................................1Part C.......................................................................................................................................................1Part D......................................................................................................................................................2Assignment 7...............................................................................................................................................3Part A......................................................................................................................................................3Part B.......................................................................................................................................................3Part C.......................................................................................................................................................3Part D......................................................................................................................................................3References...................................................................................................................................................5
Being an Entrepreneur2Assignment 4Part AFounder's agreement is known as shareholders agreement. Furthermore, it is a document in written which describes the nature of the business and general business plan with the obligations and rights of founding members. On the other hand, it can be said that founder agreement serves as a foundational structure and a workable precept on which the future decisions of the organization are formulated. The main motive behind the founder's agreement is to avoid confusions and future assumptions so that business can run smoothly.Moreover, Buyback clause is considered as a statement that describes how to manage a particularsituation when a founding member decides to leave an organization; or how co-founders will manage the demise of a founding member (Crawford, 2014). The significant purpose behind the development of Buyback clause is to defense the interest of the members against possible disruption in the organization functions and control of the company sequel to the exit of a member. On the other hand, it can be said that Buyback clause has significant importance. It’s not only important for defensive purpose but also important for the Founder's agreement. It is because Buyback clause ensures continuity of the organization without any interference, and alsosaves the organization against unpleasant take-over from an outsider.Part BLegal disputes in an organization arise due to ligations emanate from misunderstanding, lack of legal law knowledge, and sloppiness. An entrepreneur can avoid all such legal disputes by performing work hard. On the other hand, an entrepreneur can avoid the legal disputes by following steps:Fulfilling all contractual responsibilities: It can be said that companies have certain responsibilities which are required to fulfill by them from time to time. Therefore, it is the responsibility of an entrepreneur to fulfill such requirements in due time. This may contain salaries and benefits of employees, paying contractors and vendors. Establishing standards: An entrepreneur should establish standards, policies, and procedures in their organization (Kubasek, 2016). This will help them in managing the employee’s behavior which further helpful in solving the ethical problem, and customer conflicts. Getting Everything in Writing: It is the most effective way of avoiding legal disputes. It is because disputes are easy to solve when there are written a statement to back up claims.Avoiding Undercapitalization: Entrepreneurs should work hard to generate powers required to run the business, and financial resources. It can be said that an organization mainly suffers more with the financial challenges and this can only solve by sourcing for funds to bail out the organization.Part CA lot of organizations are suffering from the issue of building a strong ethical culture. Ethics are more than laws, code of conducts, and regulations. An entrepreneurial organization can build a strong ethical culture with the help of following steps:
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