Being an Entrepreneur.

Added on - 09 Oct 2019

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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 inwritten which describes the nature of the business and general business plan with the obligationsand rights of founding members. On the other hand, it can be said that founder agreement servesas a foundational structure and a workable precept on which the future decisions of theorganization are formulated. The main motive behind the founder's agreement is to avoidconfusions 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 willmanage the demise of a founding member (Crawford, 2014). The significant purpose behind thedevelopment of Buyback clause is to defense the interest of the members against possibledisruption in the organization functions and control of the company sequel to the exit of amember. On the other hand, it can be said that Buyback clause has significant importance. It’snot only important for defensive purpose but also important for the Founder's agreement. It isbecause 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 oflegal law knowledge, and sloppiness. An entrepreneur can avoid all such legal disputes byperforming work hard. On the other hand, an entrepreneur can avoid the legal disputes byfollowing steps:Fulfilling all contractual responsibilities:It can be said that companies have certainresponsibilities which are required to fulfill by them from time to time. Therefore, it isthe responsibility of an entrepreneur to fulfill such requirements in due time. This maycontain salaries and benefits of employees, paying contractors and vendors.Establishing standards:An entrepreneur should establish standards, policies, andprocedures in their organization (Kubasek, 2016). This will help them in managing theemployee’s behavior which further helpful in solving the ethical problem, and customerconflicts.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 upclaims.Avoiding Undercapitalization:Entrepreneurs should work hard to generate powersrequired to run the business, and financial resources. It can be said that an organizationmainly suffers more with the financial challenges and this can only solve by sourcing forfunds to bail out the organization.Part CA lot of organizations are suffering from the issue of building a strong ethical culture. Ethics aremore than laws, code of conducts, and regulations. An entrepreneurial organization can build astrong ethical culture with the help of following steps: