Entrepreneurship and good governancePresentation Transcript
ENTREPRENEURSHIP AND GOOD GOVERNANCE
• ‘entrepreneurship is a process through which individuals identify opportunities, allocate resources, and create value. This creation of value is often through the identification of unmet needs or through the identification of opportunities for change’
Who is anentrepreneur…???
An entrepreneur is one who always searches for change, responds toit and exploits it as an opportunity. Innovation is the basic tool ofentrepreneurs, the means by which they exploit change as anopportunity for different business of service.
Six Ways Financial Management Helps Your enterprise Succeed 2. Manage Customers and Sales. Know and understand your customers 3. Production. through consolidated records.1. Cash Flow. Obtain goods andTrack the money services. Apply for andgoing in and out of establish credit withyour enterprise. your vendors. YOUR enterprise 4. Compliance. Report your6. Funding. company’s incomes,To be considered for expenses, and payrolla loan or investment, accurately to the IRS.you’ll need completefinancial statements. 5. Insight and Decision Making. Make informed decisions – and price your product or service for profitability – with financial reports
Kinds of Ethical Issues• Ethical Issues in entrepreneurial Operations – Income and expense reporting (income tax fraud) – “Truth in advertising”—persuasion and deception – Bribing customers and rigging bids – Direct selling—pyramid schemes, bait-and- switch selling – Effect of owners’ ethics on their employees – Accurately reporting financial information
Kinds of Ethical Issues (cont’d)• Ethical Issues and Employees – “To do an honest day’s work” – Fraudulent workers’ compensation claims – Theft of company property and embezzlement of funds – Violation of personal ethics to make a sale
Governance is the activityof governing. It relates todecisions that defineexpectations, grant poweror verify performance
Governance in itswidest sense refers to how any organization, including a nation isrun. It includes all the processes, systems and controls that areused to safeguard and grow assets.
governance is not… …a mystery …a magic pill
If there were arecipe for goodgovernance whatwould be on theingredients list?•Reporting•Performance management•Financial management•Contract management•Demand management•Risk management
good reporting is … Regular Clear Complete Unequivocal metrics Fit for purpose metrics