Entrepreneurship and good governance
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Entrepreneurship and good governance

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  • Why take the time to learn and use financial management methods? Accounting is the language of business, so you and other parties (banks, IRS, etc.) should all speak the same language. Stay on top of your cash flow: Track money in and out of your business. Even a profitable business can go bankrupt if it doesn’t track cash flow. Manage your customers and sales: Track what they are buying, keep records up-to-date so you can contact them Production & Inventory: Know how to obtain goods and services from your vendors and establish credit Once your records are centralized, you can create reports for a variety of important activities: Filing with the IRS Understanding how your business is doing (this will help on pricing products and services) Sharing your financial picture with third parties (banks, SBA, etc.) to secure loans And then of course, tracking the money going in and out of your newly larger business. All companies, even huge established one’s with billions in revenue and tens of thousands of employees rely on financial management for these six areas. Whatever your business, sound financial practices are a toolset that can help you get the greatest return from your efforts.

Entrepreneurship and good governance Entrepreneurship and good governance Presentation Transcript

  • ENTREPRENEURSHIP AND GOOD GOVERNANCE
  • What isentrepreneurship…???
  • • ‘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.
  • TYPES OF ENTREPRENEURSHIP• Innovative entrepreneurship.• Imitative entrepreneurship• Fabian entrepreneurship• Drone entrepreneurship
  • 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
  • GoodGovernance
  • 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
  • Performance management is…Service level reportingProblem managementSystem/process changeProject management
  • Financial managementBudgetary managementInvoice reconciliationBenefit trackingBusiness case mgt
  • Contract managementCompliance on both sidesMaintain lists and schedulesManage change
  • Demand management• It still has to be about the customer• Collaboration between customer and supplier will make all the difference• Keep it visible
  • Risk management• Audit• Protection of commercial position• Review of key docs such as exit plan
  • Thanks for your Attention!