ENTREPRENEURSHIP AND ENTREPRENEURSHIP AND GOOD GOVERNANCEGOOD GOVERNANCE

ENTREPRENEURSHIP AND ENTREPRENEURSHIP AND GOOD GOVERNANCEGOOD GOVERNANCE

What is entrepreneurship…??

?

• ‘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 an entrepreneur…???

An entrepreneur is one who always searches for change,

responds to it and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the

means by which they exploit change as an opportunity for different business of service.

TYPES OF ENTREPRENEURSHIP

• Innovative entrepreneurship.• Imitative entrepreneurship• Fabian entrepreneurship• Drone entrepreneurship

Six Ways Financial Management Helps Your enterprise Succeed

4. Compliance.Report your

company’s incomes, expenses, and payroll accurately to the IRS.

5. Insight and Decision Making.Make informed decisions – and price your product or

service for profitability – with financial reports

6. Funding.To be considered for a loan or investment, you’ll need complete financial statements.

1. Cash Flow.Track the money going in and out of your enterprise.

2. Manage Customers and Sales. Know and understand your customers through consolidated records.

3. Production.Obtain goods and

services. Apply for and establish credit with

your vendors.

YOUR enterprise

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

GoodGovernanc

e

Governance is the activity of governing. It relates to decisions that define expectations, grant power or verify performance

Governance in its widest sense refers

to how any organization,

including a nation is run. It includes all

the processes, systems and

controls that are used to safeguard and grow assets.

…a mystery

…a magic pill

governance is not…

If there were a recipe for good governance what would be on the ingredients list?•Reporting•Performance management•Financial management•Contract management•Demand management•Risk management

good reporting is …

RegularClear Complete Unequivocal metricsFit for purpose metrics

Performance management is…Service level reporting

Problem management

System/process change

Project management

Financial management

Budgetary management

Invoice reconciliation

Benefit tracking

Business case mgt

Contract managementCompliance on both sidesMaintain lists and schedulesManage change

• It still has to be about the customer

• Collaboration between customer and supplier will make all the difference

• Keep it visible

Demand management

Risk management • Audit • Protection of

commercial position• Review of key docs

such as exit plan

Thanks for your Attention!