Business & Marketing: Being and Entrepreneur

Business & Marketing: Being and Entrepreneur
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Question One
A founders agreement is a set of agreements that are drafted in a legal document that defines the terms and conditions laid upon by the parties involved. The deal helps the founders minimize disagreements and offer a business a better chance of survival. An attorney guides the founder parties involved in setting clear goals, managing finances, making decisions, developing guidelines, and determining the procedures involved in selling the business. Several factors that should be included in a founder's agreement comprise intellectual property, ownership structure, and accounting details. Other elements to include in the agreement entail capital and contributions, non-competence clause, management and responsibilities, and termination. Basic guidelines in the creation of a founder's agreement are that the deal should entail startup equity, termination, buyouts, selling the business, and compensation.
The buyback clause in a founder's agreement legally obligates founders intending to leave the business to sell their interests to the remaining interested founders. Its importance involves securing the shares of the departing founder, which will be then offered to their replacement founder. Another significance of the clause entails safeguarding the shares by giving them to other founders interested in the future success of the business. This only applies to situations where the founder is leaving because they are dissatisfied with the business organization. The buyback clause is an essential factor to address when drafting a founder's agreement in terms of what should happen to the founder's equity if they die or decide to leave the company.
Question Two
Three main reasons why people become entrepreneurs include freedom and control, money and financial success, and the ability to pursue their ideas. Financial independence and control allow entrepreneurs to be their bosses. The liberty associated with entrepreneurs is characterized by a flexible lifestyle that is not bound to the 9 to 5 work schedule incorporated in firms. According to Guy Kawasaki, entrepreneurs start businesses to pursue their ideas of products and services that will make the world a better place. The reason for one becoming an entrepreneur is when their creativity does not fit the corporate environment, influencing them to explore and pursue their ideas in their own businesses. The dream of every entrepreneur is the ability to make lots of money and financial success. The satisfaction accompanied by financial reward is immeasurable to them.
The four character traits of a successful entrepreneur include vision, passion, resilience, and adaptability (Kumari, 2020). Successful entrepreneurs have a vision of framing the future before it even happens. Their success focuses on business innovation based on their vision and ideas. For an entrepreneur to be successful, they should be passionate about their business products and services. They should also be mission-focused. Without passion, an entrepreneur cannot withstand business challenges associated with the rejection of their business ideas and short-time failure. Adaptability enables them to fit and live in a highly dynamic world related to rapid change beyond control. The character trait linked to resilience enables an entrepreneur to push forward despite rejection and short time failures.
Question Three
Feasibility analysis, also referred to as a fe...