7. Explain the concept of an entrepreneurial legacy and the challenges involved in crafting a meaningful legacy.
• An entrepreneur’s legacy includes not only money and material possessions but also such nonmaterial things as personal relationships and values.
• Part of the legacy is the contribution of the business to the community.
• A worthy legacy includes a good balance of values and principles important to the entrepreneur.
• Building a legacy is an ongoing process that begins with the launch of the firm and continues throughout its operating life