Good day to you my fellow steemians... I am glad to welcome you back to another #businesstimewith 
Now you know what a business can mean, meaning of entrepreneurship and who an entrepreneur is. We forge ahead to talked about how to generate and analyse business ideas ...and after that how to get the business enterprise corporated.
You can get to read all these on my blog by clicking on the below links
Now to today's discussion...
##Explaining Budget and Budgeting
When you hear the word Budget, know that it is ***a financial statement of estimates or an entrepreneur's expected income and his expenditure within a given period. To an entrepreneur, it is a management tool for financial planning and control. This tool is very important as it determines the survival and growth of any enterprise.
According to Anyanwu, (1997) he defined budgeting as a setting of expenditure priorities and the weighing of alternatives
This is simply put as the process that involves the conversion of the multi-year plan of operations into a more exact short term installments of inflow s and outflows, daily, weekly, monthly, quarterly, semiannually or annually.
##Features of a Budget
a. A budget must be a financial plan of operation .
b. It must cover a given period of time.
c. It must be a mechanism of control of both revenue and expenditure.
d. It must be an authorization of how revenues are to be generated and expenditures incurred.
e. A budget must be comprehensive by showing a meaningful presentation of the state of budgetary balance and an appropriate income and expenditure items grouping.
f. A budget must be objectives oriented and help to direct the course of business.
Credit
##Types of Budgets
Principally as written by Nwachukwu, (1990), there are three (3) major types of budgets, which are:
The operating budget
The capital budget
The cash budget
It should / must be noted that each of these budgets can give rise to other sub-budgets as the more complex the operations of an entrepreneur, the more budget the enterprise may need. Note also that a budget may either be balanced, surplus or deficit.
A balanced budget is one which the expected income is equal to the expected expenditure.
A surplus budget is one in which the expected income for the period is higher than the expected expenditure
A deficit budget implies that the estimated income is less than the expected expenditure
A good budget structure should show the following:
a. Income and Reciepts estimated value
b. Fixes expenses estimated value
c. Variable expenses estimated value
d. Periodic expenses estimated value
e. The budget surplus/deficit value
##What are the Roles or Budget in Personal Economics
Budget performs the following roles in the personal economics of an entrepreneur:
It defines the concise terms the goals of the entrepreneur and ensures that he gets an adequate return on his investment
It aids the entrepreneur in planning how to go about attaining the goals of the enterprise in a harmonious way and eliminates business by "hit or miss" attitude.
It helpds the entrepreneur to eliminate s wastages by controlling his expenditure as it dictates standard s of performance and ensures an acceptable level of efficiency in resource use.
It acts as a means of communicating the aspirations and vision of the entrepreneurs to employees and other interested bodies.
It assista in the measurement and evaluation of the entrepreneur's progress towards the attainment of stated objectives.
It helps to motivate the entrepreneur towards the attainment of desired objectives as embodied in the budget.
That will be all for today...join in the next series as we will be taking a look at Taxation - forms, and the effect on a business profitability