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Entrepreneurial Ethics and Responsibilities

1. The document discusses the ethics and social responsibilities of entrepreneurs in 5 areas: public image, employees, leadership, consumers, and the environment. It emphasizes engaging in social welfare programs, providing fair compensation and good working conditions for employees, acting with integrity, treating customers, suppliers and creditors fairly, and protecting the environment.

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Zia Zobel
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2K views2 pages

Entrepreneurial Ethics and Responsibilities

1. The document discusses the ethics and social responsibilities of entrepreneurs in 5 areas: public image, employees, leadership, consumers, and the environment. It emphasizes engaging in social welfare programs, providing fair compensation and good working conditions for employees, acting with integrity, treating customers, suppliers and creditors fairly, and protecting the environment.

Uploaded by

Zia Zobel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

ETHICS AND SOCIAL RESPONSIBILITY FOR AN ENTREPRENEUR

1. Public Image

• The activities of an entrepreneur towards the welfare of the society earn goodwill and
reputation for the business.

• People prefer to buy products of a company that engages itself in various social welfare
programs. Again good public image also attracts the honest and competent employees to work with
such employers.

Responsibility Towards Public in General

• Help the weaker section of the society

• Creation of job opportunities.

• Improvement in living standards.

• Building of basic infrastructure like roads, sewerage.

• Health and educational development schemes.

• To make best use of society’s resources for their welfare.

2. Employee Satisfaction

• Employees are the part of the society. If you satisfy your needs, then you are doing social work.

Responsibility Towards Employees

• Fair wages and salaries

• Adequate Basic Facilities like safe drinking water, electricity, canteen, hygienic toilets.

• Skill development programs.

• Good and safe working environment.

• Retirement benefits and pension schemes

• Collective bargaining

• Insurance cover

• Medical facilities

3. Ethical Leadership

• It is the belief that what entrepreneur does has a strong influence on employees. If manager
cheats, Lies, steals or manipulates, then they are sending wrong signals to employees.

Responsibility Towards Shareholders

• A fair return on investment.


• Safety of invested capital

• Regular and complete information about the performance and progress of the company.

• Regular Payment if dividend

Responsibility Towards Suppliers and Creditors

• Maintain healthy and co-operative inter-business relationship between different businesses.

• Provide accurate and relevant information to creditors.

• Payment of price of materials on time.

• Prompt payment of interest on borrowed funds.

• Producing original documents for credit processing.

4. Consumer Awareness

• Consumers have become very conscious about their rights. If you are giving high quality
products at cheap rate, that is kind of social Responsibility

Responsibility Towards Customers

• Charge reasonable price for products or services.

• Supply of right quality of goods in right quantity.

• No use of manipulated or false advertisements.

• Avoid unfair selling practices.

• Fair guarantee of product

5. Environment Management

• Managers and Organizations can do many things to protect and preserve the natural
environment which includes plastic less business by giving paper bag, creating eco-friendly product, by
eliminating production.

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