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The Ethical and Social Responsibilities of the Entrepreneur
Transcript of The Ethical and Social Responsibilities of the Entrepreneur
The ethical behavior required of entrepreneurs is determined by the following:
1. The public
2. Interest groups like the Society of Prevention of Cruelty to Animals;
3. Business organizations; and
4. The individual’s personal morals and values
2. Reward system
3. Individual difference; and
4. Other factors
How Ethical Behavior is Encouraged
1. Adoption of a code of ethics
2. Institution of rewards and punishments concerning ethical behavior
3. Adoption of internal programs for resolving conflicts
4. Creation of ethics review committees
5. Provision of training in ethics for employees
6. Top management support
must begin at the
top of an organization
it is a leadership issue and a chief executive
must set an example
is the study of moral obligation involving the distinction between right and wrong.
Code of Ethics
It is a formal document indicating
the entrepreneurship’s adap-ted
principles of appropriate behaviour
Rewards and Punishments Concerning Ethical Behavior
could take the form of dismissal, demotion, suspension, or reprimand.
may be given in the form of cash gifts, promotion, or citation.
This committee is usually composed of company employees as well as some who are not employed by the company.
These persons have undergone special training in Ethics.
Provision of Training in Ethics for employees
Company personnel who are exposed to activities that are ethically changed must be provided with sufficient training in Ethics.
Ethical Issues Facing Entrepreneurships
1. Between the company and customers
2. Between the company and its personnel and employees
3. Between the company and its business associates
4. Between the company and the investors and financial community
Relations with Customers
Entrepreneurs should provide support for consumer rights which are as follows:
1. The right to be safe
2. The right to be informed
3. The right to be safe
4. The right to be informed
5. The right to choose
6. The right to be heard
Relations with Personnel and Employees
Good ethical conduct requires entrepreneurs to be aware of their responsibilities to employees. These are the following:
1. Workplace safely
2. Quality of life issues
3. Avoiding discrimination
4. Preventing sexual harassment
Relations with Business Associates
Relations with Investors and the Financial Community
What is Business Ethics?
The Effect of Adherence to Ethical Standards
Adherence to Ethical Standards
Smooth Flow of Business Exchanges
Establishment of Trust
- between buyers and sellers
- between lenders and borrowers
End of Chapter 3 :)
A Code of ethics can be made effctive
if the following requirements are met:
1. It should refer to specific unethical practices like receiving gifts, avoiding warranty calims, bid-rigging, making ficticious claims, among others; and
2. It must be supported by top management. Support comes in various forms such as providing sufficient funds for its implementation and assigning specific employees to handle ethical infractions of ther employees.