Professional Documents
Culture Documents
Business Ethics, Values and Social Responsibility To An Entrepreneur
Business Ethics, Values and Social Responsibility To An Entrepreneur
Business Ethics, Values and Social Responsibility To An Entrepreneur
Abstract
Entrepreneurship is the process of identifying opportunities in the marketplace marshalling the resources required to pursue these
opportunities and investing the resources to exploit the opportunities of long-term gain. The successful entrepreneur should maintain
a strict discipline in their business. It is necessary for an entrepreneur to know the values and important of business ethics. Doing
business ethically means holding right things right and wrong things wrong in business. Frederick and Lawrence define business
ethics as “application of general ethical ideas in business”. Business ethics are centrally concentrated with the business conduct.
A value is something that has worth or importance to an individual, it contains a judgment elemental in that it carries individual,
ideas as to what is right, good or desirable. Corporate Social Responsibility is the continuing commitment by the business to behave
ethically and contribute to economic development while improving the quality of life of the workforce and their families as well
as the local community and society at large. This paper defines the detailed view of Business Ethics, Values and Corporate Social
Responsibility, and its importance for an Entrepreneur
Keywords
Entrepreneurship, Business Conduct, Individual, Workforce, Society
o Avoid unfair selling practices. are implemented around its manufacturing locations in six areas
o Fair guarantee of product in India.
3. Responsibility Towards Shareholders:
o A fair return on investment. Bharat Petroleum
o Safety of invested capital. Key CSR Areas: Quality education (strengthening primary,
o Regular and complete information about the performance secondary education and empowering teachers), water
and progress of the company. conservation, skill development (employment linked skill training
o Regular Payment if dividend to the underprivileged with an inclusive approach for women,
4. Responsibility Towards Suppliers, Creditors: unemployed youth and persons with disabilities), health/hygiene
o Maintain healthy and co-operative inter-business relationship and rural development
between different businesses.
o Provide accurate and relevant information to creditors. Conclusion
o Payment of price of materials on time. All the Entrepreneurs should consider ethics and social
o Prompt payment of interest on borrowed funds. responsibility as their part of life. Doing business legally and
o Producing original documents for credit processing. ethically will lead a development to the country. The entrepreneur
5. Responsibility Towards Public in General: should do business without affecting the society. We all have an
o Help the weaker section of the society. image of our better selves-of how we are when we act ethically
o Creation of job opportunities. or are”at our best”. We probably also have an image of what an
o Improvement in living standards. ethical community, an ethical business an ethical government, or
o Building of basic infrastructure like roads, sewerage. an ethical society should be Creating ethical organizations and
o Health and educational development schemes. governments makes our society as a whole ethical in the way it
o To make best use of society’s resources for their welfare. treats everyone. The government also should take necessary steps
6. Responsibility towards Government: for the development and welfare of Entrepreneurs.
o Payment of corporate tax in correct amount with no
manipulation of profit figures. References
o To avoid corrupting public servants by offering bribe. [1] Ackoff, R. L. 1987. Business Ethics and the Entrepreneur.
o To encourage fair trade practices. Journal of Business Venturing, 2: 185-91.
o To avoid monopoly practices. [2] Longenecker, Justin G., McKinney, Joseph A. and Moore,
o To improve national income. Carlos W. “Egoism and Independence: Entrepreneurial
Ethics,” Organizational Dynamics, (Winter, 1988), 64-72
Top Companies Follow CSR Practices In India [3] Wempe, J. 2005. Ethical Entrepreneurship and Fair Trade.
Journal of Business Ethics, 60(3): 211-220.
Mahindra & Mahindra [4] The Journal of Entrepreneurship, (2008), 17( 2),
Key CSR Areas: Focus on the girl child, youth and farmers [5] The Journal of Entrepreneurship, (2009), 18( 2),
through programs in the domains of education, public health [6] MostafaEmami, Kamran Nazari, “Entrepreneurship,
and environment. Mahindra Pride Schools provide livelihood Religion, and Business Ethics”,Australian Journal of
training to youth from socially and economically disadvantaged Business Management and Research,(2012) Vol.1 No.11
communities and have trained over 13,000 youth in Pune, Chennai, [59-69]
Patna, Chandigarh and Srinagar.
Website
L&T o http://www.investopedia.com
Key CSR Areas: Water and sanitation, education, healthcare and o http://economictimes.indiatimes.com
skill building. L&T partners with local governments on health
programs focused on reproductive health, tuberculosis & leprosy Author’s Profile
control, integrated counselling & testing centres for HIV/ AIDS.
L&T’s community health centres are located at Mumbai, Thane,
Coimbatore, and Chennai. Ms.R.P.Nivethigha, BE, MBA, I am
currently pursuing my Full Time Doctoral
Infosys Programme at Anna University, Chennai.
Key CSR areas: Works with Infosys Foundation, headed by Sudha My area of Specialization is Human
Murty, towards removing malnutrition, improving healthcare Resource and Marketing.
infrastructure, supporting primary education, rehabilitating
abandoned women and children and preserving Indian art and
culture. Infosys Foundation USA is focused on bridging the digital
divide in America by supporting computer science education and
training in underrepresented communities.