SUBJECT: BUSINESS ETHICS AND SOCIAL RESPONSIBILITIES

LESSON: THE RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS

THANK YOU EXPERT TUTORS!

• What did you understand with the quote?:

"As an entrepreneur, you have a lot of passion and responsibility. You have to kindle the same passion and responsibility to your employees."- GurudeV Sri Sri Shankar

• SCENARIO: Can you put yourself in a work environment as a fast-food crew, and list down (atleast 10) the accountabilities and responsibilities as an employee and the employer during the pandemic crisis?

\fOn the other hand, entrepreneurs also have responsibilities to their suppliers and creditors. Entrepreneurs are accotmtable of the following: PAY FAIR PRICES OF GOODS AT A REASONABLE TIME entrepreneurs have the responsibility to pay for the agreed prices with the suppliers. This helps in the establishment of good relationship with the suppliers. On the other hand, it is also the responsibility ofthe entrepreneurs to pay their creditors at an agreed term. INFORM ABOUT CHANGES IN MARKET information on the Changes inthe market should be provided by the entrepreneur to his suppler especially on the demands ofthe commodities GIVE GUARANTEE OF RENE-[PRICE - the entrepreneurs should givethe assurance oflowest prices to the suppliers so that the certainty ofthe price will be sustained. PROVIDE TECHNICAL AD'VICE the entrepreneur has the responsibility to provide procedural assistance his suppliers for the creation ofnew and replaced supplies INFORM SUPPLIERS OF FUTURE DEVELOPMENTS provision of information on future growths to the suppliers so that suppliers will be aware ofthese circumstances andthat they will develop themselves in line with the changes of the business environment. PROMOTE HEALTHY CDLIIPETITIDN Any unhealthy and hostile competitions among suppliers should not be allowed by the entrepreneur. This is one of the accountabilities of an entrepreneur to his creditors and suppliers. Finally, entrepreneurs also have responsibilities and accotmtabilities totheir clients. Customers are the most important factors ofthe business. Thus, it is only important that entrepreneurs should take care ofthem. The following are the responsibilities ofthe entrepreneurs to the customers DETERIIIJNATION OF FAJR PRICES entrepreneurs should identify just process for the goods and servioes so that customers willdeveloptr'ust onthe productand inthe longrun, they also develop loyalty to the business as well as to the product TO RENDER GOOD ANIIIl ECONOMIC SERVICES good customer servioe is very important in a business. It is the responsibility ofthe entrepreneurs to provide good and cheaper services to the customers STANDARDIZATION OF GOODS the entrepreneurs should make sure that the product or the goods bought by the customers are in good condition so that itwill not provide danger to the customers when they use it; Goods and services should pass the quality standards set by the company as well as the government. REST ANIIII ECONOMIC PACKING OF PRODUCTS packaging is an important marketing strategy. The goods and services should be packed well to prevent damage ofthe product. RIGHT AND TRUTHFUL ADI'ERTISING truthful and honest in advertising are very essential in marketing the product. It is a moral and a social responsibility ofthe entrepreneurs. TO AVOID ADULTERATION, LOW WEIGHT AND l't-IEASUREAIENT OF PRODUCTS products shouldbeproduced following the specic designs set by the quality standards ofthe company, tarnishing of live-saving goods such as medicines are harmrl to life. There are also responsibilities and acootmtabilities of entrepreneurs to the government COMPLIANCE OF GOVERNLIENT RULES the entrepreneurs should be law abiding. Whatever will be required by the government, the entrepreneur should comply with it in aecordanoe with the law The entrepreneur should comply with the laws conoerning attainment of licenses for a particular business, running ofthe business, price identification and even production of goods and services. PAYMENT OF TAXES any business is taxed by the government The entrepreneur should follow the imposition oftaxes such as inoonre tax and sales tax There should be honest declaration ofincome so that it will be taxed accordingly.