to new beginnings

• Responsibility


  Duty or obligation to satisfactorily perform or complete a task (assigned by someone) that one must fulfill, and which has a consequent penalty for failure
• Accountability


  Obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. It includes the responsibility for money or other entrusted property
• Difference between Responsibility and Accountability

  • Responsibility can be shared, does not necessarily owe an explanation, involves having authority over one's actions
  • Accountability cannot be shared, owes an explanation, you are liable or answerable for one's action
• In order to be responsible

  You must be accountable and vice versa
• Being accountable means that you have responsibility for the results
• Situation 1: Tom's responsibility


  • To make sure there is supplies in the office room, Tom must be aware of this task and keep bringing in more supplies before they run out. Tom is responsible for the office supplies, but he is only held accountable (owes an explanation for his actions) if the supplies ever run out
• Situation 2: Enron scandal


  • CEO Kenneth Lay was indicted for his illegal and unethical actions. Lay insisted that Enron's collapse was due to a conspiracy, implying he could be held accountable as the CEO but not responsible. However, the jury found Lay guilty of conspiracy and fraud, making the CEO responsible as well as accountable for the downfall of the company
• Top three socially-responsible companies

  • Google
  • Microsoft
  • The Walt Disney Company
• Corporate Social Responsibility (CSR)

  Initiatives taken by companies to benefit society and the environment in which they operate
• Entrepreneurs have a moral obligation to reconcile and balance the rights and obligation of their stakeholders such as customers, employees, suppliers, and other stakeholders
• Eight Basic Rights that Customers are entitled


  • Right to Basic Needs
  • Right to Safety
  • Right to Information
  • Right to Choose
  • Right to Representation
  • Right to Redress
  • Right to Education
  • Right to a Healthy Environment
• Responsibilities and Accountabilities to the Customers

  • Ensure quality products and services
  • Ensure customer's health and safety
  • Provide easy-to-use products
  • Provide free training
  • Be fair in prices
  • Be honest in advertising and marketing
  • Be honest in dealings
  • Attend to complaints
  • Provide service even after sales
  • Respect customers' time
  • Treat customers well
  • Ensure regular supply
  • Research and develop to increase customer's satisfaction
  • Avoid monopolistic competition
• Deceptive practices


  Illegal acts that mislead a person or group of persons to believe what is untrue or disbelieve what is true
• Examples of deceptive practices


  • Company representatives give false information about the feature of a product or service
  • Use of defective weighing scales to tamper with the weight of goods
  • Overcharging
  • Selling low-quality products
• Basic Rights of Employees

  • Pay salary or wages
  • Create and maintain a safe workplace
  • Provide good working conditions
  • Manage workloads
  • Provide equal employment opportunity
  • Ensure due process before dismissal
  • Facilitate workers' compensation insurance
  • Enforce anti-discrimination
  • Create and maintain a favorable working environment
  • Respect human rights
  • Support career development
  • Train and educate employees
  • Manage performance
  • Give rewards and benefits
• Responsibilities and Accountabilities to the Creditors

  • Give correct information
  • Provide fair return on investment (ROI)
  • Strengthen share prices
  • Honor fiduciary duties
• Responsibilities and Accountabilities to the Government

  • Observe laws, rules, and regulations
  • Pay taxes
  • Follow environmental regulations
  • Abide by labor law
  • Avoid restrictive trade practices
  • Disclose financial statements
  • Avoid corruption
  • Assist in implementing socio-implementing policies
  • Help earn foreign exchange
  • Advise the government
  • Complete promptly government contracts
  • Contribute to government treasury
  • Contribute to political stability
• Responsibilities and Accountabilities to the Suppliers

  • Practice fair pricing and licensing
  • Avoid coercion and litigation
  • Maintain stability
  • Maintain confidentiality
  • Pay on time
  • Select suppliers with discernment
• Bribery


  The giving of gifts or favors to influence a person's or a company's decision
• Responsibilities and Accountabilities to the General Public

  • Maintain a positive public image and attract new clients
  • Be monetarily responsible
  • Consider public input
  • Take care of the community
• Responsibilities and Accountabilities to the Environment

  • Comply with environmental legislation
  • Dispose waste properly
  • Recycle
  • Conserve and protect biodiversity
  • Prevent and remedy damages to environment
  • Report environmental incidents
  • Use scarce natural resources sparingly