Ethics

• Consumers


  A person or group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household, and similar needs, who is not directly related to entrepreneurial activities
• General public


  Those members of the public who have no special role in a particular area, such as an airport, hospital, or railway station; there will typically be restrictions on their access
• Stakeholders


  A party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers
• Accountability


  Being answerable for one's actions or decisions
• Responsibility


  The obligation to act in a certain way
• Accountability and responsibility of entrepreneurs towards

  • Consumers
  • General public
  • Stakeholders
• Accountability of entrepreneurs to consumers


  • Being answerable for their actions or decisions
  • Providing high-quality products or services
  • Offering fair pricing
  • Ensuring customers are treated with respect and dignity
• Responsibility of entrepreneurs to consumers


  • Engaging in ethical and transparent business practices
  • Regularly assessing the quality and safety of their offerings
  • Actively seeking out and addressing customer feedback and complaints
• Accountability of entrepreneurs to the general public


  • Being responsible for their products
  • Ensuring their goods and services do not harm the community and people
• Responsibility of entrepreneurs to the general public

  • Ensuring safety
  • Transparency and honesty
  • Meeting customer needs and providing value
• Primary stakeholders


  • Investors
  • Employees
  • Customers
  • Suppliers
• Accountability of entrepreneurs to stakeholders


  • Disclosing the true nature of the product or service and ensuring it lives up to customer expectations
  • Informing customers of the terms and conditions of the purchase
• Responsibility of entrepreneurs to stakeholders


  • Providing shareholders with regular, accurate and full information about the business and its future growth plans
  • Providing a fair return to the shareholders or owners
• Accountability is the recognition and acknowledgment of our responsibilities, and being answerable for the outcomes of our actions, decisions, and mistakes
• Elements of accountability


  • Acceptance
  • Obligation
  • Ownership
  • Answerability
  • Choice
  • Commitment
• Accountability promotes trust, mitigates risk, encourages ethical behavior, enhances performance, and fosters a positive culture
• Responsibility


  The ability to respond to situations and events in our lives, as well as to perform or complete assigned tasks
• Responsibility is often associated with blame, fault, or guilt which could be one of the reasons people are quite resistant to taking responsibility
• Difference between responsibility and accountability


  Responsibility is task-oriented, while accountability is how you respond and take ownership over the results
• Responsibilities of entrepreneurs towards employees


  • Providing a safe and healthy workplace
  • Ensuring fair compensation and benefits
  • Positive work culture communication
  • Compliance with labor laws and regulations
  • Addressing employee concerns and grievances
• Responsibilities of entrepreneurs towards the government


  • Compliance with laws and regulations
  • Payment of taxes
  • Contribution to the economy
  • Advocacy for policies
  • Social responsibility
• Accountabilities of entrepreneurs towards the government


  • Financial reporting
  • Environmental and health regulations
  • Labor laws
  • Consumer protection
  • Data privacy and cybersecurity
• Making decisions involves weighing competing values and considering potential consequences.
• The goal is to make the best decision possible given available information and resources.
• Ethical issues are often complex, multifaceted problems that require careful consideration.
• Ethical dilemmas arise when there are conflicting moral principles or duties that need to be balanced.
• Entrepreneurial ethics refers to the set of moral principles and standards that guide entrepreneurial behavior.
• Entrepreneurial ethics refers to the moral principles and standards that guide an entrepreneur's behavior and decision-making process.
• It encompasses various aspects such as personal integrity, honesty, trustworthiness, respect for others, social responsibility, and accountability.
• Entrepreneurship is not just about making money but also about solving social problems and contributing to society.
• Entrepreneurship is not just about making money but also about creating value for society and contributing positively to the community.
• Entrepreneurial ventures involve creating something new or improving upon existing products/services.
• Entrepreneurship can involve making difficult choices between different stakeholders' interests.
• It includes both personal morality (individual beliefs) and business morality (organizational culture).
• It is essential to consider all relevant factors and seek guidance from trusted sources if necessary.
• Social responsibility is one of the key components of entrepreneurial ethics.
• Personal ethics refer to an individual's own sense of right and wrong.
• Entrepreneurs face unique challenges related to risk management, innovation, competition, and stakeholder relationships.
• The role of entrepreneurs goes beyond creating wealth; it involves being responsible citizens who contribute positively to their communities.
• In some cases, it may not be clear what the right thing to do is, but taking action based on one's conscience and values is still important.