INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Participate in markets for the purpose of exchanging goods and services.
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Engage in fair labor practices and fair competition.
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Either A or B
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None of the above
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Detailed explanation-1: -Ethical responsibility is the pillar of corporate social responsibility rooted in acting in a fair, ethical manner.
Detailed explanation-2: -Responsibility Towards Competitors The responsibilities of business towards its competitors are: not to offer exceptionally high sales commission to distributors, agents, etc. Not to offer customers heavy discounts and /or free products in every sale. Not to defame competitors through false or ambiguous advertisements.
Detailed explanation-3: -CSR is generally categorized in four ways: environmental responsibility, ethical/human rights responsibility, philanthropic responsibility and economic responsibility.
Detailed explanation-4: -Ethical responsibility is concerned with ensuring an organization is operating in a fair and ethical manner. Organizations that embrace ethical responsibility aim to practice ethical behavior through fair treatment of all stakeholders, including leadership, investors, employees, suppliers, and customers.
Detailed explanation-5: -Leaders are responsible for shaping the ethical policy of an organization. In a large company, upper management might task a committee with handling ethical aspects of business–for example, drafting workplace policies, defining punishments and rewards and helping resolve ethical dilemmas.