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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It is acceptable in most industries.
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It is necessary for business success.
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It will make a company more popular.
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It may have different consequences than breaching ethics.
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Detailed explanation-1: -Which of the following statements accurately distinguishes between laws and ethics? Ethics deal with personal and moral principles whereas laws are society’s values that are enforceable in the courts.
Detailed explanation-2: -There are three major factors that can affect your ethical behavior: Individual factors, such as knowledge, values, personal goals, morals and personality. Social factors, such as cultural norms, the Internet and friends and family.
Detailed explanation-3: -The correct option is A) Failure to establish a written code of ethics. Failure to establish a written code of ethics is regarded as a dangerous sign indicating the organization may overlook or even encourage unethical activity.
Detailed explanation-4: -A code of ethics is broader, providing a set of principles that affect employee mindset and decision-making. A code of conduct offers principles defining the ethics of a business, but it also contains specific rules for employee actions and behavior.