Business Studies Class 11 Q."In addition to the personal benefit in a business, a businessman has certain social responsibilities."What are they? Explain.
Answers
For example, an owner of a factory has a social responsibility to make sure that they do not pollute nearby land and water with their wastage.
They should also make sure that their business activities is in no way causing harm or disturbance to the local population.
If a business is doing well, they should also try to give back something to the community. For example, by building a school for the children of factory workers or building a local charity hospital.
Business people have a moral and social responsibility to help the society around them. What is good for the community and the environment will eventually be good for everyone
Profit making is not the only function of a business. The businessman has some social responsibilities as well. A business is a part of the society. So a business has to take care of the people who are instrumental in securing its existence. Every businessman has to contribute in some way for their benefit. His social responsibilities include:
1. The investors - He should ensure that the investors get a satisfactory rate of return to them.
2. The employees - He must provide a good salary, security and suitable working conditions for his employees.
3. The consumers - He should offer them quality products at reasonable rates.
4. The environment - He should see to it that the business does not cause harm to the environment in any way.
Social responsibility means that a businessman should not take up any activity which is harmful to the society. He should not indulge in black marketing, adulteration, hoarding, or tax evasion. He should not cheat the customers or adopt unfair means to earn profit.