Question

Entrepreneurs cannot survive and grow without fulfilling the ethical responsibilities of the society."" Explain.

Answer 1

'Entrepreneurs cannot survive and grow without fulfilling the ethical responsibilities of the society.'

In today's world of increasing awareness among consumers, the importance of ethics is greater than ever. In order to survive and grow, entrepreneurs should work towards a model that is based on 3Ps, i.e People,  Planet and Profit. Unethical behaviour such as adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc damage a firm's reputation and make it less appealing to stakeholders.

Also, it may lead to a fall in profits. Also, if a  business does not give fair wages to its employees, or not provide them good working conditions, or exploit their employees than it faces a large labour turnover rate which affects its productivity. So an entrepreneur should fulfill his/her ethical responsibilities and witness the long-term growth of his/ her enterprise and also, ensure cost and risk reduction.

Hope this answer will help you.

 

Here are some more questions from this chapter :  

What do you mean by entrepreneurs? Mention the types of entrepreneurs.’  

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Explain by a model.

Explain the following Entrepreneurial competencies:

(a) Persistence

(b) Leadership

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Answer 2

Explanation:

• Entrepreneurs cannot survive and grow without fulfilling the ethical responsibilities of the society.

An entrepreneur has to follow his ethics to make sure the proper usage of human resources, country's natural resources, serve the society and the proper development of the country.