Importance of ethics and social responsibility in entrepreneurship
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Entrepreneurship is the process or steps followed in designing and managing or operating or running a small business.
Ethics means good behavior or conduct at work place or acceptable code of conduct.
Social responsibility refers to how you relate with the public in a business setting.
A combination of ethics and social responsibility is important because of the following:
1. It promotes professionalism in the way you handle customers
2. it helps maintain good standards in terms of quantity and quality
3. It builds trust between customers and the business
4. promotes achieving of a common goals and maintaining customer network and relationships
5. Good ethics enhances high standards of customer service and expectations
It generally promotes customer satisfaction builds trusts and gives brand to the business
Ethics means good behavior or conduct at work place or acceptable code of conduct.
Social responsibility refers to how you relate with the public in a business setting.
A combination of ethics and social responsibility is important because of the following:
1. It promotes professionalism in the way you handle customers
2. it helps maintain good standards in terms of quantity and quality
3. It builds trust between customers and the business
4. promotes achieving of a common goals and maintaining customer network and relationships
5. Good ethics enhances high standards of customer service and expectations
It generally promotes customer satisfaction builds trusts and gives brand to the business
Answered by
8
Ethics is a system that promotes moral principles and helps draw the difference between right and wrong. That is what decisions are right for both the society, its people and the overall environment.
Whereas social responsibility mainly aims at making business decisions that help maximise profit but at the same time they are able to protect the interest of the society as a whole.
The use of ethics and socially responsible behaviour is very important for the business and for the overall development of human society and natural environment.
It helps the entrepreneurs attract more investors, customers and employees as each party is able to foresee the benefits they can gain from a socially responsible and ethical business. Investors are satisfied that the business deal has been made according to the morals and they are in a better position to maximise profits. Customers gain more trust on the company as they are assured that the raw material and labour is being treated in a responsible manner. Whereas, employees who are treated ethically are much more motivated and provide a better quality work as their rights are being secured and respected for.
Thus, following business ethics and responsible behaviour allows the business to gain a good reputation in the market place.
Whereas social responsibility mainly aims at making business decisions that help maximise profit but at the same time they are able to protect the interest of the society as a whole.
The use of ethics and socially responsible behaviour is very important for the business and for the overall development of human society and natural environment.
It helps the entrepreneurs attract more investors, customers and employees as each party is able to foresee the benefits they can gain from a socially responsible and ethical business. Investors are satisfied that the business deal has been made according to the morals and they are in a better position to maximise profits. Customers gain more trust on the company as they are assured that the raw material and labour is being treated in a responsible manner. Whereas, employees who are treated ethically are much more motivated and provide a better quality work as their rights are being secured and respected for.
Thus, following business ethics and responsible behaviour allows the business to gain a good reputation in the market place.
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