Social responisbility

A business venture is a type of social entity that operates in a given society. These businesses rely on
society for resources such as men, materials, and capital, as well as for the sale of their goods. In fact,
the existence, growth, and promotion of business are all dependent on society. As a result,
entrepreneurs have a clear social role and an obligation to society. The term "social responsibility" refers
to a company's responsibilities to various segments of society.

What might be the social roles of entrepreneurs? They already sell their goods and services to everyone.
They contribute to the economy's expansion. The greatest response, according to Howard Bowden, is
"businessmen's responsibility to pursue their policies, to make judgments, or to follow those lines of
action that are desirable in terms of society's objectives and ideals." An entrepreneur owes social
obligations to his staff, the government, his customers, the community, and even his fellow
businesspeople.

Entrepreneurs today play a major role in creating jobs for both themselves and their local environs.
Entrepreneurs of small and medium-sized businesses thrive alongside huge corporations. Given their
number and the scale of the contribution they provide to a country, whether developing or developed,
entrepreneurs-and entrepreneurial culture-are now considered a powerful force and recognized sector
of the economy, one that can be relied on.

Entrepreneurship brings the following socio-economic benefits :

 Promotes self-help and unemployment

 Mobilizes capital
 Provides task to the country
 Empower individuals
 Enhance national identity and pride
 Enhance competitive consciousness
 Improves quality of life
 Enhances equitable distribution of income and wealth

THREE THEORIES ON SOCIAL RESPONSIBILITIES

A. Economic Model-

This is based on the traditional business model. That is, the company's primary purpose is to generate a
reasonable profit while still delivering high-quality goods and services and creating jobs. According to
this worldview, society will reap the most benefits from business if it is left to its own devices. By
producing jobs and paying taxes to the government, businesses have fulfilled their social responsibility
to their customers. Such levies are used by the government to pay social projects.

B. B. SOCIO- ECONOMIC MODEL

It states that business owners have a responsibility to their stockholders, employees, customers,
suppliers, and the broader public. It emphasizes not only profit, but also the societal consequences of
business actions, and because it operates in its community, the corporation has a social obligation to
share its obtained resources with society's needs. One of the best examples of this is how private
enterprises assisted in the fight against the covid-19 pandemic by sending food packets to the needy
and frontline workers, as well as buying vaccines for their employees, among other things.

C. CLASSICAL MODEL

A company is socially responsible if it tries to make the most efficient use of the resources at its disposal
in order to produce the goods and services that society requires at a price that consumers are willing to
pay.

BUSINESS ETHICS

The study of what is right and wrong is known as ethics. It is a moral choice made by a single person. It
is the application of moral principles to corporate choices and behaviors in the workplace.

Business ethics includes dealings with employees, investors, customers, creditors, and competitors.
When dealing with the aforementioned categories, many businessmen are not fair and honest. For
instance, when they take advantage of their workers and fail to pay their creditors on time. They cheat
their clients by offering substandard items or utilizing inaccurate weights and measures.

Entrepreneurs should be able to balance the requirement to make a profit with providing honest and
fair service to their clients. With the advent of e-commerce, there have been worries regarding the
quality of product or service individuals receive from online vendors, particularly when the seller lacks
moral character and chooses to deceive their clients.

SOCIAL RESPONSIBILTY TO CONSUMERS

Per Republic Act ( R.A.) 7394, otherwise known as the Consumer Act of the Philippines, has
implemented the following measures in order to safeguard the rights of consumers.

A. Protection against hazards to health and safety

B. Protection against deceptive, unfair and unconscionable sales acts and practices

C. Provision of information and education to facilitate sound choice and the proper exercise of rights by
the consumer
D. Provision of adequate right means of redress; and

E. Involvement of consumers representatives in the formulation of social and economic policies.

SOCIAL RESPONSIBLITY TO COMMUNITY

1. Encouragement to healthy competition

2. To save local environment from pollution

3. To help activities of public utility

4. To promote public relations.

Other social responsibilty,

1. Employment

2. Education and training

3. Community development