JEAN BHEA VALENCIA FINALS SUMMATIVEASSESSMENT

BSA

1. Explain your understanding of an entrepreneurs ethics in your own words

 An entrepreneur's ethics are a set of moral principles and values that influence their
decision-making and business practices. These principles include honesty, transparency,
and a commitment to doing what is right, even if it may not be the most profitable option.
Ethical entrepreneurs also prioritize creating a positive impact on their community and
society, operating their business sustainably and with social responsibility. Ethical
entrepreneurs prioritize creating a positive impact in their community and society. They
recognize that their business has a broader role to play beyond just making profits, and they
strive to make a positive difference in people's lives. They may do this by supporting social
causes, adopting environmentally sustainable practices, or by providing job opportunities
and training to marginalized communities. The importance of an entrepreneur's ethics lies
in their ability to establish trust and credibility with stakeholders and contribute to the long-
term success of their business.
2. Discuss the importance of ethics in key areas of business
 The importance of ethics is evident in several key areas of business, such as customer and
employee relations, environmental responsibility, and social responsibility. In customer
relations, ethical behavior entails treating customers with fairness, honesty, and respect,
safeguarding their privacy, and avoiding any deceptive practices. Ethical behavior in
employee relations involves providing a safe and inclusive workplace, promoting employee
well-being and development, ensuring fair compensation, and encouraging open
communication. Ethical behavior in environmental and social responsibility involves
minimizing negative impacts on the environment, supporting local communities, and
reducing social inequalities. In general, operating with high ethical standards enables
businesses to build trust and credibility, attract and retain top talent, and make a positive
impact on society. By prioritizing ethics, businesses can establish a sustainable and
profitable enterprise that benefits both the organization and the wider community.
Prioritizing high ethical standards in business operations helps build trust and credibility
with stakeholders, enhance brand reputation, and establish a culture of respect and
responsibility. Through ethical practices, businesses can create a sustainable and profitable
enterprise that benefits both the organization and society.
3. What is moral virtue and good character in entrepreneurship? Explain.
- Having moral virtue and good character are essential qualities for entrepreneurs. Moral virtue
entails cultivating positive traits such as honesty, integrity, responsibility, and compassion. In
entrepreneurship, good character means consistently exhibiting these virtues in all aspects of
business operations, including leadership, customer relations, and social and environmental
responsibility. Entrepreneurs who possess strong moral virtues and good character can establish
strong relationships with customers, employees, and stakeholders, build trust and credibility in
their brand, and make ethical business decisions that benefit society and the environment while
also being profitable. Ultimately, having moral virtue and good character is crucial not only for
business success but also for making a positive impact on the world.
4. Determine ethical challenges and explain the strategies used as coping mechanism by citing
examples.
 When a HR manager has to choose between hiring a highly qualified candidate who is also
the hiring manager's friend, and a less qualified candidate with no connections to the
organization, an ethical challenge arises. The HR manager must consider issues of fairness,
impartiality, and conflicts of interest.

To address this challenge, the HR manager can seek guidance from their supervisor or HR
department, review company policies and legal requirements, and use ethical decision-
making frameworks such as utilitarianism or fairness. They should also consider the
potential consequences of their decision, such as the impact on team morale and the
organization's reputation. By making a thoughtful and ethical decision, the HR manager can
ensure that the best interests of the company and its stakeholders are upheld.
  As students, one of the ethical dilemmas we may encounter is academic dishonesty, which
includes cheating on tests, plagiarizing essays or assignments, and misrepresenting our
work or qualifications. To deal with this challenge, we can uphold academic integrity by
properly citing sources, producing original work, and seeking guidance when necessary.
Furthermore, academic institutions typically have policies and support systems in place to
prevent and address incidents of academic dishonesty, like honor codes and disciplinary
measures.

5. Give examples for each usual situation mentioned in this module and explain what ethical
principles and values should be applied.
Problem: Decades of erosion of general ethical standards in society face today's entrepreneurs.
Politics misusing taxpayers' money as well as questionable foundations and private
organizations acting as the driving force behind stolen funds, government employees asking for
grease money to hasten transactions and other similar anomalies have become all too common.
The situation base on the problem and what ethical principles and values should be applied.
Situation 1 : Misuse of company resources: It is unethical for employees to misuse company
resources for personal gain. When there is misuse of company resources, it is important to
apply transparency by regularly reporting the company's finances and operations to
stakeholders. The ethical entrepreneur should also take responsibility for ensuring that
company resources are being used ethically and implement policies to prevent misuse.
Situation 2: Private organizations involved in stolen funds:
- In a situation where private organizations are involved in stolen funds, entrepreneurs must
act with integrity and apply ethical principles such as honesty, fairness, and responsibility.
Honesty requires entrepreneurs to be truthful and transparent in their business dealings,
avoiding any association with organizations that have engaged in illegitimate practices.
Fairness demands that entrepreneurs do not engage in any practices that put them or their
business at an advantage over others, avoiding any unethical behavior that may harm other
businesses or society at large. Responsibility calls on entrepreneurs to uphold their social
obligations and moral standards by taking responsibility for their actions and avoiding any
unethical practices that may have a negative impact on society. By applying these ethical
principles, entrepreneurs can promote responsible business practices and maintain a
reputation of integrity in their dealings.
Situation 3: Unlawful activities: Engaging in illegal activities such as embezzlement, insider
trading, or money laundering is unethical and goes against the principles of honesty and
integrity.
- Engaging in unlawful activities such as embezzlement, insider trading, or money laundering
goes against ethical principles of honesty and integrity. These activities involve breaking
the law and disregarding moral and ethical standards in pursuit of personal gain. These
actions can harm not only the company and its stakeholders, but also society as a whole.
Honesty - Individuals should act with honesty and truthfulness in all business dealings.
Integrity - Individuals should adhere to moral and ethical principles and avoid engaging in
any illegal activities. Responsibility - Individuals should be responsible for their own
actions and not participate in any illegal activities. Fairness - Individuals should treat others
fairly and honestly in business dealings. Transparency - The companies' finances and
operations should be transparent and open to avoid any unlawful activities.
6. Why do we need to learn how to create ethical standards for the company?
- We need to learn how to create ethical standards for the company because having ethical
standards can help create a positive work environment that promotes fairness,
accountability, honesty, and integrity. Ethical standards can also help prevent corruption
and unethical behavior in the workplace. When a company establishes and adheres to
ethical standards, it sends a clear message that it is committed to doing business in a
responsible and trustworthy manner. This, in turn, can help build trust with customers,
employees, and other stakeholders, which can be critical for long-term success. By learning
how to create ethical standards for the company, we can help ensure that we are promoting
a culture of ethics and responsibility in the workplace.
 JEAN BHEA VALENCIA FINALS SUMMATIVEASSESSMENT
BSA

1. Why do we need to understand the role and responsibilities of the entrepreneur?

- Entrepreneurship involves creating and managing a new business venture with the aim of
making a profit or achieving a specific goal. The success or failure of the business is solely
the responsibility of the entrepreneur, who must make important decisions, take
calculated risks, and oversee various aspects of the business such as finance, marketing,
and operations. Understanding the role and responsibilities of the entrepreneur is
important because entrepreneurship involves creating and managing a business venture
to achieve a specific goal. This involves making decisions, taking risks, and being
responsible for the success or failure of the business. By understanding the role and
responsibilities of the entrepreneur, individuals can gain insight into the skills and
competencies needed to be successful in this field.

2. Relate their roles and responsibilities as how to meet the expectations of the society
- Entrepreneurs play a vital role in meeting the expectations of society by identifying and
satisfying the needs of consumers and stakeholders. This contributes to creating value for
society by promoting economic development, generating job opportunities, and improving
living standards. Responsible entrepreneurs understand their social and environmental
impact and take measures to minimize negative externalities while promoting sustainable
practices. Their role extends beyond their business operations and encompasses broader
social and environmental contexts. To create long-term value for society, entrepreneurs
must operate in a socially responsible and sustainable manner, taking into account the
ethical implications of their decisions. By doing so, they can establish a positive reputation,
build customer loyalty, and attract socially responsible investors.
3. Discuss the significant advantage of being a responsible entrepreneur in creating a better
environment, make progress and sustainable development possible.
- Responsible entrepreneurship has significant advantages for creating a better
environment, making progress, and enabling sustainable development. Responsible
entrepreneurs are committed to ethical practices, such as fair trade, corporate social
responsibility, and sustainability. By implementing these practices, entrepreneurs can
create a positive impact on society and the environment. Additionally, responsible
entrepreneurship can create long-term value for the business by increasing brand
reputation, attracting investors, and fostering innovation. By being responsible,
entrepreneurs can create a better world for themselves, their employees, and the broader
community.