RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS

BUSINESS ETHICS
 pertains to ethical guidelines and moral or ethical problems that can occur in a business environment.
 employs diligently to all positions of business conduct and has relevance to the act of individuals and
the whole business organization.
 deals to know what is right or wrong in the workplace and give emphasis on doing what is right.
RESPONSIBILITY
 refers to the duty or obligation to satisfactorily perform or complete a task that is assigned by
someone or created by one's own circumstances which one must fulfill.
 As businesspeople, we must know that every action leads to certain effects.
 One should step off and accept that ignoring responsibility has consequences, so it cannot be simply
ignored.
ACCOUNTABILITY
 the obligation of an individual or an organization to account for activities and accept blame for
failures.
 In a business circle, one's action, decision-making, strategy, or policy could lead to the biggest
accountability if not managed properly.
ENTREPRENEUR
 Responsibility to the employees
 Responsibility to the government
 Responsibility to the suppliers
 Responsibility to the creditors
 Responsibility to the customers
 Responsibility to the stakeholders
SOCIAL RESPONSIBILITIES OF ENTREPRENEURS TOWARDS EMPLOYEES AND WORKERS
- Entrepreneurs have the responsibility to pay their employees at least the minimum hourly wage
according to locality and pay each employee money owed from working per pay period including
overtime, sick leave, and vacation wages.
- Employees deserve to receive reasonable and attractive remuneration.
- Right jobs should be assigned to the employee based on their abilities and skills.
- Entrepreneurs must give security of employment and a conducive working place.
- They should provide opportunities to professional development like trainings, seminars, and
education.
- They should also develop mutual understanding and trust, adapt welfare schemes like financial
assistance during sickness, old age, or medical concerns.
SOCIAL RESPONSIBILITY OF ENTREPRENEURS TOWARDS GOVERNMENT
- Payment of taxes
- Compliance of government rules
- Not correcting the government machinery
- Not seeking political patronage
- Cooperating with government for economic development
- Complying with government rules like licenses for operation, price determination, and production.
- Should honestly pay different taxes such as income tax, sales tax, excise, tariff duties, and wealth tax.
SOCIAL RESPONSIBILITY OF ENTREPRENEURS TOWARDS SUPPLIERS
- they must pay fair prices of goods and pay on time
- they should inform suppliers of future development and changes in the demand of commodities.
SOCIAL RESPONSIBILITY OF ENTREPRENEURS TO THE CREDITORS
- bank, savings and loans association, credit unions, investment companies.
- They should gain loans on reasonable conditions.
- They should follow mortgage rules and business ethics with proper use of debt capital.
- They should religiously pay the installment and interest until the repayment of loan.
SOCIAL RESPONSIBILITY OF ENTREPRENEURS TOWARDS
CUSTOMER/CONSUMER/GENERAL PUBLIC
- The entrepreneurs should provide commodities and services, according to the desires and needs of
the consumers, at affordable prices by determining fair prices for commodities and delivery of goods
and economic services.
- The goods should be standardized based on the need of the customer.
- Publish what is right and make truthful advertisement because customers depend on what they see in
commercials.
- Entrepreneurs should re-address quickly the complaints of the customer.
- They should keep in contact with customers association and follow rules and bylaws of such
organizations.
- The entrepreneur should avoid hoarding practices for the sake of maximization of profits.
- They must promote customer research so that they would know the changes happening in desires,
tastes, looks, and designs.
SOCIAL RESPONSIBILITY AND ACCOUNTABILITY TOWARDS STAKEHOLDERS
- They should make efforts to upgrade and improve the conditions of surrounding areas like by
offering employment and helping the needy one.
- The business has also the responsibility of providing employment to the members of the
stakeholders.
- They can also help improve standards of living by giving scholarship grants to the children of the
employees.