Introduction to Entrepreneurship Ethics
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Questions and Answers

What is the primary function of a professional's code of practice, ethics and professional conduct?

  • To ensure profits are maximized for the business.
  • To guarantee the success of all professionals in their respective fields.
  • To establish a clear set of guidelines for professional behavior. (correct)
  • To provide a framework for the development of personal ethics.

    • Why is it important for entrepreneurs to operate their businesses ethically and legally?

  • To gain the respect and trust of customers and stakeholders.
  • To ensure that the business contributes to society and the environment. (correct)
  • To guarantee the success of the business in the long term.
  • To avoid facing legal repercussions and potential fines.

    • Which of the following is NOT a factor that contributes to an individual's personal ethics?

  • Religious teachings
  • Educational experiences
  • Social norms
  • Market trends (correct)

    • What are the key elements of professional conduct expected from a competent individual?

    <p>Due care, skill, diligence, and compliance with regulations (B)</p> Signup and view all the answers

    Which of the following statements accurately reflects the role of professional bodies in regulating professional conduct?

    <p>They have the authority to oversee and discipline members who violate ethical codes. (A)</p> Signup and view all the answers

    What impact does ethical and legal business conduct have on society?

    <p>Promotes overall economic growth and development. (A)</p> Signup and view all the answers

    Which of these is NOT a key aspect of ethical business practice?

    <p>Profit maximization (A)</p> Signup and view all the answers

    What sets professional ethics apart from personal ethics?

    <p>Professional ethics are enforced by professional bodies, while personal ethics are self-governed. (A)</p> Signup and view all the answers

    What are the ethical values that are universally accepted as essential for individuals to possess in all their dealings?

    <p>Honesty, Responsibility, Fairness, and Reasonableness (C)</p> Signup and view all the answers

    What are the major factors that can contribute to ethical problems within an organization?

    <p>Lack of Integrity, Organizational Relationship Problems , Conflicts of Interest, and Unclear Policies (C)</p> Signup and view all the answers

    How can ethics be defined?

    <p>A set of principles that guide individuals to make socially responsible decisions. (A)</p> Signup and view all the answers

    What are some examples of sources for human ethical values?

    <p>Religion, Culture, Law, and Personal Experiences (A)</p> Signup and view all the answers

    How do entrepreneurs contribute to society through their business activities?

    <p>By providing products and services that meet societal needs and generate profits for themselves. (B)</p> Signup and view all the answers

    What is the primary function of ethical codes and professional standards of conduct?

    <p>To establish clear guidelines for ethical decision-making in a specific profession or industry. (B)</p> Signup and view all the answers

    What is a key characteristic of ethically sound business practices?

    <p>Creating 'win-win' deals that benefit both the business and society. (B)</p> Signup and view all the answers

    What is a potential consequence of neglecting ethical considerations in business practices?

    <p>Loss of customer trust, financial instability, damage to reputation, and legal consequences. (D)</p> Signup and view all the answers

    Which of the following is NOT explicitly mentioned as a component of ethical behavior?

    <p>Creativity (B)</p> Signup and view all the answers

    What is the primary focus of 'professionalism' as described in the text?

    <p>Demonstrating expertise and adhering to professional standards. (C)</p> Signup and view all the answers

    Which of the following best describes "social responsibility" as outlined in the text?

    <p>Ensuring that business practices contribute positively to society and the environment. (B)</p> Signup and view all the answers

    What is an entrepreneur who conducts business ethically, professionally, and responsibly considered to be?

    <p>An asset to the society and nation. (D)</p> Signup and view all the answers

    The text states an entrepreneur who acts in a socially responsible manner will ensure their actions:

    <p>Contribute to and benefit society, environment, and country. (C)</p> Signup and view all the answers

    Which of the following is NOT a key objective of this chapter, as outlined in the text?

    <p>Developing strategies for maximizing profit and market share. (D)</p> Signup and view all the answers

    The text highlights the importance of "good character" for "long-term success.", what does this imply?

    <p>Strong ethical values and professional conduct contribute to sustainable success. (A)</p> Signup and view all the answers

    Which of the following is NOT a listed topic within the chapter?

    <p>The Importance of Marketing and Advertising Strategies (A)</p> Signup and view all the answers

    What is the primary argument against unethical practices like selling fake products?

    <p>All of the above. (D)</p> Signup and view all the answers

    What are the potential consequences of pursuing worldly success while neglecting ethical principles?

    <p>Increased stress and anxiety, ultimately leading to internal turmoil. (A)</p> Signup and view all the answers

    What is the main difference between success achieved through ethical means and success achieved through unethical practices?

    <p>Ethical success is more sustainable and leads to lasting satisfaction, while success achieved through shortcuts is often unsustainable. (C)</p> Signup and view all the answers

    What is the text's overall message regarding the importance of ethics in entrepreneurship?

    <p>Ethical behavior is crucial for long-term success and personal fulfillment. (B)</p> Signup and view all the answers

    What is the most important foundation for a successful entrepreneur, according to the text?

    <p>Strong personal character and integrity. (C)</p> Signup and view all the answers

    Which of the following examples are cited in the text as unethical practices?

    <p>Selling counterfeit or fake products. (D)</p> Signup and view all the answers

    What is the potential impact of selling fake products on customers?

    <p>All of the above. (D)</p> Signup and view all the answers

    What is the main message the text conveys about the relationship between ethics and success?

    <p>All of the above. (D)</p> Signup and view all the answers

    Which of the following is NOT a key Islamic principle in business according to the text?

    <p>Using business dealings as an opportunity for personal gain. (D)</p> Signup and view all the answers

    What is the significance of "itqan" in Islamic business principles?

    <p>It underscores the necessity of ethical and meticulous execution. (D)</p> Signup and view all the answers

    What is the concept of "barakah"?

    <p>The blessing of acquiring wealth through permissible means. (B)</p> Signup and view all the answers

    How does Islamic ethics relate to social responsibility in the context of the text?

    <p>Both promote ethical conduct and prioritize the well-being of the community. (C)</p> Signup and view all the answers

    Which of the following is NOT a benefit of businesses practicing social responsibility?

    <p>Increased financial returns and profitability. (C)</p> Signup and view all the answers

    What is the ultimate goal of a Muslim entrepreneur according to the text?

    <p>Gaining the favor and blessings of Allah. (D)</p> Signup and view all the answers

    What is the meaning of "halal" in the context of Islamic business ethics?

    <p>Earnings that are morally permissible and not harmful to others. (B)</p> Signup and view all the answers

    The text discusses the concept of wealth as a temporary trust. What does this suggest about how Muslims should approach wealth?

    <p>They should be mindful that wealth belongs to Allah, and they are merely stewards. (B)</p> Signup and view all the answers

    Which of the following is NOT a key aspect of sustainable development, as defined in the text?

    <p>Prioritizing economic growth over environmental protection. (C)</p> Signup and view all the answers

    Which of these examples mentioned in the text demonstrates the concept of corporate social responsibility (CSR) by supporting social entrepreneurs?

    <p>Eco-Biz Dream Project by Alliance Bank Berhad (A)</p> Signup and view all the answers

    What does the text suggest entrepreneurs should strive to achieve in order to contribute to a sustainable environment?

    <p>Minimizing pollution and waste. (D)</p> Signup and view all the answers

    What is the primary goal of sustainable development?

    <p>Ensuring that future generations have access to the same resources as the present generation. (B)</p> Signup and view all the answers

    Which of the following is NOT an example of a sustainable business practice as discussed in the text?

    <p>Maximizing carbon dioxide emissions. (A)</p> Signup and view all the answers

    What is the primary message conveyed by the text regarding ethics, professionalism, and social responsibility in business?

    <p>They are essential components of a successful business. (C)</p> Signup and view all the answers

    Which of the following is NOT a key aspect of corporate social responsibility (CSR) as described in the text?

    <p>Responsibility towards competitors. (A)</p> Signup and view all the answers

    What is the main driving force behind sustainable development, as emphasized in the text?

    <p>Meeting the needs of the present without compromising future generations. (D)</p> Signup and view all the answers

    Study Notes

    Introduction to Entrepreneurship - Ethics, Professionalism, and Social Responsibility

    • The chapter emphasizes the importance of ethics, professionalism, and social responsibility in business activities.
    • Ethics involve personal beliefs, values, good practices (discipline, honesty, responsibility, trustworthiness).
    • Professionalism means competence, qualification, due care, skill, diligence, and adherence to laws, regulations, and codes of practice.
    • Social responsibility requires actions that benefit society, the environment, and the country, without causing harm.
    • The objectives of this chapter are to understand and appreciate the importance of good morals, ethics, and professional values in the workplace, to understand the meaning of professionalism, and to appreciate the importance of social responsibility to a business organization.
    • Learning outcomes for the chapter include appreciating good character for long-term success and relating to corporate social responsibility.

    List of Topics

    • Introduction to Ethics and Standards of Professional Conduct
    • The Importance of Ethics and Code of Good Professional Conduct
    • Islamic Ethical Values
    • Social Responsibility and Sustainable Development

    Introduction

    • A socially responsible entrepreneur is an asset to society and the nation.
    • Business activities should create win-win situations, benefiting society while generating profit.

    Introduction to Ethics and Standards of Professional Conduct

    • Ethics involve personal beliefs, values, and good practices like discipline, honesty, responsibility, and trustworthiness.
    • Ethical values are derived from various sources, including religion, culture, and laws (legal acts, enactments, by-laws, rules, and regulations).
    • Honesty, responsibility, fair dealings, and reasonableness are universally accepted ethical principles.
    • Criminal acts (cheating, stealing, robbery, rape, etc.) are considered universally unethical and wrong.
    • Personal ethical development comes from upbringing, religion, exposure to the world, education, social norms, observations, experiences, and knowledge of local laws. This forms a moral compass for personal conscience.
    • Professionalism involves competence and qualifications, and performing tasks with expected standards like due care, skill, diligence, and compliance with rules, regulations, and codes of practice.
    • Various professional bodies (accountants, engineers, lawyers, doctors, nurses, dentists, architects) have codes of professional conduct and disciplinary boards to ensure compliance with legal/technical/ethical requirements.

    Introduction to Ethics and Standards of Professional Conduct (cont.)

    • Business involves providing products or services to customers while making a profit.
    • Ethical and legal practices are crucial for business success; ensuring the business model benefits society and environment avoiding harm.
    • Successful entrepreneurship also involves adhering to professional and ethical standards; not purely about worldly achievement neglecting good conduct. Moral integrity and personal character are crucial for lasting positive outcomes.
    • Good ethical, moral conduct provides holistic, meaningful, and satisfying success that inspires others.

    Common Unethical Practices

    • Selling counterfeit/ fake/ imitation products
    • Selling fake products like cosmetics

    Social Responsibility and Sustainable Development

    • Social responsibility involves upholding good ethical principles and acting as exemplary citizens.
    • This enhances a company's image, market positioning, and competitiveness in the long term.
    • Corporate social responsibility (CSR) involves assuming responsibility towards the environment, consumers, employees, communities, and other stakeholders.

    Corporate Social Responsibility Examples

    • Eco-Biz Dream project by Alliance Bank
    • Community programme by Shell

    Sustainable Development

    • Sustainable development involves meeting current needs without compromising future generations' ability to meet their needs.
    • It includes maintaining human needs while preserving the environment.
    • Entrepreneurs contribute through less pollution, energy-efficient production, energy/water-efficient machinery, reduced waste, and eliminating harmful materials to the environment.

    Sustainability Examples

    • Shell's commitment to delivering energy responsibly to meet the world's needs.
    • Maxis' corporate responsibility focus on sustainability.

    Summary

    • Ethics, professionalism, and social responsibility are fundamental to business operations.
    • Entrepreneurs must incorporate these aspects to achieve profit objectives and fulfil social obligations.
    • A good business model considers the interests of all stakeholders, creating win-win solutions.

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    Description

    This quiz explores the critical themes of ethics, professionalism, and social responsibility within the context of entrepreneurship. It covers the importance of ethical practices, competencies in professionalism, and the necessity of social responsibility in business operations. Understand the impact of these concepts on long-term success and organizational integrity.

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