Podcast
Questions and Answers
What is a common alternative term used to refer to social entrepreneurs?
What is a common alternative term used to refer to social entrepreneurs?
- Corporate leaders
- Private entrepreneurs
- Public innovators (correct)
- Business magnates
Which of the following is a key characteristic of social entrepreneurs as change agents?
Which of the following is a key characteristic of social entrepreneurs as change agents?
- Limited engagement in innovation
- Recognition of opportunities for social value (correct)
- Acceptance of status quo
- Pursuit of personal value only
What sets social entrepreneurs apart in terms of their actions?
What sets social entrepreneurs apart in terms of their actions?
- Engagement in continuous innovation and learning (correct)
- Reactive response to social issues
- Limited accountability
- Utilization of limited resources only
What distinguishes firms with social responsibility from those with social responsiveness?
What distinguishes firms with social responsibility from those with social responsiveness?
In the context of social enterprise, what does heightened accountability refer to?
In the context of social enterprise, what does heightened accountability refer to?
What does the concept of waste elimination aim to achieve?
What does the concept of waste elimination aim to achieve?
Why are ethics important in entrepreneurship?
Why are ethics important in entrepreneurship?
What does ethics outline?
What does ethics outline?
What are some reasons for ethical conflicts as per the text?
What are some reasons for ethical conflicts as per the text?
How is integrity related to creating a successful venture?
How is integrity related to creating a successful venture?
What do rationalizations in defense of unethical acts involve?
What do rationalizations in defense of unethical acts involve?
What is a key consideration in ethical business decisions according to the text?
What is a key consideration in ethical business decisions according to the text?
What is one of the questions recommended for questioning the ethics of business decisions?
What is one of the questions recommended for questioning the ethics of business decisions?
What is a crucial aspect to consider in making business decisions?
What is a crucial aspect to consider in making business decisions?
What role do corporate entrepreneurs play within a company based on the text?
What role do corporate entrepreneurs play within a company based on the text?
Who should you be able to disclose your decisions to according to the text?
Who should you be able to disclose your decisions to according to the text?
What is a common theme among ethical dilemmas for entrepreneurs as per the text?
What is a common theme among ethical dilemmas for entrepreneurs as per the text?
What is the relationship between managerial activity and moral judgments?
What is the relationship between managerial activity and moral judgments?
How does the text describe the motivations of management in terms of ethical considerations?
How does the text describe the motivations of management in terms of ethical considerations?
What is the orientation of management towards legal standards?
What is the orientation of management towards legal standards?
What is the typical approach of management towards strategy based on the text?
What is the typical approach of management towards strategy based on the text?
How does the text describe ethical leadership in management?
How does the text describe ethical leadership in management?
What perspective does management typically have towards organizational goals based on the text?
What perspective does management typically have towards organizational goals based on the text?
What does Corporate Entrepreneurship require?
What does Corporate Entrepreneurship require?
Why is it important to include an ethical component in corporate training for entrepreneurship?
Why is it important to include an ethical component in corporate training for entrepreneurship?
What opportunity do entrepreneurs have for ethical leadership?
What opportunity do entrepreneurs have for ethical leadership?
How can corporate entrepreneurship reduce the need for unethical behavior?
How can corporate entrepreneurship reduce the need for unethical behavior?
What behaviors serve as a model for employees to follow in corporate entrepreneurship?
What behaviors serve as a model for employees to follow in corporate entrepreneurship?
Why is it important to remove barriers that entrepreneurial middle managers may face?
Why is it important to remove barriers that entrepreneurial middle managers may face?
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Study Notes
Social Entrepreneurs
- Also referred to as "public entrepreneurs," "civic entrepreneurs," or "social innovators"
- Characteristics:
- Adopt a mission to create and sustain social value (beyond personal value)
- Recognize and relentlessly pursue opportunities for social value
- Engage in continuous innovation and learning
- Act beyond limited resources
- Have a heightened sense of accountability
The Social Enterprise Challenge
- Social Obligation: Firms that simply react to social issues through obedience to laws
- Social Responsibility: Firms that respond actively to social issues, accepting responsibility for various programs
- Social Responsiveness: Firms that are highly proactive and willing to be evaluated by the public for their activities
The Ethical Side of Entrepreneurship
- Ethics: A set of principles prescribing a behavioral code that explains what is good and right or bad and wrong
- Reasons for Ethical Conflicts:
- Multiple interests confronting business enterprises
- Changes in values, mores, and societal norms
- Reliance on fixed ethical principles rather than an ethical process
Ethics and Laws
- Managerial Rationalizations:
- Justifications in defense of unethical acts
- Believing an activity is not "really" illegal or immoral
- Believe it is in the individual's or corporation's best interest
- Believing it will never be found out
- Motives:
- Selfish: Management cares only about its or the company's gains
- Well-intentioned but selfish: The impact on others is not considered
- Good: Management wants to succeed within the confines of sound ethical precepts
Questioning the Ethics of Business Decisions
- 12 questions to consider when making ethical business decisions, including:
- Defining the problem accurately
- Considering the problem from the other side's perspective
- Identifying potential harm to others
- Considering the long-term validity of the decision
Ethical Considerations in Corporate Entrepreneurship
- Corporate Entrepreneurs:
- Managers or employees who do not follow the status quo
- Visionaries who dream of taking the company in new directions
- Often walk a fine line between clever resourcefulness and outright rule breaking
Effective Corporate Entrepreneurship
- Requires:
- Establishing flexibility, innovation, and support for employee initiative and risk taking
- Removing barriers to entrepreneurial middle managers
- Including an ethical component to corporate training
Ethical Leadership by Entrepreneurs
- An owner has the unique opportunity to display honesty, integrity, and ethics in all key decisions
- The owner's actions serve as a model for other employees to follow
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