11 Questions
What is the key aspect of an entrepreneur's social responsibility towards customers?
Providing commodities and services at affordable prices
What is the general practice regarding customers or consumers?
The customer is always right
What is the importance of assigning right jobs to employees based on their abilities and skills?
To enhance employee productivity
What is the responsibility of entrepreneurs towards employees in terms of payment?
Pay each employee at least the minimum hourly wage according to locality
What is the primary role of entrepreneurs in the local community?
To make efforts to upgrade and improve the surrounding areas
Why is it essential for entrepreneurs to fulfill social responsibilities?
To meet the needs and desires of consumers
What is the role of entrepreneurs towards suppliers?
To pay fair prices of goods and pay on time
What is the entrepreneurs' responsibility regarding debt capital?
To use debt capital with proper business ethics
What is the importance of informing suppliers of future development and changes in the demand of commodities?
To keep suppliers informed
What is the responsibility of entrepreneurs towards financial institutions and banks?
To gain loans on reasonable conditions
What is the importance of providing opportunities for professional development to employees?
To provide opportunities for professional development
Study Notes
Financial Responsibility
- Entrepreneurs should follow mortgage rules and business ethics with proper use of debt capital.
- They should pay installments and interest on loans until repayment.
Social Responsibility towards Customer/Consumer/General Public
- Entrepreneurs should fulfill social responsibilities towards customers by providing commodities and services according to their desires and needs at affordable prices.
- They should determine fair prices for commodities and delivery of goods and economic services.
Social Responsibility and Accountability towards Stakeholders
- Entrepreneurs have a huge role in the local community and should make efforts to upgrade and improve surrounding areas.
- They should offer employment and help the needy in the local community.
Social Responsibilities of Entrepreneurs towards Employees and Workers
- Entrepreneurs should pay employees at least the minimum hourly wage according to locality and pay them on time, including overtime, sick leave, and vacation wages.
- Employees deserve reasonable and attractive remuneration and should be assigned jobs based on their abilities and skills.
- Entrepreneurs should provide opportunities for professional development, a conducive working place, and security of employment.
- They should behave humanely towards employees, creating a well-defined service condition, and adopt a wage incentive scheme.
Social Responsibility of Entrepreneur towards Suppliers
- Entrepreneurs should pay fair prices for goods and pay suppliers on time.
- They should inform suppliers of future development and changes in the demand of commodities.
Social Responsibility of Entrepreneur to the Creditor
- Entrepreneurs should gain loans on reasonable conditions from financial institutions and banks.
Test your knowledge on the social responsibilities of entrepreneurs towards their employees, including fair wages, job assignments, and employment security. Learn about the obligations entrepreneurs have towards their workers and how they impact the workplace. Ensure you're aware of the rights and benefits employees deserve. Take this quiz to understand the role of entrepreneurs in maintaining a positive work environment.
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