Entrepreneurs Responsibilities & Accountabilities PDF

RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS Quarter 3 Lesson 1 BUSINESS ETHICS AND SOCIAL RESPONSIBILITY  RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS TO EMPLOYEES, GOVERNMENT, CREDITORS AND SUPPLIERS BUSINESS ETHICS AND SOCIAL RESPONSIBILI...

RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS Quarter 3 Lesson 1 BUSINESS ETHICS AND SOCIAL RESPONSIBILITY  RESPONSIBILITIES AND ACCOUNTABILITIES OF ENTREPRENEURS TO EMPLOYEES, GOVERNMENT, CREDITORS AND SUPPLIERS BUSINESS ETHICS AND SOCIAL RESPONSIBILITY  Learning Objectives 1. Identify the responsibility and accountability of entrepreneurs to employees, government, creditors and suppliers; 2. Discuss the responsibilities and accountabilities of entrepreneurs to employees, government, creditors and suppliers; and 3. Appreciate the importance of the responsibilities of entrepreneurs to employees, government, creditors and suppliers. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY  What is ? Responsibility Accountability – refers to the duty or obligation – is the obligation to demonstrate to satisfactorily perform or that work has been conducted in complete a task (assigned by compliance with agreed rules and someone, or created by one’s standards or to report fairly and own circumstances) that one accurately on performance results must fulfill, and which has a vis-à-vis mandated roles consequent penalty and/or plans for failure. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY  Entrepreneur is one who organizes, manages and assumes the risk of an enterpise should be aware of the ethics and social standard follow them. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee true asset of the organization ones who contribute effectively towards the success of every business 1. Pay Wages / Salaries & Taxes Entrepreneurs have the responsibility to pay their employees of their business at least the minimum hourly wage in their locality. Wages/salaries should always be on time and without delay BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee 2. Assignment of Right Jobs Taking into consideration the technical and the educational background of the employees in assigning them to the job Mismatching of jobs with employee’s qualification is discouraged. 3. Create and Maintain an Ergonomic Workplace Make employees aware of areas in their business that have a high risk for injury Working environment that are properly ventilated and illuminated improve employee’s performance BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee 4. Facilitate Employees’ Compensation Insurance Taking into consideration the technical and the educational background of the employees in assigning them to the job Businesses must treat their injured employee with respect and file the claim without attempting to cause a delay 5. Support Career Development Career development is providing support and encouragement for employees to enhance their skills and capabilities as an employee BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee 6. Train and Educate Employees responsibility of the entrepreneur is that he should make all possible efforts for the individual development of the employees and may impartially provide them equal opportunities for that. 7. Enforce Anti-Discrimination Law Employees cannot be disadvantaged, dismissed, or not given employment for any reasons mentioned. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee 8. Respect Human Rights Business operations are interrelated with a wide range of people and societies throughout the world, and implements and enforces a code of conduct that fosters respect for human rights. 9. Give rewards and Benefits Reward employees fairly and attractively, in line with the prevailing conditions on the local market. mandated in the Labor Code of the Philippines that entrepreneur should pay fringe benefits such as PhilHealth, Social Security, PAG-IBIG, taxes of employees BUSINESS ETHICS AND SOCIAL RESPONSIBILITY A. Employee 10. Give security of Employment The entrepreneur should provide employment security to the employees of his organization which will cause the sense of satisfaction. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY B. Government The government sets the targets for the balanced and rapid economic development of the country. 1. Compliance of government rules entrepreneur should follow the laws regarding obtaining licenses for a specific business, the operation of the business determination and production and etc. 2. Payment of Taxes The government imposes various types of taxes, like, income Taxes, sales tax, excise tax, tariff duties and wealth tax on the entrepreneur BUSINESS ETHICS AND SOCIAL RESPONSIBILITY B. Government 3. Not to correct the Government Machinery social responsibility of the entrepreneur is that he may not correct the government officers and employees for getting wrong favors or some Anti_x0002_Social purposes. 4. Not to Seek Political Patronage by Unfair Means they do not seek political patronage by providing undue economic help to any political party or politicians during elections. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY B. Government 5. Cooperate with Government for Economic Development the entrepreneur should provide cooperation to the government by proper utilization of available resources in accordance with the government targets. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY C. Creditors - is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future. 1. Obtain Loans on Reasonable Conditions Some certain conditions are required to be fulfilled to obtain any type of loan. These conditions should be reasonable, both for the creditors and the business organization. 2. Follow Mortgage Rules The creditors provide loans in secured and unsecured forms. If the creditor has provided the secured loan on the mortgaged property, the entrepreneur should follow the rules of mortgaged property BUSINESS ETHICS AND SOCIAL RESPONSIBILITY C. Creditors 3. Follow Business Ethics Both the entrepreneurs and creditors should follow the business ethics in providing loans and in repayment of loans. 4. Proper Utilization of Debt Capital entrepreneurs should utilize the loan amount only for the desired objectives. loan capital should also be invested only for objectives and projects specified for the loans. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY C. Creditors 5. Regular Payment of Installment and Interest The entrepreneurs should pay loan installments and interest regularly, according to repayment conditions. I BUSINESS ETHICS AND SOCIAL RESPONSIBILITY D. Suppliers - they supply raw materials, machinery, labor, and other materials. Without hem, the smooth operation of the business is quite difficult. 1. Pay fair prices of goods at a reasonable time responsibility of the entrepreneurs is that payment to the suppliers may be made in time so that they may not have to face financial difficulties and may carry out their operations efficiently and smoothly. 2. Inform about Changes in Market entrepreneurs have the responsibility to provide regular information to the suppliers regarding changes happening in the demand of the commodities in domestic or in foreign markets. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY D. Suppliers 3. Give guarantee of Minimum Price The entrepreneurs should give the guarantee of minimum prices to the suppliers so that they may feel assured about the certainty of the price and may continue to maintain their will power. 4. Provide technical Advice The entrepreneur has the responsibility to provide technical assistance to the suppliers for the production of a new and substitute or replaces supplies/commodities. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY D. Suppliers 5. Inform Suppliers of Future Developments The Entrepreneur should provide information about possible future development to the suppliers so that they will be aware of these circumstances, thus, develop and become capable of increasing their resources so as to meet the increasing demand in the future. 6. Promote Healthy Competition The entrepreneur should not encourage unhealthily and hostile competitions among the suppliers, for the sake of obtaining goods from them at the minimum price, only healthy competition should be encouraged. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY