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TORRES - Chapter 3 Reflection

This document discusses the ethical and social responsibilities of entrepreneurs. It explains that business ethics establish norms and principles to guide decision-making regarding finances, dealings, social responsibility, and other issues. This helps businesses comply with laws and avoid problems. The document also distinguishes between macro-ethics, which define moral relationships within and between businesses, and micro-ethics, which define specifics of moral relationships within the socio-economic system. Entrepreneurs are expected to treat customers fairly and support consumer rights like safety, information, choice, and feedback.

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Apol Jhanet
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59 views1 page

TORRES - Chapter 3 Reflection

This document discusses the ethical and social responsibilities of entrepreneurs. It explains that business ethics establish norms and principles to guide decision-making regarding finances, dealings, social responsibility, and other issues. This helps businesses comply with laws and avoid problems. The document also distinguishes between macro-ethics, which define moral relationships within and between businesses, and micro-ethics, which define specifics of moral relationships within the socio-economic system. Entrepreneurs are expected to treat customers fairly and support consumer rights like safety, information, choice, and feedback.

Uploaded by

Apol Jhanet
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Torres, Apple Jhanet E.

BSBA 2D
Entrepreneurial Management
REFLECTION: CHAPTER 3
THE ETHICAL AND SOCIAL RESPONSIBILITIES OF THE ENTREPRENEUR

Business ethics are a set of norms and principles that organizations employ to
help them make decisions regarding their money, business dealings, corporate social
responsibility, and other issues. Without a strong set of ethics, a business can run afoul
of the law, and encounter financial pitfalls and moral dilemmas. But good business ethics
ensure customers, employees, and other stakeholders that a company obeys the rules
and does the right thing. Morality and entrepreneurship have a close relationship. Social
responsibility means that businesses, in addition to maximizing shareholder value, must
act in a manner benefiting society, not just the bottom line. Social responsibility has
become increasingly important to investors and consumers who seek investments that
not only are profitable but also contribute to the welfare of society and the environment.
There are two types of business ethics: macro-ethics & micro-ethics. Macro-
ethics defines the moral relationships within a business, relationships between
businesses as moral entities, and also between their shareholders and employees. While
micro-ethics is a part of business ethics that defines the specifics of moral relationship
between the socio-economic system of the macro-entities, the state, business
organizations, and society in general. So many organizations develop a new startup
business with the primary goal to meet their own needs and make a profit. An
entrepreneur in a business can rely on his understanding, desires, ability, and diligence,
all of which are directly related to the outcomes of the decisions made. In today’s
business, the core value is said to be the pursuit of benefit. And that is where business
ethics plays a very important role. The fundamentals of business ethics are important
when a business particularly involves communicating with people. Beyond just leading
people, entrepreneurs should also preach a moral attitude, convey proper ways to solve
problems, and earn their respect to maintain business ethics.
Entrepreneurs are expected by society to treat their customers fairly and not in
ways that will be harmful to them. Entrepreneurs should provide support for consumer
rights which are as follows: The right to be safe; The right to be informed; The right to
choose; and the right to be heard.

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