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Ethics, Roles, and Responsibilities of Entrepreneur
Subject: Entrepreneurship
Topic: Ethics, Roles, and Responsibilities of Entrepreneur
(Note: The PowerPoint Presentation for this handout is available in my timeline)
What is Ethics?
− Ethics is defined as a moral philosophy or code of morals practiced by a person or
group of people. An example of ethics is a code of conduct set by a business.
What is role?
− A role is a set of connected behaviors, rights, obligations, beliefs, and norms as a
conceptualized by people in a social situation.
What is responsibility?
− Responsibility is the state or fact having a duty to deal with something or of having
control over someone.
What is Entrepreneur?
− Entrepreneur is a person who organizes and operates a business or businesses, taking
on greater than normal financial risks in order to do so.
Ethics includes the decisions, choices, and behavior that people believe to be
worthwhile and important in their lives. Also, the entrepreneur is crucial to the
maintenance and sustainability of the economy from the grassroots to the national level.
This will manifest as entrepreneurs continue to perform. This chapter encompasses the
ethical norms, roles, and responsibilities expected of entrepreneurs.
A. Ethics in Entrepreneurship
Ethics includes decisions, choices, and behaviors that people believe to be
worthwhile and important in their lives. What is important is taken to be what is valuable
in one’s life. This includes what regards as right, fair, and good in terms of one’s actions
with everyone.
Ethical norms and behavior:
→ Moral virtue and good character
→ Ethical challenges
→ Application of ethical principles and values
→ Positive results of ethical practice
→ Creating ethical standards for the enterprise
→ Suggested coverage of a code of ethics
 Moral Virtue and Good Character
→ To act effectively
− one must possess both moral virtue and good character.
− These must be developed in a person early on in life.
− Constant good practice and habits of ethical actions ensure that when a
person matures, the value of ethics is ingrained in him.
− Effective action helps resist self-centered approaches, defines the
importance of stake holders in the entrepreneurial process
− Emphasizes the social nature of the person’s relationship with others.
− It should be practiced by the entrepreneur in all his dealings with the
community within the enterprise, and the community surrounding the
enterprise including the market, government agencies and other
stakeholders
 Ethical Challenges
→ Entrepreneurs work under many under pressures, especially time pressure,
which leaves little time for reflection to check the ethical standards of their
actions and make rectifications when necessary.
− Distractions surrounding the entrepreneur increase the risk of making
wrong choices
− undermine his responsibility toward investors and clients
− A deliberate effort should be made by the entrepreneur to develop and
actively promulgate a code of ethics to be his and his company’s guide
right at the start or even before business operations begin.
− Ethics and moral principles must underpin all the entrepreneur’s actions,
whether in communication, taking risks, dealing with competition and
customers, and his interactions with family, friends, employees,
business associates, and investors.
− Entrepreneurs are also challenged by the many changing personal
relationships essential to their new ventures that may lead to potential
conflicts or interest.
− These are the ethical values to be considered:
▪ Improved quality and quantity of old and new products or services
▪ Increase in market share, growth in profits, and
▪ Contribution to the community
 Application of Ethical Principles and Values
Situations that affect the entrepreneur’s practice of ethics and values:
▪ Technical competence - ethical entrepreneur knows what his business is
all about and meets the required standards set by the industry.
▪ Search for new and improved ways of works - seeks new and better
ways to improve his business process.
▪ Complete responsibility - accepts and practices full responsibility over
everything that goes on in the business; he does not point his fingers at
the others or at circumstances to blame for negative incidents and
failure.
▪ Respect for the needs of those around him - makes sure that the
customers, employees, investors, supplier, business associates, and
other stakeholders receive what is due them
▪ Fair pricing - this is the touchstone of entrepreneurship. The ethical
entrepreneur always establishes revenue forecasts that are realistic
based on fair pricing.
▪ Rewards for good action - encourages his employees to do good by
giving both intrinsic and extrinsic rewards.
▪ Correction for those doing wrong - follows a set of disciplinary actions
and sanctions that are known to his employees and which are calibrated
according to the degree of the wrongdoing.
▪ Sound financial management - the ethical entrepreneur manages
finances effectively manages to allow for stable employment for
everyone in the business even during times of crisis or temporary
slowdown.
▪ Efficient rigorous business monitoring and reporting - the ethical
entrepreneur is open and honest. He develops a sound and rigorous
financial monitoring and reporting system that provides full and
accurate information leading to realistic forecasts.
▪ Sharing financial issues - shares the company’s financial success with
his employees, partners, suppliers and others who helped create the
business.
▪ Social responsibility - gives back to the community by contributing to
its welfare.
▪ Environmental awareness - makes sure that the environment is not
degraded or further destroyed by his negligence and irresponsibility.
 Positive Results of Ethical Practice
The practice of ethics within and outside the company projects the reputation of
the entrepreneur as a good partner business. Word travels fast among business
associates and suppliers who prefer to deal with an ethical person. The entrepreneur’s
ethical decisions will make others trust him and the business he runs.
→ Bankers prefer working with ethical entrepreneur who are honest in their
disclosure of information. Bankers establish good relations with entrepreneurs
who provide timely and accurate financial reports and reliable forecasts.
→ Suppliers are happy when they are paid promptly for goods ordered or money
owed. They know that the entrepreneur has established cash forecasts that are
based on an assumption of prompt payment of all invoices submitted by
suppliers and vendors.
→ Positive and healthy community relations also result from ethical
entrepreneurship.
 Creating Ethical Standards for the Enterprise
Setting ethical standards is the first step in creating an ethical organization. Here
are the steps the entrepreneur could take when creating a code of ethics for the
enterprise:
1. Identify the general principles that would lead the enterprise to fair
business practices.
2. Check with pertinent government agencies, industry associations, and
business chambers for ethical standards to review and use as pattern.
3. Allow for the fact that ethical questions do not always have a unique,
perfect answer.
4. Write out specific statement that will assist everyone, including the
entrepreneur, and all stakeholders, in making day-to-day ethical
decisions.
5. Meet with groups of stakeholders according to interest, role, or function
and present the draft of the Code of Ethics.
6. Ask for opinions, suggestions, and recommendations for improvement
from the stakeholders.
7. Make a final draft of the Code of Ethics taking into consideration all the
gathers’ suggestions and recommendations.
8. Apply the accepted Code of Ethics throughout the enterprise through
written policies and procedures.
9. Train everyone involved to make ethical decisions.
 SuggestedCoverage of a Code of Ethics
Aspects:
1.) Environment-friendly business practices
2.) Supporting advertising promises
3.) Telling customers, the truth
4.) Insurance coverage adequate to protect the business and employees
5.) Handling cash and checks from customer
6.) Special prices for selected persons
7.) Accepting gifts from suppliers and business associates
8.) selling damaged merchandise
9.) Warranties on products
10.) Merchandise-return policies for customers
11.) Returning merchandise to suppliers
12.) Handling shoplifters
13.) Accounting procedures for cash sales
14.) Theft or pilfering by employees
15.) Checking in merchandise when received from suppliers
16.) Keeping the premises clean and free from harmful substances
17.) Handling employee performance problems
18.) Safety and security issues
19.) Media relations (print and digital media)
The list can be expanded and modifies depending on the needs of the enterprise.
B. Roles and Responsibilities of the Entrepreneur
The entrepreneur is crucial to the maintenance ans sustainability of the economy
from the grassroots to the national level. This will manifest as entrepreneur continue to
perform their roles and responsibilities effectively.
 Roles of Entrepreneur
▪ Vision role - the entrepreneur sometimes called a dreamer who follows his vision.
Without the vision, the entrepreneur will flounder soon enough and the dream
will disappear. This role of the entrepreneur inspires those that choose to join
him in the pursuit of his vision, believing that something good and useful will be
realized.
▪ Implementation role - after empowering himself towards achieving his dream,
the entrepreneur has to take practical steps so everyone can live according to the
organization’s mission and direction. Proper implementation of the business
ideas will enable the entrepreneur to harness the talents and skills of the
organization’s team members to pursue the mission, goals and objectives of the
business.
Sage Accountant Solutions Vice-Pres. And General Manager, Jennifer Warawa,
wrote about the five important roles of the entrepreneur (Sept. 2012)
5 key functions of the entrepreneur according to Warawa:
− Chief customer officer - customers are most important for the business.
He and his sales or service staff should know the products and services,
as well as be familiar with even touch point that will induce the
customers to patronize the business continuously.
− Chief financial officer - bookkeeping, accounting, and taxation are some
of the most important aspects of the enterprise. Numbers actually tell a
story of the business where it has been. How healthy it is, where it is
going, and what should be changed for it to become successful.
− Chief people officer - regardless of the number of employees he has, the
entrepreneur should take care of them as well as the people surrounding
the business. As some leadership role, the entrepreneur should deal with
people fairly and objectively.
− Chief executive officer - as CEO, the entrepreneur needs to look at the
whole enterprise from the very beginning and plan for its future based
on a clear vision. He must spread spend enough time on strategies that
will spell future success for the company.
− Chief innovation officer - although this is not a commonly used title, its
essence is very important to the enterprise. This role is crucial in
making the enterprise relevant and competitive to ensure lone-term
success and sustainability.
▪ Counseling role
− the entrepreneur should realize that the business is not simply all about his
own goals and dreams.
− Counseling means talking with a person in a way that helps that person
solve a problem or helps to create conditions that will cause the person solve
a problem or helps to create conditions that will cause the person to improve
his behavior.
− It involves thinking implementing, knowing human nature, timing, sincerity,
compassion, and kindness.
− It involves much more than simply telling someone what to do about a
problem.
▪ Evaluator role
− performance appraisal and other metrics will help the entrepreneur maintain
the quality and effectiveness of his enterprise.
− As evaluator, the entrepreneur should be able to measure performance fairly
and objectively against job requirements and standard.
C. Responsibilities of the Entrepreneur
Important responsibilities:
▪ Innovation
− who tries to develop new technology, products and markets in the community.
− May involve doing new things or doing existing things differently uses his
creative faculties to do new things and exploit opportunities in the market.
− He does not believe in status quo and is always in search of change
▪ Assumption of risk
− Entrepreneur is a risk taker and not a risk shirker.
− He always prepared to assume losses as a result of introducing new ideas and
projects
− Willingness to take risks allows an entrepreneur to take initiatives in doing new
things and marching ahead in his efforts.
▪ Research
− entrepreneur is a practical dreamer who takes time to study his moves, including
the groundwork, before taking the leap in his ventures.
− He finalizes an idea only after considering a variety of options by analyzing their
advantages and disadvantages.
− It is then he applies his ideas into practice.
▪ Management
− Involves the use of managerial skills which he develops while planning,
organizing, staffing, directing, controlling, and coordinating business operations.
− Skills are further strengthened when he aligns his organization grows, he can
employ professional managers for more effective management.
▪ Overcoming resistance to change
− Always tries new ideas at his level first. It is only after the successful
implementation of these ideas that he makes them available for the benefit of
others.
− He paves the way for the acceptance of his ideas. This is a reflection of his
willpower, enthusiasm, and energy-traits that contribute in overcoming society’s
resistance to change
 Catalyzing economic development
− Plays an important role in accelerating the pace of economic development of a
country by discovering new uses of available resources and maximizing their
utilization.
Reference: Diaz, Ph.D., & Fajardo, H. R. Chapter 4 and 6. In Entrepreneurship Study and
Practice (pp.35-68). Quezon City, UP Campus, Diliman, Quezon City 1101: SERDEF.

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Ethics, Roles, and Responsibilities of Entrepreneur (Docx.)

  • 1. Ethics, Roles, and Responsibilities of Entrepreneur Subject: Entrepreneurship Topic: Ethics, Roles, and Responsibilities of Entrepreneur (Note: The PowerPoint Presentation for this handout is available in my timeline) What is Ethics? − Ethics is defined as a moral philosophy or code of morals practiced by a person or group of people. An example of ethics is a code of conduct set by a business. What is role? − A role is a set of connected behaviors, rights, obligations, beliefs, and norms as a conceptualized by people in a social situation. What is responsibility? − Responsibility is the state or fact having a duty to deal with something or of having control over someone. What is Entrepreneur? − Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. Ethics includes the decisions, choices, and behavior that people believe to be worthwhile and important in their lives. Also, the entrepreneur is crucial to the maintenance and sustainability of the economy from the grassroots to the national level. This will manifest as entrepreneurs continue to perform. This chapter encompasses the ethical norms, roles, and responsibilities expected of entrepreneurs. A. Ethics in Entrepreneurship Ethics includes decisions, choices, and behaviors that people believe to be worthwhile and important in their lives. What is important is taken to be what is valuable in one’s life. This includes what regards as right, fair, and good in terms of one’s actions with everyone. Ethical norms and behavior: → Moral virtue and good character → Ethical challenges → Application of ethical principles and values → Positive results of ethical practice → Creating ethical standards for the enterprise → Suggested coverage of a code of ethics  Moral Virtue and Good Character → To act effectively
  • 2. − one must possess both moral virtue and good character. − These must be developed in a person early on in life. − Constant good practice and habits of ethical actions ensure that when a person matures, the value of ethics is ingrained in him. − Effective action helps resist self-centered approaches, defines the importance of stake holders in the entrepreneurial process − Emphasizes the social nature of the person’s relationship with others. − It should be practiced by the entrepreneur in all his dealings with the community within the enterprise, and the community surrounding the enterprise including the market, government agencies and other stakeholders  Ethical Challenges → Entrepreneurs work under many under pressures, especially time pressure, which leaves little time for reflection to check the ethical standards of their actions and make rectifications when necessary. − Distractions surrounding the entrepreneur increase the risk of making wrong choices − undermine his responsibility toward investors and clients − A deliberate effort should be made by the entrepreneur to develop and actively promulgate a code of ethics to be his and his company’s guide right at the start or even before business operations begin. − Ethics and moral principles must underpin all the entrepreneur’s actions, whether in communication, taking risks, dealing with competition and customers, and his interactions with family, friends, employees, business associates, and investors. − Entrepreneurs are also challenged by the many changing personal relationships essential to their new ventures that may lead to potential conflicts or interest. − These are the ethical values to be considered: ▪ Improved quality and quantity of old and new products or services ▪ Increase in market share, growth in profits, and ▪ Contribution to the community  Application of Ethical Principles and Values Situations that affect the entrepreneur’s practice of ethics and values: ▪ Technical competence - ethical entrepreneur knows what his business is all about and meets the required standards set by the industry. ▪ Search for new and improved ways of works - seeks new and better ways to improve his business process. ▪ Complete responsibility - accepts and practices full responsibility over everything that goes on in the business; he does not point his fingers at
  • 3. the others or at circumstances to blame for negative incidents and failure. ▪ Respect for the needs of those around him - makes sure that the customers, employees, investors, supplier, business associates, and other stakeholders receive what is due them ▪ Fair pricing - this is the touchstone of entrepreneurship. The ethical entrepreneur always establishes revenue forecasts that are realistic based on fair pricing. ▪ Rewards for good action - encourages his employees to do good by giving both intrinsic and extrinsic rewards. ▪ Correction for those doing wrong - follows a set of disciplinary actions and sanctions that are known to his employees and which are calibrated according to the degree of the wrongdoing. ▪ Sound financial management - the ethical entrepreneur manages finances effectively manages to allow for stable employment for everyone in the business even during times of crisis or temporary slowdown. ▪ Efficient rigorous business monitoring and reporting - the ethical entrepreneur is open and honest. He develops a sound and rigorous financial monitoring and reporting system that provides full and accurate information leading to realistic forecasts. ▪ Sharing financial issues - shares the company’s financial success with his employees, partners, suppliers and others who helped create the business. ▪ Social responsibility - gives back to the community by contributing to its welfare. ▪ Environmental awareness - makes sure that the environment is not degraded or further destroyed by his negligence and irresponsibility.  Positive Results of Ethical Practice The practice of ethics within and outside the company projects the reputation of the entrepreneur as a good partner business. Word travels fast among business associates and suppliers who prefer to deal with an ethical person. The entrepreneur’s ethical decisions will make others trust him and the business he runs. → Bankers prefer working with ethical entrepreneur who are honest in their disclosure of information. Bankers establish good relations with entrepreneurs who provide timely and accurate financial reports and reliable forecasts. → Suppliers are happy when they are paid promptly for goods ordered or money owed. They know that the entrepreneur has established cash forecasts that are based on an assumption of prompt payment of all invoices submitted by suppliers and vendors. → Positive and healthy community relations also result from ethical entrepreneurship.
  • 4.  Creating Ethical Standards for the Enterprise Setting ethical standards is the first step in creating an ethical organization. Here are the steps the entrepreneur could take when creating a code of ethics for the enterprise: 1. Identify the general principles that would lead the enterprise to fair business practices. 2. Check with pertinent government agencies, industry associations, and business chambers for ethical standards to review and use as pattern. 3. Allow for the fact that ethical questions do not always have a unique, perfect answer. 4. Write out specific statement that will assist everyone, including the entrepreneur, and all stakeholders, in making day-to-day ethical decisions. 5. Meet with groups of stakeholders according to interest, role, or function and present the draft of the Code of Ethics. 6. Ask for opinions, suggestions, and recommendations for improvement from the stakeholders. 7. Make a final draft of the Code of Ethics taking into consideration all the gathers’ suggestions and recommendations. 8. Apply the accepted Code of Ethics throughout the enterprise through written policies and procedures. 9. Train everyone involved to make ethical decisions.  SuggestedCoverage of a Code of Ethics Aspects: 1.) Environment-friendly business practices 2.) Supporting advertising promises 3.) Telling customers, the truth 4.) Insurance coverage adequate to protect the business and employees 5.) Handling cash and checks from customer 6.) Special prices for selected persons 7.) Accepting gifts from suppliers and business associates 8.) selling damaged merchandise 9.) Warranties on products 10.) Merchandise-return policies for customers 11.) Returning merchandise to suppliers 12.) Handling shoplifters 13.) Accounting procedures for cash sales
  • 5. 14.) Theft or pilfering by employees 15.) Checking in merchandise when received from suppliers 16.) Keeping the premises clean and free from harmful substances 17.) Handling employee performance problems 18.) Safety and security issues 19.) Media relations (print and digital media) The list can be expanded and modifies depending on the needs of the enterprise. B. Roles and Responsibilities of the Entrepreneur The entrepreneur is crucial to the maintenance ans sustainability of the economy from the grassroots to the national level. This will manifest as entrepreneur continue to perform their roles and responsibilities effectively.  Roles of Entrepreneur ▪ Vision role - the entrepreneur sometimes called a dreamer who follows his vision. Without the vision, the entrepreneur will flounder soon enough and the dream will disappear. This role of the entrepreneur inspires those that choose to join him in the pursuit of his vision, believing that something good and useful will be realized. ▪ Implementation role - after empowering himself towards achieving his dream, the entrepreneur has to take practical steps so everyone can live according to the organization’s mission and direction. Proper implementation of the business ideas will enable the entrepreneur to harness the talents and skills of the organization’s team members to pursue the mission, goals and objectives of the business. Sage Accountant Solutions Vice-Pres. And General Manager, Jennifer Warawa, wrote about the five important roles of the entrepreneur (Sept. 2012) 5 key functions of the entrepreneur according to Warawa: − Chief customer officer - customers are most important for the business. He and his sales or service staff should know the products and services, as well as be familiar with even touch point that will induce the customers to patronize the business continuously. − Chief financial officer - bookkeeping, accounting, and taxation are some of the most important aspects of the enterprise. Numbers actually tell a story of the business where it has been. How healthy it is, where it is going, and what should be changed for it to become successful. − Chief people officer - regardless of the number of employees he has, the entrepreneur should take care of them as well as the people surrounding the business. As some leadership role, the entrepreneur should deal with people fairly and objectively.
  • 6. − Chief executive officer - as CEO, the entrepreneur needs to look at the whole enterprise from the very beginning and plan for its future based on a clear vision. He must spread spend enough time on strategies that will spell future success for the company. − Chief innovation officer - although this is not a commonly used title, its essence is very important to the enterprise. This role is crucial in making the enterprise relevant and competitive to ensure lone-term success and sustainability. ▪ Counseling role − the entrepreneur should realize that the business is not simply all about his own goals and dreams. − Counseling means talking with a person in a way that helps that person solve a problem or helps to create conditions that will cause the person solve a problem or helps to create conditions that will cause the person to improve his behavior. − It involves thinking implementing, knowing human nature, timing, sincerity, compassion, and kindness. − It involves much more than simply telling someone what to do about a problem. ▪ Evaluator role − performance appraisal and other metrics will help the entrepreneur maintain the quality and effectiveness of his enterprise. − As evaluator, the entrepreneur should be able to measure performance fairly and objectively against job requirements and standard. C. Responsibilities of the Entrepreneur Important responsibilities: ▪ Innovation − who tries to develop new technology, products and markets in the community. − May involve doing new things or doing existing things differently uses his creative faculties to do new things and exploit opportunities in the market. − He does not believe in status quo and is always in search of change ▪ Assumption of risk − Entrepreneur is a risk taker and not a risk shirker. − He always prepared to assume losses as a result of introducing new ideas and projects − Willingness to take risks allows an entrepreneur to take initiatives in doing new things and marching ahead in his efforts. ▪ Research − entrepreneur is a practical dreamer who takes time to study his moves, including the groundwork, before taking the leap in his ventures.
  • 7. − He finalizes an idea only after considering a variety of options by analyzing their advantages and disadvantages. − It is then he applies his ideas into practice. ▪ Management − Involves the use of managerial skills which he develops while planning, organizing, staffing, directing, controlling, and coordinating business operations. − Skills are further strengthened when he aligns his organization grows, he can employ professional managers for more effective management. ▪ Overcoming resistance to change − Always tries new ideas at his level first. It is only after the successful implementation of these ideas that he makes them available for the benefit of others. − He paves the way for the acceptance of his ideas. This is a reflection of his willpower, enthusiasm, and energy-traits that contribute in overcoming society’s resistance to change  Catalyzing economic development − Plays an important role in accelerating the pace of economic development of a country by discovering new uses of available resources and maximizing their utilization. Reference: Diaz, Ph.D., & Fajardo, H. R. Chapter 4 and 6. In Entrepreneurship Study and Practice (pp.35-68). Quezon City, UP Campus, Diliman, Quezon City 1101: SERDEF.