The entrepreneur or organization is also a part of our society. Business is done in society, for society, and with society’s resources. The society also gives organization for opportunities to a company for development and expansion. Social Responsibility of Entrepreneur play critical roles in economic growth.
Enterprises and organizations rely on their society for resources such as men, materials, capital, and the ability to market their products. As a result, businesses must rely on society for their survival, development, and promotion. As a result, entrepreneurs have a distinct social role and obligation to society.
Human resources have a significant role in a country’s economic success. However, human resources alone cannot produce economic progress, and to achieve this goal, active entrepreneurs are required.
Primary Responsibility
The entrepreneur’s primary responsibility should always be to maintain the firm functioning smoothly and successfully. Running a successful business will benefit the local community by stimulating the local economy, ideally with local funds and local employment.
The entrepreneur should also adhere to proper business etiquette and maintain a high level of honesty in his or her operations. This is a social duty that will improve the community’s structure in ways that may be more important than the bottom line in a monetary sense.
In the long term, no corporate organization can survive and thrive unless it has a positive public image. By servicing their (society’s) interests, the firm’s image can be improved in the eyes of the public because they possess considerable economic and social power. Their authority must be matched with societal responsibility. Businesses have the resources and ability to address societal issues.
To maintain law and order and peace atmosphere of a country, business must accept its societal duties;. Otherwise, individuals may engage in anti-social behavior, which will ultimately destroy business. The theory of social obligations aids in the maintenance of law and order in society. It is a social disorder prevention measure.
Interconnection exists between Society and Business in many ways. The goods and services offered by businesses determine the standard of living in society. If business does not manufacture and supply high-quality items at reasonable rates, society will react by reducing corporate inputs. As a result, it is in the business’s best interests to be socially responsible.
Towards the Customers:
This responsibility includes Producing, supplying goods, providing organization’s service at reasonable prices and providing after sales services. It also includes health and safety of customers. Organizations also need to respect integrity and culture of their customers.
Towards Suppliers and Creditors:
Businesses have obligations to their suppliers, dealers, and other creditors as part of their social responsibility. They must have considerable improvement with their suppliers and debtors in terms of pricing, quality, delivery, and quick payment, among other things. If feasible, organizations should endeavor to promote local suppliers, and they should establish appropriate, fair, and inter-business relationships with all of their creditors.
Towards the Employees:
Employees are the organization’s capital; they generate money for the company, provide excellent service, and share in the gains that ensue. As a result, as part of their social obligation, business owners have major responsibilities to their employees. These obligations include providing effective training, promotion, and creating opportunities for progress in the lives of employees. Organizations must offer their employees with safe working conditions and other amenities.
Towards the Community:
Businesses must also demonstrate social responsibility to the communities in which they operate. An organisation must implement Pollution control, particularly for air and water pollution. They must also provide health, hygiene, and empowerment initiatives to their society, as well as assist the weaker elements of society, such as the disabled and backward religions.
Towards the State and the Nation
Entrepreneurs must comply with the laws, rules, and regulations of the nations in which they operate. They must follow the rules, regulations, and laws established by local, state, and federal governments, and they must assist their government in general planning for the nation’s well-being. They must also pay all levies and taxes charged by the government in complete honesty and authenticity, and they must do business in accordance with standard and official guidelines.
So an entrepreneur’s socially responsible behavior not only benefits society but also benefits the business in a variety of ways. Mainintaining Social reposibilites is one among the best qualities of an entrepreneur.
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