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Areas of Social Responsibility

(i)    Honoring contractual commitments.
(ii)    Concern for ecology and environment
(iii)    Concern for consumers
(iv)    Concern for workers
(v)    Concern for community
(vi)    Obligations towards suppliers
(vii)    Concern for healthy suppliers
(viii)    Concern for healthy competition
(ix)    Statutory obligations.

Honoring Contractual Commitments

Entrepreneurs enter into contracts with customers, suppliers, banks ad workers for the supply of goods and services by particular time. Such contracts may be either written or unwritten. It is the social reasonability of the entrepreneur to fulfill all commitments under the various contracts.

Concern for Ecology And Environment

Ecological imbalance and environmental pollution are the most talked about topics in the media, conferences and seminars. Ecological balance ahs been disturbed by deforestation, soil erosion excessive use of natural resources, etc. Environment pollution is caused by the injection of harmful substance into the environment. many industrial organizations have been responsible for causing (i) air,(ii) water, (iii) land, and  (iv) noise pollution.

Entrepreneurs should take the responsibility to keep pollution under control, to provide deices to prevent polluting materials from affecting public health. They are required to discipline themselves not to judulge in any activity that degrade environment.

Concern For Consumers

Customers’ satisfaction is the ultimate purpose of all economic activities. This involves more than the offer of products at the lowest possible price. Adulteration of goods, poor quality, failure to give measure, lack of service, misleading or dishonest advertisement, etc. are examples of violation by business enterprise of its obligations towards the consumers of its products. Therefore, it is the duty of management:

(a)    To produce goods which meet the needs of the consumers of different classes, tastes and with different purchasing power.
(b)    To provide goods to the customers at reasonable prices.
(c)    To provide prompt, adequate and courteous services to the consumers.
(d)    To handle the customers’ grievances quickly and carefully.
(e)    To ensure regular supply of goods and services.
(f)    To ensure that advertisement and other statements issued by the business are truthful.
(g)    To follow fair trade practices.

Concern For Workers (Responsibility Towards Employees)

Workers are a source of labour. Their cooperation muse by achieved for the realization of business objectives. The management should fulfil the following obligations towards the workers:

(a)    To pay reasonable wages and salaries to its employees so that they may satisfy their needs and lead a good life.
(b)    To provide good working conditions to maintain the health of the workers.
(c)    To provide service benefits such as housing and medical facilities, insurance cover and retirement benefits.

Concern for Community and Society

Every business owes an obligation to the local community and general public or society large. The specific responsibilities of business towards the community and society are disused as follows:

(a)    To work for the improvement of the local environment where the plant is located.
(b)    To provide for welfare of the local community through opening dispensaries, etc.
(c)    To ensure safety of local surroundings.
(d)    To take steps against air, water and noise pollution.
(e)    TO ensure efficient use of national resources.
(f)    To generate employment opportunities.
(g)    To provide high quality products to the society.
(h)    TO improve the quality of life of the workers.
(i)    To preserve and promote social and cultural values.

Entrepreneurial discipline requires discouraging of social evils like hoarding, black marketing, selling spurious products, overcharging, etc. In the absence of such discipline, the entrepreneurial activities will be considered undesirable.

Obligations Towards Suppliers

Entrepreneurs get supplies of materials an credit form the suppliers. They also get loans form banks and other financial institutions. They can’t shirk responsibility towards the suppliers of materials and capital both. They should make payments to the supplier sin time and also ensure transparency in dealing with them. They should also ensure time payment of interest and principal to the lending institutions.

Concern For Healthy Competition

Entrepreneurs face competition in the market. For survival and growth, they should increase the productive efficiency, improve product quality, design, use and delivery. They should also innovate new products and services. These things will provide a competitive edge to the enterprise. Entrepreneurial discipline also requires that the entrepreneur should not try to damage the competitors through unfair means.

Statutory Obligations

Entrepreneurs have the following statutory obligations for which they are accountable to the government:

(a)    To abide by the laws of the nation and also the policies ro guidelines issued by the government.
(b)    To pay taxes honestly and in time to the government.
(c)    To avoid corrupting government employees.
(d)    To discourage the tendencies of concentration of economic power and monopoly.
(e)    To encourage fair trade practices in the country.
(f)    TO adopt fair dealings in foreign trade.
(g)    To follow various labour laws in letter and spirit.

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