Responsibilities and Accountabilities

of ENTREPRENEURS
Responsibilities and Accountabilities
of Entrepreneurs
Chapter outline:
A. To the Employees
B. To the Government
C. To the Creditors
D. To the Suppliers
E. To the Consumers
F. To the General public
G. To the Environment

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What is
RESPONSIBILITY?
REFERS TO THE DUTY OR
OBLIGATION TO SATISFACTORILY
PERFORM OR COMPLETE THE TASK
THAT ONE MUST FULFILL, AND
WHICH HAS A CONSEQUENT
PENALTY FOR FAILURE

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 What is
ACCOUNTABILITY?
REFERS TO THE OBLIGATION OF AN
INDIVIDUALS OR ORGANIKZATION TO ACOUNT
FOR ITS ACTIVITIES, ACCEPT RESPONSIBILITY
FOR THEM AND TO DISCLOSE THE RESULTS IN A
TRANSPARENT MANNER. IT ALSO INCLUDES
THE RESPONSIBILITY FOR MONEY OR OTHER
ENTRUSTED PROPERTY .

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 The difference between
RESPONSIBILITY and
ACCOUNTABILITY
THE MAIN DIFFERENCE BETWEEN THE TWO IS THAT RESPONSIBILITY CAN BE
SHARED WHILE ACCOUNTABILITY CANNOT. BEING ACCOUNTABLE NOT ONLY
MEANS BEING RESPONSIBLE FOR SOMETHING BUT ALSO ULTIMATELY BEING
ANSWERABLE FOR YOUR ACTIONS. ALSO ACCOUNTABILITY IS SOMETHING YOU
HOLD A PERSON TO ONLY AFTER A TASK IS DONE OR NOT DONE. RESPONSIBILITY
CAN BE BEFORE AND / OR FTER THE TASK (DIFFEN,2016)
SIMPLY PUT, THE DIFFERENCE BETWEEN THE TWO TERMS IS THAT
RESPONSIBILITY INVOLVES HAVING AUTHORITY OVER ONE’S ACTION.
ACCOUNTABILITY MEANS YOU ARE LIABLE OR ANSWERABLE FOR ONE’S ACTION.
IN ORDER TO BE RESPONSIBLE YOU MUST ACCOUNTABLE AND VICE VERSA
(KELLY,2014)

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A. TO THE EMPLOYEES
NO ENTERPRISE CAN SUCEED WITHOUT THE WHOLE-HEARTED COOPERATION OF THE EMPLOYEES.

1. PAY WAGES AND TAXES 6. RESPECT HUMAN RIGHTS

2. CREATE AND MAINTAIN A SAFE 7. SUPPORT CAREER DEVELOPMENT
WORKPLACE 8. TRAIN AND EDUCATE EMPLOYEES
3. FACILITATE WORKERS’ 9. MANAGE PERFORMANCE
COMPENSATION INSURANCE
10. GIVE REWARDS AND BENEFITS
4. ENFORCE ANTI-DISCRIMINATION LAW
(EEO) “EQUAL EMPLOYMENT
OPPORTUNITY
5. CREATE AND MAINTAIN A
FAVORABLE WORKING
ENVIRONMENT
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B. TO THE GOVERNMENT
THE DEVELOPMENT OF BUSINESS DEPENDS UPON THE DEVELOPMENT OF THE COMMUNITY ; HENCE BUSINESS HAS
GOT TO BE VERY PARTICULAR ABOUT DISCHARGING ITS OBLIGATION TOWARDS THE GOVERNMENT

1. OBSERVE LAWS ,RULES, AND 8. ASSIST IN IMPLEMENTING SOCIO-

REGULATIONS ECONOMIC
2. PAY TAXES 9. HELP EARN FOREIGN EXCHANGE
3. FOLLOW ENVIRONMENTAL 10. ADVISE THE GOVERNMENT
REGULATIONS 11. COMPLETE PROMPTLY GOVERNMENT
4. ABIDE BY LABOR LAWS CONTRACTS
5. AVOID RESTRICTIVE TRADE 12. CONTRIBUTE TO GOVERNMENT
PRACTICES TREASURY
6. DISCLOSE FINANCIAL STATEMENTS 13. CONTRIBUTE TO POLITICAL STABILITY
7. AVOID CORRUPTION
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C. TO THE CREDITORS

1. GIVE CORRECT INFORMATION

2. PROVIDE FAIR RETURN ON
INVESTMENT (ROI)
3. STRENGTHEN SHARE PRICES
4. HONOR FIDUCIARY DUTIES

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D. TO THE SUPPLIERS
SUPPLIERS INDIRECTLY AFFECT MARKETING AND BUSINESS ASPECTS SUCH AS PRODUCT QUALITY, PRICE, AND
PRODUCTION OF GOODS.

1. PRACTICE FAIR PRICING AND 5. PAY ON TIME

LICENSING 6. SELECT SUPPLIERS WITH
2. AVOID COERCION AND LITIGATION DICERNMENT
3. MAINTAIN STABILITY
4. MAINTAIN CONFIDENTIALITY

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E. TO THE CONSUMERS
A BUSINESS CANNOT WORK WITHOUT THE CONSUMER. THE SURVIVAL AND GROWTH OF A BUSINESS DEPEND ON
CONSUMER SATISFACTION, SERVICE AND SUPPORT.

1. ENSURE QUALITY OF PRODUCTS AND 8. ATTEND TO COMPLAINTS

SERVICES 9. SERVICE EVEN AFTER SALES
2. ENSURE CONSUMER’S HEALTH AND 10. RESPECT COSTUMERS’ TIME
SAFETY
11. TREAT COSTUMERS WELL
3. PROVIDE EASY-USE-PRODUCTS
12. ENSURE REGULAR SUPPLY
4. PROVIDE FREE TRAINING
13. RESEARCH AND DEVELOP TO
5. BE FAIR WITH PRICES INCREASE COSTUMER SATISFACTION
6. BE HONEST IN ADVERTISING AND 14. AVOID MONOPOLISTIC COMPETITION
MARKETING
7. BE HONEST IN DEALINGS
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F. TO THE GENERAL PUBLIC
TO MAINTAIN A POSITIVE PUBLIC IMAGE AND ATTRACT NEW CLIENTS, A COMPANY MUST UNDERSTAND ITS
CORPORATE RESPONSIBILITIES TO THE PUBLIC. ULTIMATELY, ANY BUSINESS THAT ENCOUNTERS THE PUBLIC HAS
RESPONSIBILITIES.

1. BE FISCALLY RESPONSIBLE 3. TAKE CARE OF THE COMMUNITY

2. CONSIDER PUBLIC INPUT

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G. TO THE ENVIRONMENT
GLOBAL WARMING AND CLIMATE CHANGE ARE NOT “WORDS” BUT REALITIES THAT WE ARE STILL IN TIME TO
LESSEN THEIR IMPACT. AS ENTREPRENEURS, IN ADDITION TO STARTING A BUSINESS TO HELP REDUCE POLLUTION
OR ENCOURAGING RECYCLING, YOU ALSO HAVE THE OPPORTUNITY TO ADOPT A “GREEN” MENTALITY IN YOUR
COMPANY.

1. COMPLY WITH ENVIRONMENTAL 2. DISPOSE WASTE PROPERLY

LEGISLATION 3. RECYCLE
1. Comply with legislation regarding emissions into the
air. 4. CONSERVE AND PROTECT
2. Store waste safely and securely, make sure it is BIODIVERSITY
treated appropriately, ensure it is collected by an
authorized organization(such as your local authority 5. PREVENT AND REMEDY DAMAGES TO
or a licensed private waste contractor) and complete ENVIRONMENT
a waste transfer note or consignment note when
waste is handed over. 6. REPORT AN INCIDENT
3. Manage your business waste for recycling by
separating paper, card, plastic, metals, and glass 7. USE SCARCE NATURAL RESOURCES
prior to collection. Most food businesses also need SPARINGLY
to separate food waste for recycling.
4. Etc…….
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ThankYou
RABULAN
RICA
JOY
GRADE 12 – ABM

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