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What are the social responsibilities of an entrepreneur?

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                        Mission to serve the society.

Economic development of any country is decided by the output produced in total and the role of entrepreneurs also has a major role in that. Economic development to a large extent depends on human resources. But alone, human resources cannot help in increasing economic development, there is a need for dynamic entrepreneurs. They are the one who take risks to achieve goals and are highly motivated personalities. Natural resources can be in abundance, but if entrepreneurs don't know how to make efficient use of them,  it may lag in economic development .Entrepreneurs look for opportunities, identifies , then grab them to make the most profit from them. They are the one who create market , demand, exploit resources, maintain relations, bring innovation.

Businesses operate in a society where they interact with people in various forms.They need men, material, machines, money to work, to establish themselves, and to grow. Their presence, growth, future, all depends on the society so businesses have a social responsibility towards society. Social Responsibility means role and responsibility of a business towards different section of society.It199 can also be seen as a care and concern  which a business has for well being of the society.  Businesses must consider public while taking decisions.

Social responsibility towards various sections of the society.

1)Towards employees: Employees are the human resource which helps business in accomplishing its goal and also earning profits.Businesses have significant responsibilites towards its employees:

  • By providing good working conditions and facilities.
  • By training them.
  • By providing them job which is best suited with their interests and skills.
  • By paying fair wage.
  • By safeguarding their interest.

2)Towards customers: Customers are the greatest asset of any business. No business can survive without them. Various responsibilities are:

  • By providing better treatment than competitors.
  • By charging fair prices.
  • By providing after sales service and taking feedback.
  • By being truthful to them and their satisfaction is motive.

3)Towards community: 

  • By using resources economically
  • By not polluting the environment.

4)Towards creditors and suppliers:

  • Must provide accurate information.
  • By making payment within specified time period.
  • By paying interest on time.