Ethics and Roles of Entrepreneurs

Question 1

Standards on which a person decides what is right or wrong, good or bad, ethical or unethical

Answer 1

Ethics

Question 2

The application of general ethical ideas for business behaviour

Answer 2

Business Ethics

Question 3

Written and unwritten codes of principles and values that givern business decisions and actions

Answer 3

Business ethics

Question 4

Document that explains specifically about business’s moral philosopht and guves concrete guideline for moving it out

Answer 4

Code of ethics

Question 5

Way employees shoukd respind in differenr situations

Answer 5

Code of Ethics

Question 6

Importance of Code of Ethics

Answer 6

Clarify own values and principles
Check and resolve ethical problems
Provides skme protection against claims of unfairness

Question 7

A specific crisin, situatuon, or prospect that involved a person to choose from among several actions that may be judged as right or wrong, ethical or unethical

Answer 7

Ethical Issue

Question 8

Judge monetary profit against what a person considers suitable behaviour

Answer 8

Ethical Issue

Question 9

Five step Framework for solving ethics issues

Answer 9

Identify moral issue
Obtain a truth or facts
Assess the other alternative course of actions from different moral views
Take a choice
Perform, then replicate on the decision afterwards

Question 10

Entrepreneurs play a vital in the economic development of a region

Answer 10

Improvement in per capita income/wealth generation

Question 11

By creating a new business enterprise, entrepreneurs generate employment opportunities for others

Answer 11

Generation of employment opportunities

Question 12

The team created by an entrepreneur for his new undertaking often provides the opportunity for the employees to have a first-hand experience of getting involved in an entrepreneurial Venture

Answer 12

Inspire others towards entrepreneurship

Question 13

Entrepreneurs help to remove regional disparties in economic development

Answer 13

Balanced Regional Development

Question 14

When new firms are created by entrepreneurs, the number of enterprises. Ased upon new ideas/concepts/products in a region increases

Answer 14

Enhance the number of enterprise

Question 15

Entrepreneurial activity often results into creation of a variety of firms in a region

Answer 15

Provide diversity in firms

Question 16

Entrepreneurship is essential for delf reliance for a country

Answer 16

Economic Independence