The responsibilities of an entrepreneur towards society are as follows:
(1) 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.
(2) 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.
(3) 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.
(4) 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.
(5) 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.
(6) 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.
