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SHEESH my own > GROUP 10 > Flashcards

GROUP 10 Flashcards

1
Q

5 ethics considerations in making entrepreneural decisions

A
  1. Company Values and Ethics
  2. Greater Good
  3. The Rights
  4. Trust And Honesty
  5. Responsibility and Accountability
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2
Q

We should make decisions in accordance with the core principles and standards that guide our organization and profession

entrepreneurial decision

A

Company Values and Ethics:

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3
Q

We should consider the impact of our decisions on the well-being of others, such as customers, employees, shareholders, and society.

entrepreneurial decision

A

Greater Good:

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4
Q

We should make decision which respect the dignity, autonomy, and privacy of others, and avoid harming or violating of their rights.

entrepreneurial decision

A

The Rights

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5
Q

We should be truthful, transparent, and reliable in our communication and actions, and avoid deception or manipulation

entrepreneurial decision

A

Trust And Honesty

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6
Q

We should take ownership of our decisions and be ready to face the consequences, both positive and negative

entrepreneurial decision

A

Responsibility And Accountability

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7
Q

5 FRAMEWORKS FOR ANALYZING ETHICAL ASPECT OF DECISION

A
  1. UTILITARIAN APPROACH
  2. DEONTOLOGICAL APPROACH
  3. VIRTUE APPROACH
  4. JUSTICE APPROACH
  5. EMOTIONAL APPROACH
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8
Q

Consider whether the consequences of the decision aims to maximize the overall happiness or utility for the greatest number of people

Frameworks for Analyzing Ethical Aspect of Decision

A

Utilitarian Approach

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9
Q

Consider whether the duties and obligations of a decision aims to follow universal moral rules or principles

Frameworks for Analyzing Ethical Aspect of Decision

A

Deolontogical Approach

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10
Q

Consider whether the decision aims to cultivate moral excellence and wisdom

Frameworks for Analyzing Ethical Aspect of Decision

A

Virtue Approach

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11
Q

Consider whether the decision exhibits fairness and equality, and aims to distribute benefits and burdens equitably among all parties

Frameworks for Analyzing Ethical Aspect of Decision

A

Justice Approach

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12
Q

Consider whether the decision acknowledge the relationships and emotions, and aims to foster empathy and compassion for others

Frameworks for Analyzing Ethical Aspect of Decision

A

Emotional Approach

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13
Q

_________________ refers to the ethical obligation of entrepreneurs and their ventures to positively impact society and the environment while pursuing profit.

A

Social Responsibility (SR) in entrepreneurship

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14
Q

Social Responsibility (SR) in entrepreneurship involves considering the interests of various stakeholders, including customers, employees, communities, and the environment, beyond just ____________

A

maximizing profits.

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15
Q

__________________ aim to address societal challenges and contribute to the greater good through their business activities.

A

Socially responsible entrepreneurs

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16
Q

Social responsibility also known as _________________, involves conducting business ethically and considering social, cultural, economic, and environmental issues

A

corporate social responsibility (CSR)

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17
Q

Integrating social responsibility into ________________ is crucial for organizations to maintain their reputation and competitiveness in a global context.

A

decision-making processes

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18
Q

5 Benefits of Social Responsibility

A
  • Enhanced Reputation and Brand Value
  • Attracting and Retaining Talent
  • Cost Savings
  • Innovation and Competitive Advantage
  • Positive Impact on Society
19
Q

4 Examples of Socially Responsible Entrepreneurship

A
  • TOMS Shoes
  • Patagonia
  • Gawad Kalinga
  • Bayani Brew
20
Q

5 Challenges of Social Responsibility

A
  • Limited resources for both financial sustainability and social impact
  • Balancing profit-making with social goals
  • Measuring and communicating social impact effectively
  • Building a strong network of partners and stakeholders
  • Adhering to ethical standards and avoiding greenwashing or social washing.
21
Q

The impact of globalization on entrepreneurship development varies depending on a country’s economic development and its integration into the __________________

A

global business environment

22
Q

Highly developed and globally integrated countries have a developed _______________, measured by the global index of entrepreneurship.

A

entrepreneurial sector

23
Q

_______________ has had a profound impact on various aspects of our lives, including the waybusinesses operate and thrive.

A

Globalization

24
Q

The concept of ___________refers to the increasing interconnectedness of economies, societies, and cultures through the exchange of goods, services, information, and ideas __________.

A

globalization
across borders

25
Q

6 Positive Impact of Globalization on entrepreneurial ventures

A
  • Compete globally through the internet
  • Gain pricing advantages through purchasing from global markets
  • Benefit from favorable foreign exchanges
  • International chains to establish local market outlets
  • Economic Labor overseas
  • Small businesses adapt to global and local trends
26
Q

5 Negative Impact of Globalization on entrepreneurial ventures

A
  • Income inequalities
  • International commerce dominated by multinational companies
  • Risk of banking and currency crises
  • No access to exports from 3rd world producers
  • Lowering environmental standards from countries
27
Q

4 MAIN IMPORTANCE OF ETHICAL PRACTICES IN A GLOBAL BUSINESS ENVIRONMENT

A
  1. Building Trust and Legitimacy
  2. Mitigating Risk and Enhancing Reputation
  3. Promoting Innovation for Good
  4. Navigating Complexities
28
Q

3 ASPECTS OF BUILDING TRUST AND LEGITIMACY

A
  1. Consumer Confidence
  2. Investor Relations
  3. Employee Engagement
29
Q

Consumers increasingly prioritize ethical companies. Acting ethically builds trust and loyalty, leading to better brand image and market share.

BUILDING TRUST AND LEGITIMACY

A

Consumer Confidence

30
Q

Ethical practices attract responsible investors who valued long-term sustainability and positive social impact.

BUILDING TRUST AND LEGITIMACY

A

Investor Relations

31
Q

Employees thrive in ethical workplaces. Fair treatment, transparency practices, and positive social impact contribute to higher employee morale, productivity, and reduced turnover.

BUILDING TRUST AND LEGITIMACY

A

Employee Engagement

32
Q

3 ASPECTS OF Mitigating Risk and Enhancing Reputation

A
  1. Legal Compliance
  2. Reputational Damage
  3. Supply Chain Responsibility
33
Q

Ethical practices ensure adherence to local and international laws, regulations, and ethical frameworks, minimizing legal risks and potential fines

ASPECTS OF Mitigating Risk and Enhancing Reputation

A

Legal Compliance

34
Q

Unethical behavior can quickly spread due to globalization, leading to public scrutiny, boycotts, and severe reputational damage.

ASPECTS OF Mitigating Risk and Enhancing Reputation

A

Reputational Damage

35
Q

Ethical sourcing and responsible labor practices throughout the supply chain are crucial for mitigating risks like child labor, unfair working conditions, and environmental damage.

ASPECTS OF Mitigating Risk and Enhancing Reputation

A

Supply Chain Responsibility

36
Q

3 ASPECTS OF Promoting Innovation for Good

A
  1. Responsible Technology Development
  2. Addressing Global Challenges
  3. Empowering Communities
37
Q

Technology carries immense potential for good and harm. Ethical considerations ensure that innovations benefit society and avoid unintended negative consequences.

ASPECTS OF Promoting Innovation for Good

A

Responsible Technology Development

38
Q

Global issues like climate change and poverty require collaborative solutions.

ASPECTS OF Promoting Innovation for Good

A

Addressing Global Challenges

39
Q

Responsible technology use can empower communities by creating jobs, providing access to education and healthcare, and fostering sustainable development.

ASPECTS OF Promoting Innovation for Good

A

Empowering Communities

40
Q

3 ASPECTS OF Navigating Complexities

A
  1. Cultural Sensitivity
  2. Data Privacy and Security
  3. Fairness and Equity
41
Q

Respecting diverse cultures, values, and customs is critical for operating successfully in a global market

ASPECTS OF Navigating Complexities

A

Cultural Sensitivity

42
Q

Globalization necessitates robust data privacy and security measures to protect user information and comply with international regulations.

ASPECTS OF Navigating Complexities

A

Data Privacy and Security

43
Q

Ethical businesses strive to bridge the digital divide and ensure equitable access to technology and its benefits for all, regardless of location or background.

ASPECTS OF Navigating Complexities

A

Fairness and Equity

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