GROUP 10

Question 1

5 ethics considerations in making entrepreneural decisions

Answer 1

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

Question 2

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

entrepreneurial decision

Answer 2

Company Values and Ethics:

Question 3

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

entrepreneurial decision

Answer 3

Greater Good:

Question 4

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

entrepreneurial decision

Answer 4

The Rights

Question 5

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

entrepreneurial decision

Answer 5

Trust And Honesty

Question 6

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

entrepreneurial decision

Answer 6

Responsibility And Accountability

Question 7

5 FRAMEWORKS FOR ANALYZING ETHICAL ASPECT OF DECISION

Answer 7

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

Question 8

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

Answer 8

Utilitarian Approach

Question 9

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

Frameworks for Analyzing Ethical Aspect of Decision

Answer 9

Deolontogical Approach

Question 10

Consider whether the decision aims to cultivate moral excellence and wisdom

Frameworks for Analyzing Ethical Aspect of Decision

Answer 10

Virtue Approach

Question 11

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

Answer 11

Justice Approach

Question 12

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

Answer 12

Emotional Approach

Question 13

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

Answer 13

Social Responsibility (SR) in entrepreneurship

Question 14

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

Answer 14

maximizing profits.

Question 15

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

Answer 15

Socially responsible entrepreneurs

Question 16

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

Answer 16

corporate social responsibility (CSR)

Question 17

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

Answer 17

decision-making processes

Question 18

5 Benefits of Social Responsibility

Answer 18

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

Question 19

4 Examples of Socially Responsible Entrepreneurship

Answer 19

• TOMS Shoes
• Patagonia
• Gawad Kalinga
• Bayani Brew

Question 20

5 Challenges of Social Responsibility

Answer 20

• 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.

Question 21

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

Answer 21

global business environment

Question 22

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

Answer 22

entrepreneurial sector

Question 23

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

Answer 23

Globalization

Question 24

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

Answer 24

globalization
across borders

Question 25

6 Positive Impact of Globalization on entrepreneurial ventures

Answer 25

* 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

Question 26

5 Negative Impact of Globalization on entrepreneurial ventures

Answer 26

* 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

Question 27

4 MAIN IMPORTANCE OF ETHICAL PRACTICES IN A GLOBAL BUSINESS ENVIRONMENT

Answer 27

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

Question 28

3 ASPECTS OF BUILDING TRUST AND LEGITIMACY

Answer 28

1. Consumer Confidence 2. Investor Relations 3. Employee Engagement

Question 29

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

Answer 29

Consumer Confidence

Question 30

Ethical practices attract responsible investors who valued long-term sustainability and positive social impact. | BUILDING TRUST AND LEGITIMACY

Answer 30

Investor Relations

Question 31

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

Answer 31

Employee Engagement

Question 32

3 ASPECTS OF Mitigating Risk and Enhancing Reputation

Answer 32

1. Legal Compliance 2. Reputational Damage 3. Supply Chain Responsibility

Question 33

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

Answer 33

Legal Compliance

Question 34

Unethical behavior can quickly spread due to globalization, leading to public scrutiny, boycotts, and severe reputational damage. | ASPECTS OF Mitigating Risk and Enhancing Reputation

Answer 34

Reputational Damage

Question 35

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

Answer 35

Supply Chain Responsibility

Question 36

3 ASPECTS OF Promoting Innovation for Good

Answer 36

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

Question 37

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

Answer 37

Responsible Technology Development

Question 38

Global issues like climate change and poverty require collaborative solutions. | ASPECTS OF Promoting Innovation for Good

Answer 38

Addressing Global Challenges

Question 39

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

Answer 39

Empowering Communities

Question 40

3 ASPECTS OF Navigating Complexities

Answer 40

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

Question 41

Respecting diverse cultures, values, and customs is critical for operating successfully in a global market | ASPECTS OF Navigating Complexities

Answer 41

Cultural Sensitivity

Question 42

Globalization necessitates robust data privacy and security measures to protect user information and comply with international regulations. | ASPECTS OF Navigating Complexities

Answer 42

Data Privacy and Security

Question 43

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

Answer 43

Fairness and Equity