Category: ENTREPRENEUSHIP

A business plan is important for a business because it can be used to: i) Obtain finances ii) Hire staff iii) Attract partners – iv) To expand the business v) Guide the business in its operations

A business plan should be comprehensive enough to give any potential user a complete picture and understanding of the venture and will help the entrepreneur clarify his or her thinking about the business. Although there is no generally accepted format Read more

This is a written document justifying the business and gives a step-by-step explanation of how the business will achieve its goals. It summarizes the operational and financial objectives of a business and contains the details, plans and budgets showing how Read more

The question of ethical business practice is a widely debatable subject. Profit and morality are incompatible. For instance the pursuit of wealth is a barometer of success yet it is popularly believed that wealth tends to corrupt individuals. All ethical Read more

Creates fairness in competition Business ethics ensures that there is fair play as business firms compete with each other. e.g. It would be unethical to: Buy competitors products and destroy them before they reach the market Discredit competitors products with Read more

Ethics refers to prescribed or accepted code of conduct. For a business to run smoothly there must be rules and regulations that govern the behaviour of each and every employee. These rules could either be written implied or naturally accepted Read more

It increases costs to the business It makes the business to spend resources and thus reduces profit Increased social responsibility cost is passed onto the consumers in form of higher prices Most businesses lack the skills to solve social problems Read more

It leads to creation of a better social environment both for the society and the business It improves the value of the business shares on the stock exchange It improves the image of the business to the public It makes Read more

A marketing tool Conducive atmosphere for the success of the business Environmental conservation programmes Ensures security for workers Social welfare programmes

Social responsibility can be put into three main categories. social obligation social reaction social responsiveness social obligation Based on the fact that society supports a business by allowing it to exist, the business has a duty to supply the society Read more