Week 3 Discussion: Ethical And Social Responsibilities Of En ✓ Solved

Week 3 Discussion Ethical And Social Responsibilities Of Entrepreneur

Reflect on the ethical and social responsibilities entrepreneurs have within their organizations. After reading Chapter 3 on The Ethical and Social Responsibilities of Entrepreneurs, address the following questions:

1. Referring to Table 3.3 listing cases of corporate fraud, which company example do you think is one of the worst examples of unethical conduct? Is this because it involved the most money stolen, the most people cheated, or the most devious methods?

2. How will you ensure that your organization learns to develop and deliver products and services that reduces your carbon footprint? Discuss the strategies towards corporate social responsibilities that you will take.

Your initial response should be at least 150 words, and your response to a classmate should be no less than 100 words. Use APA formatting for citations and references, including at least one credible resource to support your answer. The initial post is due by Saturday, and replies to classmates are due by Sunday.

Sample Paper For Above instruction

Introduction

Ethical and social responsibilities form the cornerstone of sustainable entrepreneurship, emphasizing the importance of integrity, transparency, and environmental consciousness. Entrepreneurs are increasingly expected to prioritize ethical practices that not only benefit their organizations but also positively impact society and the environment. This paper explores the significance of corporate ethical conduct by analyzing a notorious case of corporate fraud and discusses strategies for developing environmentally responsible business practices.

Analysis of Corporate Fraud and Ethical Conduct

Referring to Table 3.3, one of the most egregious examples of unethical conduct is the case of Enron Corporation. The multinational energy company engaged in elaborate accounting fraud that led to its collapse in 2001. This case is particularly notable due to the vast amount of money involved—estimated at around $74 billion in market value lost—and the widespread deception involving thousands of employees and investors. The devious methods, including complex bookkeeping schemes to hide debt and inflate profits, exemplify unethical behavior that jeopardized stakeholder trust and caused significant economic repercussions.

The Enron scandal exemplifies how ethical lapses, especially those involving extensive deception and financial manipulation, can devastate a corporation and its stakeholders. It underscores the need for stringent ethical standards and transparent corporations to prevent such misconduct from recurring.

Implementing Sustainable and Responsible Business Practices

To develop products and services that reduce the organization’s carbon footprint, a comprehensive strategy involving commitment to sustainability at every level is essential. Key strategies include adopting environmentally friendly manufacturing processes, investing in renewable energy sources, and incorporating eco-design principles that minimize waste and energy consumption. Educating employees about sustainable practices and incorporating sustainability metrics into performance evaluations can also foster a culture of eco-responsibility within the organization.

Moreover, engaging with stakeholders—including suppliers, customers, and regulatory agencies—can promote environmentally responsible practices throughout the supply chain. Developing eco-friendly products that meet consumer demand while minimizing environmental impact aligns with corporate social responsibility (CSR). Implementing environmental management systems, such as ISO 14001, offers a structured approach to continual improvement in sustainability efforts.

Overall, a proactive approach to CSR that emphasizes sustainability not only enhances corporate reputation but also contributes to long-term business success and environmental preservation.

Conclusion

Ethical conduct is fundamental to building trust and ensuring sustainable growth in entrepreneurship. Recognizing past corporate scandals reiterates the importance of integrity and accountability. Simultaneously, adopting strategies to reduce environmental impact demonstrates corporate responsibility, benefiting both society and the organization. As future entrepreneurs, integrating ethical principles and sustainability into business practices is crucial for long-term success and societal well-being.

References

• Crane, A., Matten, D., & Spence, L. J. (2021). Corporate Social Responsibility: Themes and Challenges. In Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization (pp. 45-67). Oxford University Press.
• Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine, September 13, 1970.
• Heath, J. (2014). The Efficiency of Corporate Social Responsibility. Journal of Business Ethics, 125(4), 555-569.
• Malik, A. (2020). Corporate Fraud and Its Impact on Stakeholders. International Journal of Business and Management, 15(3), 10-22.
• Porter, M. E., & Kramer, M. R. (2006). Strategy & Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78-92.
• Schwartz, M. S., & Carroll, A. B. (2011). Corporate Social Responsibility: A Three-Domain Approach. Business Ethics Quarterly, 21(2), 283-303.
• Smith, N. C. (2003). Corporate Social Responsibility: Whether or How? California Management Review, 45(4), 52-76.
• Van de Ven, B., & Velte, P. (2022). Sustainable Business Models: Exploring Green Strategies. Journal of Cleaner Production, 361, 132219.
• Ward, T. (2021). Building Ethical Corporate Cultures. Business Ethics: A European Review, 30(2), 202-216.
• World Commission on Environment and Development. (1987). Our Common Future. Oxford University Press.