Responsibilities & Accountabilities of  Not to seek political patronage by

Entrepreneurs unfair means.

 Contributing to economic growth
Responsibilities – refers to the duty or and development.
obligation to satisfactorily perform or  Environmental stewardship.
complete a task that must fulfill, and  Engagement in public policy.
which has a consequent penalty for
failure. By fulfilling these responsibilities,
entrepreneurs can build trust with the
Accountability – the obligation to government and stakeholders while
demonstrate that work has been creating long-term sustainable value for
conducted in compliance with agreed their business.
rules and standards or to report fairly
and accurately on performance results Responsibilities of an entrepreneur to
mandated and/or plans. the CREDITORS:
 Obtain loans on reasonable
Employees – The true assets of an conditions.
organization. The ones who contribute  Follow mortgage rules.
effectively towards the success of every  Follow business ethics.
business.  Proper utilization of debt capital.
 Regular payment of installment
Responsibilities of an entrepreneur to and interest.
his/her EMPLOYEES:
 Pay wages/salaries, taxes, and Entrepreneurs have a fiduciary
benefits. responsibility to act in the best interests
 Assignment of right jobs. of their creditors while also working to
 Create and maintain an ensure the long-term viability and
ergonomic workplace. success of their business.
 Train and educate employees.
 Give rewards and benefits. Responsibilities of an entrepreneur to
 Give security and employment. the SUPPLIERS:
 Assumption of welfare  Pay fair prices of goods at a
arrangements. reasonable time.
 Humane behaviour towards  Inform about changes in market.
employees.  Give guarantee of minimum
 Recognition and appreciation. price.
 Pay technical advice.
Overall, entrepreneurs have a  Inform suppliers of future
responsibility to create a supportive and developments.
inclusive work environment where  Promote healthy competition.
employees feel valued, respected, and
motivated to contribute to the success of The service of the suppliers is also
the company. important for any business because they
supply raw materials, machinery, labor,
Responsibilities of an entrepreneur to and other materials. Without them, the
the GOVERNMENT: smooth operation of the business is
 Compliance of government rules. quite difficult.
 Payment of taxes.
 Transparency and accountability.
Responsibilities of an entrepreneur to 5. Responsible marketing and
the CONSUMERS: advertising.
 Determination of fair prices. 6. Intellectual property rights.
 To render good and economic 7. Corporate governance.
services. 8. Supply chain ethics.
 Standardization of goods. 9. Data privacy and security.
 Best and economic packing of 10. Impact on local communities.
products.
 Right and truthful advertising. Addressing these ethical issues requires
 To avoid adulteration, low a commitment to integrity,
weight, and measurement of responsibility, and accountability
product throughout all stages of
entrepreneurship, from ideation to
Customers are the most important execution and beyond.
factors of the business. Thus, it is only
important that entrepreneurs should Morally defensible position on ethical
take care of them. issues in business:
 Transparency and honesty.
Responsibilities of an entrepreneur to  Environmental responsibility.
other STAKEHOLDERS:  Social Responsibility.
 Contribute positively to the  Compliance with laws and
community through job creation, regulations.
economic development, and  Long-Term sustainability.
philanthropic activities.  Ethical leadership.
 Minimize environmental impact
and operate responsibly. By adhering to these principles,
 Engage with community business can establish a morally
stakeholders and listen to their defensible position on ethical issues and
concerns. contribute positively to society while
 Support local initiatives and also achieving their business objectives.
organizations. It’s essential for business to
 Act as a responsible corporate continuously assess and reassess their
citizen and uphold ethical practices to ensure they align with these
standards. ethical principles in an everchanging
business landscape.
In summary, entrepreneurs have a broad
range of responsibilities to stakeholders
beyond just creditors. By fulfilling these
responsibilities, entrepreneurs can build
trust, foster positive relationships, and
contribute to the long-term success and
sustainability of their business.

Major ethical issues in

entrepreneurship:
1. Truthfulness and transparency.
2. Fair treatment of employees.
3. Environmental responsibility.
4. Social impact.