15 Suggestions for Entrepreneurs to Alert about their Responsibilities

In business, Entrepreneurs have either been indifferent or have failed in fulfilling social responsibilities towards various sections, excepting one or two sections.

Suggestions for Entrepreneurs to Alert about their Responsibilities

The following important suggestions are offered to make them alert or conscious of their social responsibilities:

1. To Make them Conscious towards Responsibilities

The entrepreneurs’ associations, councils, and federations, etc. should create consciousness among the entrepreneurs, about various types of social responsibilities and their underlying significance.

They should be made to understand that broadly these responsibilities are in their own interest also, or else assuming of these responsibilities by the entrepreneur may not be possible.

2. To Make Representations

Representation of consumers associations, trade unions, representatives of the shareholders, etc.

In various commissions and committees related to the social responsibilities of the entrepreneurs, it should be increased.

3. To Provide Education and Training

The professional Institutes should provide education and training to the fresh generation of entrepreneurs and managers, for social responsibilities, so that they may develop their thinking, in that perspective.

4. Legal Actions and Boycott

The entrepreneur should initiate legal action against those entrepreneurs who are not fulfilling their responsibilities, through consumer associations, and Consumer forums.

Not only that, the products and services of such entrepreneurs should be boycotted also.

5. To Make Investment Policy Strict and Indifferent

The Financial Institutions and investors should follow strict investment policy towards those entrepreneurs who do not fulfill social responsibilities and should show Indifference towards them.

6. Preparation of Code of Conduct

Entrepreneurs Associations should prepare a code of conduct for their members to bind them to fulfill social responsibility.

7. No Difference in Saying and Doing

There should be no difference between saying and doing.

The entrepreneur should follow business morality.

8. Recollecting Responsibilities through Various Mediums

Social responsibilities should be Made recollected to the entrepreneurs through radio, television, posters, conferences, and seminars, etc.

importance of social responsibility of entrepreneur — importance of social responsibility of the entrepreneur

So that entrepreneurs may remain conscious about their social responsibilities and may fulfill them, regularly.

9. Provision of Social Report

Company Act should make provisions for the social report, in which every company may compulsorily give information about the compliance of social responsibility during the reporting year.

The company should also incorporate the provisions in its own laws and bye-laws, for giving due place to the compliance of social responsibilities.

10. Formulation of Simple Liberal and Practical Policies

The policies formulated by the government for regulations and controls on business activities should be simple, liberal, and practical.

Existing policies regarding social responsibilities should be implemented effectively.

11. Encouragement to Literature and Research

Literature and research on social responsibilities should be suitably encouraged.

12. Evolution of Activities of Responsibilities

The activities undertaken by the entrepreneurs for the fulfillment of social responsibility should be evaluated from time to time.

Well, performing entrepreneurs may be suitably rewarded and the defaulters should be penalized and publicly condemned.

13. Confiscation of Property and Initiating Legal Action

The earned profit and wealth of the entrepreneurs earning wealth by unfair means should be confiscated.

In this regard, raids may be widely arranged.

14. Admonishing and Penalising

The profiteers, black marketers, bribe seekers, persons engaged in adulteration, etc. should be publicity admonished and penalized also.

15. Publicity by Government

The government should keep the entrepreneurs aware of their social responsibilities through various advertising media and government machinery etc

Thus, Now you all the Suggestions to make the Entrepreneurs Alert about their Responsibilities.