Q5-What are the social responsibilities of a businessman?
SOCIAL RESPONSIBILITIES OF A BUSINESSMAN:
The social responsibilities of a businessman be classified as follows:
1-Obedience to Law
2-Metting public expectations
3-Inventions and innovations according to the need of time/anticipating new demand.
1. Obedience To Law:
It is the first and foremost and minimum responsibility of the businessman to observe laws prohibiting adulteration, black marketing, hoarding, and exploiting labor and consumer. Even if the businessman observe truly these laws, he will be fulfilling his social responsibilities.
2. Meting Public Expectations:
A businessman can come up to the public expectation if he exercises the following:
a-Providing the consumer with the right product at the right price at the right time
b- Determining a pay structure agreeable to both employer and the employee.
c-Establishing good relations with employees.
d- To grant support both financial and technical in educational and health fields.
e- To offer jobs to the handicapped.
3. Inventions And Innovations:
The world is changing fast and new technologies and opportunities are coming up. The consumer wants a better and improved life for himself and hopes to bring under his use new inventions and innovated goods. He wants to enjoy the blessing of scientific and technological development. If a business organization is determined to meet this expectation of the consumer it will be said to have reached the third stage of the service to the people.
4. Leading People:
This is the highest level of service where only a few number of businessmen can reach. Those businessmen for whom warning profit is no problem and who have attained material objectives of business such as goodwill, inventions, innovations, are now in a position to lead the people to a better life.