Social Responsibility and Ethics for Entrepreneurs

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The concern that a business has about the consequences of its actions on others.

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Social Responsibility

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Mark Zuckerberg and his wife Priscilla plan to give away 99% of their fortune in an effort to help others who are less fortunate. This is an example of:

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Philanthropy

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What is the purpose of Fair Trade coffee?

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help coffee farmers have a better life.

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Entrepreneurs should engage in social action by being active in helping solve society’s serious problems by investing time and money to help their communities.

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True

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Chobani Greek yogurt entrepreneur and CEO Hamdi Ulukaya helped his community by: hiring local workers who had recently been laid off, giving his employees a 10% stake in the company, buying the primary ingredient for his yogurt (milk) from local suppliers.

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Entrepreneur Hamdi Ulukaya did all of these things.

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What is a written set of standards or rules that are designed to guide decision-making?

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Code of Ethics

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This is an organization that serves to help entrepreneurs engage in self-regulation of their business practices. The entrepreneur should freely join this organization.

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The Better Business Bureau

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This company donates 7.5% of their pretax profits to charity: FedEx, Burger King, Ben & Jerry’s Ice Cream, Wal-Mart

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Ben & Jerry’s Ice Cream

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What is the PRIMARY benefit to entrepreneurs who practice social responsibility?

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Recognition in the community and creating goodwill.

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McDonalds sponsors a McTeachers’ Night and donates a percentage of sales to a school project or group. The company also sponsors the Ronald McDonald House. These are examples of a company practicing:

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Social Responsibility