Question

What are the responsibilities of an entrepreneur towards society? Explain.

Hint:

Entrepreneurship = Profit + Social responsibility (quality, fairness, jobs, environment).

Answer 1

Step 1: Introduction.
Entrepreneurs are not only responsible for generating profit but also for fulfilling their social responsibilities. Their activities have a direct impact on society, environment, and overall well-being of people.
Step 2: Key responsibilities towards society.
1. Production of quality goods: Entrepreneurs should ensure the supply of safe, durable, and reliable goods to protect consumer interests.
2. Fair pricing: They must avoid unfair practices such as overcharging or black-marketing.
3. Employment generation: Entrepreneurs contribute to reducing unemployment by creating job opportunities.
4. Environmental protection: They must adopt eco-friendly practices and reduce pollution through sustainable production methods.
5. Community development: Entrepreneurs should invest in schools, hospitals, and infrastructure as part of their social responsibility (CSR).
6. Ethical business practices: They must follow honesty, transparency, and fairness in all operations.
Step 3: Example.
Companies like Tata Group in India have invested heavily in education, health, and social welfare, becoming role models of responsible entrepreneurship.
Step 4: Conclusion.
Entrepreneurs are social leaders. By producing quality goods, generating employment, protecting the environment, and engaging in community development, they fulfill their duty towards society.