Social Responsibilities of a Businessman Essay with Outline

Social Responsibilities of a Businessman Essay Outline:

1. Introduction. Business is a collective activity concerning a large number of people. Profit earning cannot be the sole motive of business activity. Businessmen have certain social responsibilities that must be met.
2. Classical view of the social responsibility of business. Friedman holds this classical view, according to which the only social responsibility of business is to use efficiently the resources available to it. But businessmen are citizens also, so they have their social responsibilities.
3. Business ethics should be observed. Nefarious activities like adulteration, hoarding, black-marketing, smuggling, etc. should be avoided.
4. Businessmen’s responsibility towards the Government. (a) Abiding by rules and regulations; (b) functioning within the economic structure; (c) avoiding black-marketing activity; (d) timely payment of taxes.
5. Their responsibility towards their customers. The wide variety available in the market baffles the customers. Businessmen should educate their customers. They should guide them about the kind of products that will suit them in view of their needs and purchasing capacity.
6. Their responsibility towards their employees. Businessmen should not take undue advantage of the poor employment situation in the country. They should pay their employees well and try to keep them happy and satisfied.

7.Conclusion. If businessmen behave in a responsible manner, they will be the first to be benefited.

Social Responsibilities of a Businessman Essay in 1000-2000 Words

Introduction:

Business operates as a collective effort, encompassing numerous individuals. While seeking profits is an inherent aspect, it should not be the sole focus of business endeavors. Businessmen carry distinct responsibilities towards society, which require their fulfillment beyond financial gains.

Businesses have a responsibility to society that goes beyond making a profit. They should strive to be socially responsible in their operations, which means considering the impact their business has on the environment, employees, and the community. Businesses can be socially responsible by following ethical practices, protecting the environment, and giving back to the community. By being socially responsible, businesses can build trust with their customers, employees, and the community, which can lead to long-term success.

Ours is a materialistic age. All activities are governed by acquisitional ethos. Honor and nobility sound hollow; truth and honesty are synonymous with foolishness, and the amount of wealth possessed by a person is the only yardstick applied to measure his greatness. Thus, all around us, there is a frenzied race going on to accumulate as much wealth as possible, businessmen seem to be the leaders of this race. They have been blinded by the dazzle of riches and they are perpetually in mad, blind pursuit of the goddess of wealth. They have made profit-earning to the be-all- and end-all of their lives. Little do they realize the social aspect of business, the responsibility they owe to their society, which they ought to discharge ungrudgingly. It is interesting to note that whether business houses are expected to assume any social responsibilities is also considered a debatable point. Even an eminent economist like Milton Friedman is of the view that the one and only social responsibility of businessmen is to use their resources and engage in activities designed to increase their profits. The only responsibility he acknowledges is to stay within the rules of the game. But it should not be forgotten that businessmen are not only promoters of business but citizens of a nation also. The welfare of the nation is as much their responsibility as of any other citizen.

Like every other activity, the business has its own ethics, its own rules of the game which should be honestly followed. Tempted by the desire of gleaning rich profits, businessmen often indulge in nefarious activities like adulteration, hoarding, black marketing, smuggling, etc. Such activities do bring some quick money, but they eat into the very vitals of the economy. Adulteration is a great peril to public health. Hoarding creates panic and insecurity and obstructs the smooth and steady growth of the economy. Black-marketing leads to inflation. It also deprives the Government of substantial monetary sources that could be used for social welfare. Smuggling is another anti-social activity that drains away from the country’s resources and restrains its economic growth. Business ethics demand that businessmen should resist the temptation of growing rich quickly by taking a resort to such harmful activities.

Our Government has repeatedly declared its ultimate objective of establishing a socialistic pattern of society in which there will be equitable distribution of income and each Pakistani will be given equal opportunities for progress. Our businessmen must contribute all they can towards the realization of this objective. First and foremost, they must abide by the rules and regulations of the Government. They must function within the economic structure provided by the Government. They must not try to corner profitable situations; they must not grab monopolistic positions; they must not indulge in black-marketing, and they must pay their taxes in time. They ought to realize that their non-observance of rules breeds corruption and other clandestine activities. This is the least that can be expected of them.

All businessmen owe an important responsibility towards their customers. There is such a wide variety of goods available in the market that the customers just feel baffled by them. Besides, the market is also full of poor-quality goods packed in glossy, fascinating cartons. There is an abundance of imitation goods also. However clever the customers may be, it is not always possible for them to make wise decisions while purchasing various articles curbed. The relationship between the businessman and the customer has the sanctity of its own and that sanctity should not be violated. Businessmen should try to educate the customers. They should offer them. genuine products and guide them about what exactly will answer their needs.

This might be a time-consuming exercise but it is likely to bring rich dividends even to businessmen. Finally, businessmen have a responsibility towards their employees. Since Pakistan suffers from mass unemployment and the business sector can offer employment to a large number of people, it is easy for businessmen to exploit their employees. Often, employees are underpaid. Other benefits like leave facilities and provident funds are almost non-existent. Security of service is also absent. The Government has from time to time enacted laws to protect the interest of the employees but their weak economic condition renders them liable to easy exploitation. It is essential that businessmen themselves realize their responsibility and pay their employees according to a basic minimum standard. A satisfied employee is an asset to a business house. A dissatisfied employee is one of the greatest liabilities. So businessmen should take care that their employees are their assets.

If businessmen discharge their responsibility towards society sincerely, it will improve the social climate of the country and the business community will also be greatly benefited. Businessmen are customers also. If they. preserve the interest of their customers, in a sense, they help to preserve their own interests. If they pay their taxes in time and keep their employees satisfied, they will help to raise the general standard of living. The purchasing power of people will go up and businessmen will be able to make higher profits. If they voluntarily assume their social responsibilities, it will reduce the pressure for and incidence of State regulations and they will be equally benefited.

10 Responsibilities of a Businessman Essay

1: Serving Society’s Needs:Businesses exist because they provide valuable services that society relies on. If they fail to meet society’s expectations, their permission to operate can be revoked. The Iron Law of Responsibility states that those who misuse power will eventually lose it.

 2: Long-Term Self-Interest:Businesses that understand community needs strive to create a better environment for their operations. By implementing social welfare programs, they contribute to a safer and more prosperous society. This leads to reduced crime, easier labor recruitment, and increased long-term profitability.

3: Building a Positive Reputation:To attract customers, talented employees, and higher profits, businesses must enhance their public image. This involves supporting social goals that are important to the public. Society values businesses that align with these objectives.

4: Avoiding Excessive Government Control:By voluntarily embracing social responsibilities, businesses can avoid burdensome government regulations. Neglecting social responsibilities invites government intervention, which can be challenging to reverse once established.

 5: Responsible Use of Resources:Businesses hold significant power over a community’s resources, which should be utilized for the collective benefit of society. Society delegates economic power with the expectation that businesses generate wealth responsibly, without wasting or misusing resources.

 6: Resolving Class Conflicts:Maintaining harmony within the workforce is vital for business success. Businesses must gain workers’ trust and prevent disruptive conflicts by addressing social welfare demands, better wages, and improved working conditions.

7: Turning Challenges into Opportunities:Businesses can leverage their innovation to solve social problems, transforming obstacles into resources. By proactively resolving social issues, they prevent crises from escalating, benefiting society in the long run.

8: Environmental Stewardship:Many businesses release harmful pollutants that damage the environment. It is their duty to recognize their responsibility towards society and take action to repair the damage caused by their operations.

9: Ethical Business Practices:Businesses must uphold ethical standards in their dealings with customers, suppliers, employees, and other stakeholders. Acting honestly, transparently, and fairly builds trust, fosters long-term relationships, and contributes to the overall reputation and sustainability of the business.

10: Embracing Innovation and Adaptation:Businesses have a responsibility to continuously innovate and adapt to meet evolving societal needs. By embracing new technologies, processes, and ideas, they drive progress, create positive change, and maintain competitiveness in a dynamic market. This entails investing in research and development, fostering an innovative culture, and staying responsive to emerging trends and customer preferences.