Category: The Ethical and Social Responsibilities of Entrepreneurs

3.1 Ethical and Legal Issues in Entrepreneurship The first section of this chapter explores the relationship between entrepreneurship, ethics, social responsibility, and the law. At times, ethical conduct and legal conduct may seem intertwined; in other circumstances, they are quite different. This section discusses how ethical considerations can provide a moral compass for entrepreneurs seeking to…

Learning Objectives By the end of this section, you will be able to: Successful entrepreneurs understand that the workplace of 2020 is quite different from that of 2000, just twenty years ago. As the heading to this section suggests, progressive entrepreneurs want to create a workplace culture of ethical excellence. However, doing that means understanding a changing…

Learning Objectives By the end of this section, you will be able to: To understand the role of a socially responsible entrepreneur, it is important to first look at the major tenets of corporate social responsibility (CSR) and the underlying reason why this concept was conceived. Few directives in business can override the core mission…

Learning Objectives By the end of this section, you will be able to: What does it mean to be both ethical and socially responsible as an entrepreneur? When Martin Shkreli decided to increase the price overnight of a lifesaving HIV drug from $13.50 to $750 per pill, the public immediately characterized his actions as unethical.…

Figure 3.1 Photo of Martin Shkreli (left). Scrabble tiles spelling SHKRELI PRISON (right). (credit (left): modification of “Martin Shkreli 2016” by House Committee on Oversight and Government Reform/Wikimedia Commons, Public Domain; credit (right): modification of “Martin Shkreli sentenced to seven years in prison for defrauding investors” by Marco Verch/Flickr, CC BY 2.0) Chapter Outline 3.1 Ethical and Legal…