Ferrell Business Model

The role of ethics and social responsibility aids organizations in developing a strong strategic plan, while addressing the needs of stakeholders. Ethics and social responsibility require social awareness to address the needs of the environment and to increase the knowledge of employees, which will lead to a corporation focused on supplying the customer with what is needed, managers equipped with solid decision-making abilities, and employees who believe that he or she are an asset to the business. It is the executive manager’s responsibility to establish a clear vision for the corporation and place a specific focus on understanding stakeholder’s needs. In an effort to support

Many believe that business entities should have an ethical duty to be socially responsible, to work towards increasing its positive effects on society while decreasing its negative effects. Many organizations look for opportunities to be socially responsible while also creating shareholder wealth.

Having a business strategy in place to at least address major ethical practice can help a company. Starting from an organization's code of conduct can help pave the path of the behaviors that will and will not be acceptable in a company. The reason for this is because being ethical goes beyond what is right and wrong, but also includes human behavior, judgment and perception.

In this course, students explore the foundation of business by reviewing topics regarding the structure and culture of the modern business environment. Additional topics include the evolution of business, the role of business ethics, communication, technology, operations, leadership, and human resources. Upon completion, students are better prepared to make informed decisions regarding their educational and professional goals.

4-13: Developing a business model before writing business plan is essential because it adds more details to the evaluation of a new business begun during the feasibility analysis by graphically depicting the “moving paths” of the business and ensuring that they are all working together. Also, when building a business model, the entrepreneur address

Bygrave and Zacharakis draws concept of entrepreneur close to heart of students. When I study this book, as well as I do my own research on my venture it makes sense to me. On the other hand, this book have reliable information-packed with unique resource to shows me how to identify good business opportunities, create a business plan, do financial projections, find financing, and manage taxes. Yet, this book also had other topics which include marketing, selling, legal issues, intellectual property, franchising, starting a social enterprise, and selling your business. These entire analyst, I find myself benefit from this book. The authors outline some fundamental assumptions supporting the belief that all entrepreneur venture should know before start up a business. The authors say “entrepreneurship is an iterative cycle between thinking and acting.” I find they statement is true. When I make the comparison of my bakery venture , I find myself far back compare to the rates the areas I do researches on it. But now I go through this book I think my idea of bakery was “widely used throughout the business world.” The authors pays particular attention to enlighten the entrepreneurs paths, they argue that it is important to prepare well business plan. I like these outlines which Bygrave and Zacharakis had developed:

A business must operate with ethics as a guiding principle to be successful and profitable. A company that is publically traded bears a responsibility of being a good steward of the profits the company earns, for the stakeholders, employees, and clients. The social aspect of a company and ethics go hand-in-hand. If a business fails to act ethically responsible, the result of that behavior can affect it socially. “The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit” (Wheelen & Hunger, 2010, pg. 72).

Social responsibility and ethics indeed should not be an afterthought. IN order to be successful a company should have its core values and mission statement. These statements and values to follow by are “the soul” of an organization. It is also they was they will be perceived to the market. For example, If the Special Olympics mission statement is as follows: “The mission of Special Olympics is to provide year-round sports training and athletic competition in a variety of Olympic-type sports for children and adults with intellectual disabilities, giving them continuing

What is needed to help ensure that a business is ethical and socially responsible, and why are these essential to a thriving business?

Today, businesses play a major role in our world. It is an innovative and competitive activity that shapes society. It is all about satisfying the wants and needs people cannot satisfy themselves. Creating its costumers the center of their business. Business is not about the profits but rather it is about satisfying your costumer. Young visionary entrepreneurs attack the market by looking at the untouched or abandoned spots.

Business organizations are not just supposed to strive for their profits and market share; the society also expects them to be socially and ethically conscious and responsible in their activities and business affairs. They have to manage their business operations in such a fashion that they do not bring any physical or ethical harmful impacts to the society (Lamb, Hair, & McDaniel, 78). They have to maintain a sound track record of fair and ethical business practices throughout their life.

Business in a Changing World provides an excellent overall introduction into the world of business. While studying this textbook, five areas stood out to me as being particularly important and essential in creating and maintaining a small business. These areas include the following: small business advantages, using digital media for marketing and advertising, identifying products, abusive and intimidating behavior and the importance of good communication and organizational skills.

Moral philosophies create an avenue for the assessment of a business especially with respect to matters that concern economic science. These views are likely to depict views that are founded on moral decisions and results in policies which are based on better choices. The application of moral philosophies by a business inspires the business and other entities to examine whom they conduct business with. Additionally, moral philosophies inspire business managers and executives to adopt more socially responsible organizational practices in order to stay relevant in the global environment. Moral philosophies adopted by a business also provide a basis for the development of public perception of the business. The way a business is viewed by other business entities is largely dependent on the moral philosophies adopted by the business. Adoption of appropriate moral philosophies by an organization is important in the improvement of the businesses public

At the beginning of the course I had only had basic entrepreneur knowledge, I understood the traits, and the amount of thought put into a business. I understood a entrepreneur needed to be able to set goals and had to establish connections and business partners. I was actually lucky enough to have taken a entrepreneur class in highschool. Which taught me lots on how an entrepreneur business is started. It also taught me the required determination and hard work it takes to be a entrepreneur.

For business enterprises and entrepreneurs, the first major challenge is usually that of developing and establishing a successful new venture. However, the ability of these entrepreneurs to establish a new venture is dependent on some basic necessary skills. These skills include the ability to identify a market need and the capability to develop a product and/or service that could satisfy the need. When the entrepreneurs successfully conduct these essential things, the business enterprise is likely to experience rapid growth. Notably, the success of the business enterprises usually creates the next set of challenges and problems to survival of the business venture. However, for a business venture to continue surviving and be successful in its operations there is need to continually plan for the long-term success of the business enterprise.