GBS151 MCC Ch 4 Business Ethics and Social Responsibility Questions Response

Use the business writing format for this class for all assignments – lead sentence, no forbidden words,etc. Assignments are NOT to be written conversational style or essay style. The strength of your business writing skills will be included when grading the assignment. In other words, even if a question asks your opinion, respond using business professional tone.

1. What did you find to be the most helpful and least helpful part of this week’s reading and lecture?

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2. Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?

3. Do you recognize any of the entrepreneurial personality characteristics in yourself? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?

4. What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?

5.How could you convince family and friends to support your new business launch? What kind of assurances would they need? What could you do to keep the funding relationships professional? If you were to launch a new business would you start from scratch, buy an established independent business, or buy a franchise? Why or why not?

6. Suggestions for clarification, improvement, and anything else you would like to share.

Reading Assignment:

Chapter 4: Business Ethics and Social Responsibility: Doing Well by Doing Good

  • Define ethics and explain the concept of universal ethical standards
  • Describe business ethics and ethical dilemmas
  • Discuss how ethics relates to both the individual and the organization
  • Define social responsibility and examine the impact on stakeholder groups
  • Explain the role of social responsibility in the global arena
  • Describe how companies evaluate their efforts to be socially responsible

Chapter 6: Business Formation:Choosing a Form that Fits

  • Describe the characteristics of the four basic forms of business ownership
  • Discuss the advantages and disadvantages of a sole proprietorship
  • Evaluate the pros and cons of the partnership as a form of business ownership
  • Explain why corporations have become the dominant form of business ownership
  • Explain why limited liability companies are becoming the increasingly popular form of business ownership
  • Evaluate the advantages and disadvantages of franchising

Chapter 7: Small Business and Entrepreneurship

  • Explain the key reasons to launch a small business
  • Describe the typical entrepreneurial mindset and characteristics
  • Discuss funding options for small business
  • Analyze the opportunities and threats that small businesses face
  • Discuss ways to become a new business owner and tools to facilitate success
  • Explain the size, scope, and economic contributions of small business

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