Lesson 4
Lesson 4
Metalanguage
The following are terms to be remembered as we go through in studying this unit. Please
refer to these definitions as supplement in case you will encounter difficulty in understanding this
unit.
1. Policy. “This is a set of ideas or a plan of what to do in particular situations that has been
agreed to officially by a group of people, a business organization, a government, or a political
party”. Source: https://dictionary.cambridge.org/dictionary/english/policy
2. Law. “Refers to the system of rules of a particular country, group, or area of activity”. Source:
https://dictionary.cambridge.org/dictionary/english/law?q=Law
Essential Knowledge
The ethical and social responsibilities of entrepreneurs
While entrepreneurs often have responsibilities to their shareholders, they also have
responsibilities to their stakeholders. The stockholders are composed of small group of people who
are owners of the company while the stakeholders are composed of a larger group that includes all
the people and organizations which have interest in the business. Stakeholders of schools include the
parents, government and community. Meanwhile, the stockholders are the registered and recognized
owners of the private school.
Ethics originated from the Greek word "ethos" which means "character or customs or
accepted behaviors. Ethics now refers to the established standard of what is right and wrong that
prescribe a person of what he ought to do. This set of principles drive the person or organization in
their various undertakings. When these ethical standards are used, a person or organization can
thereby regulate their behaviors in order to clearly distinguish what is right and wrong in the lens of
other people.
1. Ethics can be defined as the discipline dealing with moral duties and obligation, and
explaining what is good or not good for others and for us.
2. Ethics is the study of moral decisions that are made by us in the course of performance of our
duties.
3. Ethics is the study of characteristics of morals and it also deals with the moral choices that are
made in relationship with others.
4. Ethics is concerned with truth and justice, concerning a variety of aspects like the
expectations of society, fair competition, public relations, social responsibilities and corporate
behavior.
Moreover, business ethics as a form of applied ethics is concerned with the sense of
ethics application in the moral and ethical norms of a business. Business ethics therefore means
a "code of conduct" which includes the principles and expectations that should be followed by a
member of a business organization. A person is considered full of integrity when he is able to
carefully follow the code of conduct at all times.
Jerusalem, Palencia, & Palencia (2017) cited that the following are the responsibilities
and accountabilities of entrepreneurs.
1. Be fiscally responsible
2. Consider public input
3. Take care of the community
The following are the some of the most common legal issues in Entrepreneurship.
1. Intellectual property (IP). This “refers to creations of the mind: inventions; literary and
artistic works; and symbols, names and images used in commerce” (WIPO, 2016). This IP rights
allow the creators and owners to be legally protected. This IP is promoted in order to foster
progress and well-being of humanity because the inventions of various people hugely aid in
making our life better each day. The legal protection will ignited economic growth and generate
more jobs. A patent is “an exclusive right granted for an invention – a product or process that
provides a new way of doing something, or that offers a new technical solution to a problem”.
This protection usually lasts 20 years. A trademark “a distinctive sign that identifies certain
goods or services produced or provided by an individual or a company” (WIPO, 2016).
B. Copyright - this "includes the literary works (such as novels, poems and
plays), films, music, artistic works (e.g., drawings, paintings, photographs and
sculptures) and architectural design. Rights related to copyright include those of
performing artists in their performances, producers of phonograms in their recordings,
and broadcasters in their radio and television programs" (WIPO, 2016).
Self-Help: You can also refer to the sources below to help you further
understand the lesson
O'Donnell, D. P. (2014). Exploration of positive ethics factors and associations with ethical decision
making (Order No. 10307242). Available from ProQuest Dissertations & Theses Global.
(1868788002). Retrieved from
https://search.proquest.com.vlib.interchange.at/docview/1868788002?accountid=172684
Let’s Check
Let us try the following activities to check your understanding in this unit.
Activity 1. Identification. In the space provided, write the term/s being asked in the following
statements: (One point each)
Let’s Analyze
Let us try the following activities to know how deep your understanding of the topics of
this unit is.
1.
2.
3.
Activity 2. Case Study Analysis.
Instructions.
1. Download and read the “Ecotourism The Boon or Bane for a Marine Sanctuary by: Ruth
Guzman” Source: https://wdi-publishing.com/product/ecotourism-the-boon-or-bane-for-a-marine-
sanctuary/
2. Use the table below in answering the Case Study Questions. You can use extra sheets when
necessary.
Questions Answers
3. What policies do
you think are
necessary to solve
these ethical
problems?
In a Nutshell
In this part you are going to jot down what you have learned in this unit. The said
statement of yours could be in a form of concluding statements, arguments, or perspective you
have drawn from this lesson. The first three items is done for you.
1. Code of Conduct in an organization must be established. This will guide the employer
and the employee in what to do should there be problems that are related to ethical conducts in
the workplace. It is important that the employees of the organization are informed of this code.
2. Entrepreneurs need to be ethical and responsible. In pursuit of injecting innovation,
entrepreneurs must be mindful of the ethical side of their undertakings as well.
3. Intellectual property is supported by the law. This will protect the artists, creators and
inventors.
Now it’s your turn!
1.
2.
3.
4.
5.
6.
7.
Q&A List
In this section you are going to list what boggles you in this unit. You may indicate your
questions but noting you have to indicate the answers after your question is being raised and
clarified. You can write your questions below.
Questions/Issues Answers
1.
2.
3.
4.
5.
Keywords Index
Ethics Trademark
Business ethics Industrial Property
Social responsibility Copyright
Intellectual property (IP) Antitrust
Patent