Explain social business using an example.
Explain the importance of having a code of ethics in an organization.
Please answer in 150-to-200-words.
Ans - Social business was defined by Nobel laureate Professor Mohammed Yunus. Social business is an enterprise run mainly to serve underserved people. It is created to identify and solving social problems. Social business has particular social objectives that fulfill it's main purpose.
Example- Microfinance institutions like Grameen Bank in Bangladesh, Greystone, D. Light etc.
Code of ethics of a business are guiding principles for their employees, that how to discharge their duties with honesty and integrity. It is prepared with keeping in mind organization's mission and values, so that doing work in ethical manner mission can be completed in tandem value can be protected.
Importance of having code of ethics in an organization are as follows:
• It draw a good image about the company in the mind of consumers. As, most of the stakeholders check it out how ethical company is this, where we are.
• It prevent lawsuit. As, we know if a company doing ethical work then it is sure it is abiding by laws, and protecting consumers right too. So, there will be no chance of lawsuit.
• It helps in maintaining discipline among it's employees, and sets healthy culture within organization. Hence, efficiency and effectiveness of organization gets increased.
Explain social business using an example. Explain the importance of having a code of ethics in...
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