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Role of ethics and small entrepreneurship in social development

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Added on  2021-10-14

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Running Head: LITERATURE Role of ethics and small entrepreneurship in social development [Student ID] [Module ID] [Date] Chapter 2 – Literature Review About research Nowadays, different small entrepreneurs are governing the major market activities all over the globe that also have multiplier effects on the economies of their selected countries. The current chapter will be discussing the literature of previous studies performed for understanding the role of ethics and small entrepreneurship in social development (Crane, Crane, & Matten, 200-

Role of ethics and small entrepreneurship in social development

   Added on 2021-10-14

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Running Head: LITERATURE
Role of ethics and small entrepreneurship in social development
[Student ID]
[Module ID]
[Date]
Role of ethics and small entrepreneurship in social development_1
Chapter 2 – Literature Review
About research
Nowadays, different small entrepreneurs are governing the major market activities all
over the globe that also have multiplier effects on the economies of their selected countries.
Entrepreneurship is the willingness of entrepreneurs to engage in development, organization and
management of the businesses by managing risk with the intention to attain the profitability by
incorporation of innovation, opportunity recognition, risk management, action, use of resources
and adding value (Filion, 2011, pp.1). In the past, small entrepreneurship has faced different
sorts of scandals and other issues that have been significantly impacting the business in the
overall market. Due to this reason, customers are becoming more aware of small firms or
entrepreneurs. SMEs are the independent and non-subsidiary firms which employ fewer
employees, and the number may vary from country to country, but the most daily limit of the
number of employees hired by SME is 250 employees. These SMEs are the entrepreneurship
ventures as enterprises create them under their capacity to develop, to organise and to manage
the businesses along their risks for attaining desired profitability (Observer, O. E. C. D., 2000,
pp. 2). More and more SMEs are now transforming into social enterprise, which can be defined
as the organizations applying commercial strategies for maximization of improvements in social,
financial and environmental well being (Yang, Lee, & Lee, 2013, pp.17). The current chapter
will be discussing the literature of previous studies performed for understanding the role of ethics
and small entrepreneurship in social development (Crane, Crane, & Matten, 200-220). Before
incorporating the relevant literature it is significantly important to define the social development
and business ethics to clarify the core concepts. The social development is an approach of putting
people at centre of the development or a process of planned social change which is designed to
Role of ethics and small entrepreneurship in social development_2
promote well being of public within context of the dynamic multifaceted developmental process
(Teshale,, 2016, pp.13). On the other hand, the business ethics is the moral principles which
guide how businesses should behave, and these principles determine the individuals' actions
which are applied to companies. When taking business-related decisions, acting ethically
involves distinguishing between the right and wrong and then making the right choice to respond
to the concerns of a maximum number of stakeholders (Ezigbo, , 2012, pp. 232).
In the current literature, there are specific commitments to the research which are made
for moving forward in the study. First of all, the study plans touse an extensive survey for
understanding the functions of social responsibility in small businesses. In the first place, we
present literature about the workings of the SBSR. This will discuss some important factors that
can help small businesses in governing their social responsibility practices so that they can
compete in the market. Second, our survey challenges different nominal researches in SBSR
research and offers new theoretical points of view that can shape future SBSR inquire about.
Third, we set out a guide for an educated research plan proposing numerous improved bearings:
original hypothesis utilise and advancement that takes care of the arranged activities (or
organisation) of proprietor supervisors; a social perspective of SBSR. A more modern
comprehension of national setting; tending to content-related holes at various levels of
examination, and the utilisation of appropriate and fitting strategies to gauge SBSR. Given the
critical cross-preparation among SBSR and the more extensive CSR writing, our survey
additionally nourishes into administration grant all the more comprehensively (Filatotchev, and
Wright, 2010. pp.471–486).
Role of ethics and small entrepreneurship in social development_3
Literature review
The small entrepreneurship can be characterised as a type of entrepreneurship that has a
low level of understanding that is developed through the shared expectation of work. Therefore,
the working practices and the culture of the small entrepreneurship are generally performed by
the owners of the business. The small entrepreneurs’ culture and other working ethics are
developed through the attitudes and behaviours of the owners and other related persons who are
performing their duties of business (Spence, 2016. pp.23-55). However, there are many
advantages of developing an effective, ethical policy that can help the company in covering the
moral grounds for performing business activitiesso that the firm can stay economically, socially
and environmentally responsible (Evans, and Sawyer, 2010. pp.433-451).
By following a clear code of conduct andbusiness ethics, the small business entrepreneurs
can ethically perform theirbusiness activities. Those developed ethical policies can help small
entrepreneurs to contribute to social development as clear policies can help them in being
responsive to all stakeholders involved(Crane, Crane, & Matten, 235-245).The business ethics
adopted by the small corporations can make direct contribution in social development by staying
in compliance with clearly developed ethical conduct which can increase in the commitment and
loyalty level of employees, highly educated staff will join the organisation, the business costs
will be directly reduced, and the employees will be guided for performing ethical practices. The
development and implementation of the ethical policies in the small entrepreneurship can be
achieved through following three simple steps.These three steps include Outlining and describing
the core values for business, Developing a valid code of business ethics and Implanting the ethics
code (Carroll, 2016. p.3).
Role of ethics and small entrepreneurship in social development_4

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