Business Makers

The responsibilities of business towards its shareholders are as follows:
To ensure safety of investment.
To provide a fair and regular dividend.
To provide regular, accurate and up-to-date information about the company.
To utilize the capital productively.
To ensure growth of business.
To offer reasonable opportunities for participation of shareholders in policy decisions.

The responsibilities of a business towards its employees are as under:
To give them fair wages a full employment.
To provide good working condition.
To offer security of service and job satisfaction.
To provide suitable opportunities for promotion and career advancement.
To develop a sense of belonging and dignity of labor.
To offer reasonable opportunity for participation in the management of business.
Employees are the greatest assets of a business. The improvement of their value is both a matter of material advantage and moral obligation. They should be fully informed, fairly rewarded, properly assigned, trained and developed and treated as honorable individuals both on and off the job.

Some people criticize the concept of social responsibility. They put forward the following arguments to oppose the assumption of social responsibilities by businessmen.

Dilution of Business Goals: If a business firm involves it in social activities, its economic goals might get diluted. Its positing in the market place might be weakened. As a result it may accomplish poorly in both its economic social goals. Society will lose when productivity of business declines. The economic role of business in society would also become confused.

Lack of Social Skill: Generally businessmen lack the perception a skill required for effective handling of social problems. Their outlook is primarily economic and they do not feel comfortable with social mattes. Their mental make up is suited for handling business matters only.

Rise in Prices: Social involvement of business requires financial expenditure. Unless the government or social institution bear the costs, business is likely to pass his cost on to consumers by increasing the prices of goods and services.

Lack of Accountability: A business enterprise is responsible mainly to its owners. Involvement of business in social matters will give businessmen more owners. As public has little control over them it swills be difficult to check miscue of this power. If different sections of society are represented in the management of business to ensure accountability, decision-making process would become political and freedom of enterprise would be undermined.

Reeducation in Competitiveness: If business firms are asked to spend considerable money on social activities, their competitive position in international markets may go down.

Lack of Measurement: There are no clear-cut criteria to judge the social performance of a business enterprise. Economic values are the only precise criteria to measure the performance of business. Moreover, business corporations are not more agents.
The arguments given above suffer from tow limitations. First, they require business firms to ignore social demands on them. Business enterprises cannot afford to do so. Business concerns are no longer mere economic institutions. They are also social institutions. Businessmen are trustees of various social groups. Secondly, these arguments overstress the power and influence, which businesses may exercise by assuming social responsibilities.

Business should assume social responsibility due to the following reasons:

It is in the long term interest of business

It will help to improve the public image of business

It will avoid government regulation of business activities

It is important to full fill social obligations unmoral

Consumers are now more conscious of their rights and demand such obligations from business enterprises.
Social obligations refer to the obligations or responsibilities of business to act in manner which will serve the best interests often society. Social obligations are different form legal obligations. Legal obligations are compulsory and can be fulfilled merely by complying with the law. Social obligations, on the other hand, relate to the voluntary efforts on the part of businessmen to sue social problems. The concept of social obligation is based on the assumption that what is good for society is also good for business.
Business should assume social obligations due jot the following reasons:
Long Term Interest of Business: Business gees its resources form the society. It is the duty of business to satisfy the needs of society. If business spends a part of is profits for improving social conditions, it will rat an environment more favorable to the long term prosperity of business. Education, pollution control, enlistment of the poor and such other measures can be adopted or the improvement of society In the long run, a successful business can be built on the foundations of a happy community. Thus. Assumption of social obligations is in the long-term interest of business itself.
Public Image: A business firm can improve its public image by fulfilling its social obligations. Such a business will enjoy the support of is customs and other interest groups. They will patronize it and as a result, it will earn more profits.
Avoidance of Government Control; If businessmen voluntarily discharge their social obligations, need of government controls avoided. Government control is costly to business as it reduces the flexibility for decision king. For example, if a factory is causing pollution of air or water, the owner should take steps to prevent I. if this in not done, government may ask the firm to shift to another area or to close down. By assuming social obligations, businessmen cnmaintain freedom of enterprise.
MoralJustificatioin: Everybusienss enterprise makes use of physical, financial and human resources of the society. It also depends intersociety for sale of goods and services. Moreover, business firms make use of roads, power, water supply and other common facilities provided by the society. Therefore, it is the moral responsibility of business to use all resource for the well-being of society. Businessmen also have the knowledge, experience and he financé to cooperate with the government and help the society in solving its problems.
Social Awareness: In recent years, consumes have become increasingly aware of their rights. Consumed groups and consumed courts are compelling business mentor dress the grievances of consumes. Works have gone united in the form of trade unions to protect their interests. These dovecotes make it necessary for businessmen to serve the interests of consumes, employees and other interest groups.
Social Power: Business enjoys considerable social pawed because its decisions affect all sections of society. Social responsibility is necessary to balance power and responsibility. If business does not assume obligations to society, the swear of society will be affected. Other social groups may take away the social power of business.,
Resources Skills: Business has considerable resources ad skills some of which fan is useful involving society’s problems. Busies is also known for its innovative skills sands efficiency in the use of physical so financial resources. These deform business should help the society.
Creator of Social Problem: Business causes pollution and makes work places unsafe therefore it is the responsibility of business to help society in dealing with the negative impact of business activities.

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To decide whether a particular activity is an economic or a non-economic activity the following points should be considered:

The purpose of the activity is the most important ground for deciding whether an activity is economic or non-economic. The same activity may be economic for one purpose and non-economic for another purpose. The chief purpose of an economic activity is to generate income. For example when a lady cooks food for monetary gain it is an economic activity. But if the amen lady cooks food for hers family it is a non economic activity.

when the work done is measurable in terms of money it is an economic activity. For example services of a maid servant can be measured in terms of money and is therefore and economic activity. On the other had services of a housewife cannot no measured in terms of money and is therefore a no economic activity.

In the normal course of life a person desires to earn money in order to satisfy his wants. He seeks to obtain maximum return from his efforts. But work done for emotional reasons is non-economic activity. For example a businessman wants to produce goods at the lowest possible cost to make maximum profit. On the other hand a person engaged in religious or social service is willing to spend bother his money and time.

Both economic and non-economic activities must be legal. Activities which are illegal though resulting in economic gain for example smuggling black-marketing robbery and others cannot bane called economic activities. Only those human activities can be called economic activities which are performed in accordance with the laws of the land. Even non-economic activities whether social or religious must conform to law.

Business refers to the economic activities which are directed towards producing or acquiring wealth through buying and selling of goods and services. Business is carried on by people to earn an income. Generation of income or wealth involves production, sale and exchange of commodities which human beings want. In other words, business is sale and exchange of commodities which human beings want. In other words, business is concerned with that part of production which is actually exchange and results in mutual benefit to both the buyer and the seller. Manufacturing, mining, trading, transportation, banking, insurance and others are examples of business activities.

An activity which requires special knowledge and skill and which is under taken to earn a living within a prescribed code of conduct is called profession. The services of lawyers, chartered accountants, doctors are considered as professions. Person’s who render these services are known as professionals. Members of a profession have their own professional association which exercises statutory control over their activities. Professionals are required to bane embalmers of the statutory control over their activities. Professionals are required to be members’ statutory association.

People who work for others and receive wages or salary in return are said to be in employment. They are know as employees and the persons for whom they work are called employers. There is a relationship of master and servant here. Workers employed in factories, offices, banks, government departments, etc. are in employment. They work as managers, officers, clerks, peons, sweepers, and in various other capacities.

Economic activities or occupations are of three types
Business refers to the economic activities which are directed towards producing or acquiring wealth through buying and selling of goods and services. Business is carried on by people to earn an income. Generation of income or wealth involves production sale and exchange of commodities which human beings want. In other words business is sale and exchange of commodities which human beings want. In other words business is concerned with that part of production which is actually exchange and results in mutual benefit to both the buyer and the seller. Manufacturing mining trading transportation banking insurance and others are examples of business activities.

An activity which requires special knowledge and skill and which is under taken to earn a living within a prescribed code of conduct is called profession. The services of lawyers chartered accountants doctors are considered as professions. Person’s who render these services are known as professionals. Members of a profession have their own professional association which exercises statutory control over their activities. Professionals are required to bane embalmers of the statutory control over their activities. Professionals are required to be members’ statutory association.

People who work for others and receive wages or salary in return are said to be in employment. They are know as employees and the persons for whom they work are called employers. There is a relationship of master and servant here. Workers employed in factories offices banks government departments etc. are in employment. They work as managers officers clerks peons sweepers and in various other capacities.

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Traditionally the role of commercial banks in the field of long-term finance to industry has been negligible. Therefore, the Government has set up a number of special financial institutions in the country to provide long-term finance to business enterprise The IFCI, IDBI, ICICI; Sacs are the main among such financial institutions. The term-lending institutions or development banks have become a major source of fence for flotation o new concerns as well as for the modernization and expansion existing oceans. The supplement other sources of fiancé and fill gaps. They provide fennec Goth in the form of equity and debt. These institutions provide both direct (loans) and indirect (purchase and underwriting of securities) assistance. These institutions re not simply financial institutions. They also provide promotional, technician managerial services. They take initiative on locating and filling gaps in the country’s industrial structure. In addition to well-known development banks in the country, the LIC, General Insurance Corporation, NIDC, NSIC, etc. also help in providing finance to industry.

The main advantages of institutional finance are as follows: (i) both risk as well as loan capital is available. Special financial institutions provide underwriting and direct subscript triton facilities also. (ii) New companies which may find it difficult to raise finance form the public can get finance from these institutions. Assistance is available when recourse to normal sources is impracticable or unprofitable. (iii) As these institutions carry out a thorough investigation before granting assistance to a concern, relationship with them help it increase the creditworthiness of a company. (iv) Loans and guarantees in foreign currency and deferred payment facilities are available for the import of required machinery and Kauai mint. (v) The rate of interest and payment procedures is convenient and economical. Facilities for repayment in easy installments are made available to deserving concerns. (vi) Along with finance, a company can obtain expert advice and guidance for the successful planning and administration of projects.

However, institutional financing may involve him following limitations: (i) the concern requiring fiancée form special financial institutions has tourist itself to a thorough investigation. A number of formalities and documents are involved. (ii) Many deserving concerns may fail to get assistance for want of security and other conditions laid own by these institutions. (iii) Sometimes, these institutions place restrictions on the autonomy o management. They lay down a convertibility clause inland agreements. In seedcases, they insist on the appointment of their nominees on the Board of Directors of the debtor company.

A private company combines the following advantages of partnership and public company

• Large capital: A private company can raise larger financial resources than a partnership.

• Limited Liability: Like a public compan7y, the liability of members in private company is limited to the face value of shares held by them. Unlike a partnership, the risk of members is limited.

• Continuity: A partnership is dissolved on the death, insolvency and lunacy of But a private company like a public company continues to exist irrespective of these events.

• Freedom from Legal Formalities: A private company is free from several legal formalities applicable to a public company. As in the case of partnership, three is flexibility of operations in a privet company.

• Close Supervision and Control: The membership and control of a private company rests with a small group of relatives and friends. Like a partnership, it enjoys benefits of prompt decisions, secrecy and effective control.

Thus, a private company is a mixture of partnership and public company. It enjoys ease of formation, flexibility of operations and personal control which are available in a partnership. At the same time, the main benefits of a public company such as limited liability and stability are available to Privet Company.
Private company enables a small group of persons to control the management without undertaking the risk of unlimited liability. Therefore, it is an ideal form of organization for people who seek personal control of business with the benefit of limited liability. On the others hand, a public company is an ideal form of organization for large scale enterprises like steel, automobiles, computes, etc. because huge capital can be secured form the general public.

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