Business Ethics, Corporate Social Responsibility, and Entrepreneurial Decision-Making

Vocabulary flashcards generated from lecture notes covering business ethics, Corporate Social Responsibility (CSR), ethical dilemmas, emotional intelligence, resilience, and decision-making concepts.

Integrity in Business

Being honest, trustworthy, and responsible when making decisions and dealing with customers, employees, and other people.

Corporate Social Responsibility (CSR)

The idea that businesses should operate according to principles and policies that make a positive impact on society and the environment.

Environmental Responsibility

Focuses on initiatives that minimize a company's environmental impact and make positive contributions to the environment.

Economic Responsibility

Balancing responsible financial management and financial support for causes that positively impact society.

Philanthropic Responsibility

Relates to how businesses give back to local communities or society as a whole.

Ethical Responsibility

Running a corporation in an honest and accountable manner with transparency toward all stakeholders.

Ethical Dilemma

A situation where a person or organization must choose between two or more actions that involve conflicting moral principles or responsibilities.

Honesty vs. Profit

An ethical dilemma where a business must choose between telling the truth and making more money.

Employee Privacy vs. Company Security

An ethical dilemma that happens when a company needs to protect its business and information, but employees also have the right to privacy.

Bribery and Corruption

Occurs when a person gives or receives money, gifts, or favors to get an unfair advantage in business.

Favoritism in Hiring or Promotion

Hiring and promoting people or employees based on personal connections, not on their skills, experience, and performance.

Environmental Responsibility vs. Cost

An ethical dilemma that happens when a business must choose between protecting the environment and saving money.

Confidential Information

Private or sensitive information that should not be shared with people who are not allowed to see it.

Setback

A temporary difficulty or problem that delays or interrupts progress toward an entrepreneurial goal.

Failure

An attempt or business endeavor that does not achieve its expected outcome or operational viability.

Financial Loss & Low Sales

Unforeseen cash flow deficiencies, reduced market demand, or revenue drops.

Rejection & Criticism

Negative feedback from investors, customers, or market stakeholders.

Intense Competition

Market saturation and aggressive competitive positioning by incumbents.

Emotional Intelligence (EI)

The ability to recognize, understand, and manage our own emotions while recognizing and empathizing with the emotions of others.

Self-Awareness

Understanding your own emotions.

Self-Management

Controlling your reactions.

Empathy

Understanding other people's feelings.

Social Skills

Communicating effectively.

Motivation

Staying focused despite challenges.

Entrepreneurial Resilience

The ability to recover from difficulties, adapt to challenges, and continue moving forward.

Entrepreneurial Decision-Making

Involves choosing actions and strategies for starting, managing, and growing a business.

Causation

Starting with a specific goal, then choosing the resources and actions needed to achieve it.

Effectuation

Starting with the resources you already have and determining what you can create from them.

Bricolage

Making use of whatever resources are available to solve problems or pursue opportunities, especially when resources are limited.

Trial-and-Error Decision-Making

Process where entrepreneurs test their ideas and observe the results, using mistakes and feedback as opportunities to improve future decisions.

Root Cause Analysis

Finding the main reason why a problem occurred by examining processes, systems, and contributing factors before choosing a solution.

Brainstorming and Creative Thinking

Approach where team members work together to generate different ideas and possible solutions to encourage creativity.

Strengths (SWOT)

Internal advantages, including what a business is good at and the resources or advantages it possesses.

Weaknesses (SWOT)

Internal limitations, including what needs improvement and lacking resources or skills.

Opportunities (SWOT)

External favorable factors, such as trends, markets, or changes that could benefit the business.

Threats (SWOT)

External risks, such as competitors, economic changes, or other factors that could cause problems.