An Entrepreneurial Approach - Essay Example

Social responsibility works in the best interest of society. In other words, social responsibility seeks to promote social welfare subject to the decisions and actions were taken by business enterprises. The underlying welfare is defined in terms of social impacts that result from the daily business activities of many and different enterprises. The business fraternity is expected to play a moral and ethical role in developing society as they progress with their daily activities. This implies that part of their success and benefit should be channeled to the society.

Essentially, the three primary factors that social responsibility accounts for include the economy, environment, and society (Allen, 2011). The growth, development, and sustainability of these three factors encompass the role of social responsibility. Any enterprise operating in the societal setting needs to consider the economic, environmental, and social implications of its activities. The ultimate objective of social responsibility is to ensure that enterprises do not adversely affect society.

On the same note, the new venture is factored in the process to ensure that social responsibility is realized. The new venture, therefore, drives social responsibility.