Page 97 - Bisiness Studies_Form_3

Business Studies for Secondary Schools

Abiding by the law: This calls for obedience and accept being held accountable for
to the laws, rules and regulations relating the ethical quality of their decisions and
to business activities. Countries have omissions to themselves, their colleagues,
laws and regulations that govern business and their communities. Accountability
undertakings, which may vary depending builds trust and shows reliability.
on the nature of the business. Under the Responsibility: This means performing
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law-abiding principle, the premise is to what you are supposed to do and
work within the boundaries of the law.
completing your obligations on time. It
Commitment to excellence: This calls also includes keeping your promises
for businesses to strive to consistently and considering how your actions
deliver the highest quality in everything influence others. A responsible person
they do, from their products or services acknowledges the consequences of their
to how they treat customers, employees, actions and strives to improve things if
and partners. It involves a mindset of they go wrong.
continuous improvement, setting high
standards, and going above and beyond Activity 5.3
to meet or exceed expectations. This ethic
encourages professionalism, attention Your school’s business club is launching
to detail, and a culture of learning and a small snacks business with their main
innovation within the business. customers being students, while the
goal is to earn income for the club, the
Transparency: This means operating with
openness, clarity, and accessibility of club also wants to act responsibly and
information or processes. This principle make a positive impact on the school
aims to promote accountability, trust, and community.
informed decision-making. It applies to Tasks:
various aspects like governance, financial 1. Design a simple plan that shows
transactions, organisational and risk how your business will make a
management. By making information profit, be fair to customers, and
accessible, transparency helps stakeholders impact the school community.
understand operations, reduce uncertainty, 2. If your club earns more money
and foster trust. than expected, how can it be

Accountability: This requires businesses responsible to give back to the
to take responsibility for their actions and school community or use the extra
decisions. Businesses should acknowledge money?

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