Nature and Forms of Business Three Types of Business Organizations personal and business income is considered

Organization according to its activities the same and the tax implications for self -
1. Service Business employed individuals would apply.
Business Provide services to customers rather than b. Sole proprietorship has lower start - up
A business is an active process which is an products. costs.
integral part of human society. It is an Example : computer repair, laundry c. Handling money for the business is
organization where economic resources or services, tutoring, delivery services, easier.
inputs, such as materials and services, are wellness (such as gym or spa), etc. d. Sole proprietorships have the least
brought together and distributed to deliver 2. Merchandising Business government rules and regulations that
or to give consumers goods, products, or Sell to customers products they buy from affect them.
inputs. It involves significant operations other business. e. The sole proprietor can own the business
such as buying, assembling, distributing, Example: sari - sari stores, bookstores, for as long as he/she wants, and when
advertising, selling and accounting. department stores, groceries, supermarkets, he/she wants to move out, he/she can cash
Profit etc. in and sell the business.
Profit refers to the difference between the 3. Manufacturing Businesses f. Even in common practice, the sole
amount received and the amount spent on Turn basic inputs into products which are proprietor can pass the business down to
something purchased, produced or sold to consumers. his/her heir.
manufactured. Example: shoe manufacturing, baked Disadvantages:
Total Revenue goods, candle manufacturing, cosmetics a. The sole proprietor is personally liable
total amount of money a business earns manufacturing, wine production, etc. for all the debts and actions of the
during a given period of time by offering enterprise.
products to the market. Forms of Business Organizations b. There is lack of financial control
Total Expenses 1. Sole Proprietorship because of looser structure of sole
the sum of all the total gross cash It is a one - person business. The owner proprietorship.
expenditures has full control over the finances and c. There could be difficulty in raising
Total Revenue - Total Expenses = Net operations and decide alone. capital.
Profit Advantages: 2. Partnership
a. Tax preparation is faster. Simply file an It is a business relationship between two or
individual income tax return including more people. It refers to an arrangement
losses and profits to your business. Your where individuals share a business
venture's profits and liabilities. The
partners give feedback on how to use the
capital and other critical strategies Advantages: Core Principles of Good Corporate
decisions that may provide different a. The liability of the shareholders of a Governance
perspectives. corporation is limited to the amount of
Advantages: their investments. FAIRNESS
a. Shared startup costs, easier startup. The b. A publicly held corporation may sell ➢ This is the standard of judging which is
partnership may be created either verbally shares or issue bonds to raise substantial exempted from bias or prejudice.
or in writing. amounts. ➢ In business context, fairness means
b. Partners shared profits and management. c. It is easy for a shareholder to sell shares balancing the interests involved in all
c. Every partner would add his/her own in a corporation. decision-making including those related to
expertise, skills, experience, and d. A corporation's life has no limit, hiring, firing, and the compensation and
connections to the business, thus giving it ownership can pass through generations. reward system.
a greater chance of success. Disadvantages: Examples of fairness:
d. The more partners there are, the more a. The corporation pays taxes on its income 1. A boss listening to both sides of the
funds are available in the company, which depending on its type and the shareholders story before judging who is right and who
can be used for possible expansion. Its pay ividend taxes, so income gets taxed is wrong.
borrowing capacity is also likely to be twice. 2. An employer giving 13th month pay to
higher. b. The management team of a corporation all his/her employees.
E. You share the burden. You have can operate the business without any real 3. A person paying the right price for a
companion and support. oversight from the owners. product purchased or for a service
Disadvantages: ROLE OF BUSINESS IN SOCIO received.
a. Possibility of conflict, unlimited liability, ECONOMIC DEVELOPMENT ACCOUNTABILITY
partners can be liable for debt and losses A moral point of view is that ➢ is the explication and justification
up to their personal assets, joint liability. business organizations should, in principle, process. Holding people to account for
3. Corporation help promote the common good and those actions which they are responsible
It is an entity created by law that is protect the rights and interests of for is fair.
independent and distinct from its owners individuals. ➢ is an obligation to demonstrate that
and relies on the corporate laws of the state 1. Job Creation work has been carried out in accordance
in which it is incorporated to continue its 2. Manpower development with agreed rules and standards, or to
existence. Corporations have an advantage 3. Tax payment report on performance results fairly and
in generating money for the company. It 4. Taking care of Environment accurately in relation to mandated roles
can raise funds by selling shares of stocks. 5. Community Outreach Programs and/or plans
It files taxes separately from its owners.
Examples of accountability: 3. Having an open process of ➢ Ethics are moral principles that guide
1. A cashier admits he/she lost the decision-making such as in hiring the conduct of the individual.
company’s collection, and it is his/her additional employees ➢ These are rules of behavior based on
mistake. ideas about what is morally good and bad
2. An engineer who is assigned on a Ethical Challenges in Doing Why is ethics important in business?
project is the one to be blamed if the Business ➢ Ethical conduct, whether at the
project did not meet the deadlines. corporate, professional, or personal level,
3. Employee A recommended his cousin to BUSINESS is a direct reflection of the principles and
be their company janitor, but the latter stole ✓ Organization that aims to earn profit values which regulate the person and the
the cellular phone of their secretary. ✓ Classify them in their form and the institution he/she represents.
Therefore, Employee A may be blamed for types of activities they provide. ➢ Organizations establish their own
recommending his/her cousin and should ✓ An Organization that is made up of culture that is socially expressed as their
pay or replace the lost cellphone. people ideals. Such principles or ideals have an
TRANSPARENCY ✓ People who are working inside the impact on the relationships within the
➢ considers intrinsic or ethical salience as company company, efficiency, prestige, performance
an important feature of the relational ✓ People who patronizing the products and retention of employees, legalities, and
dimension of a person. It is described as a and services of the company the wider community they work in.
personal quality which is necessary to ETHICS ➢ As a result, most organizations generate
develop unity between and among ➢ derived from the Greek word ethos a list of organizational values and codes of
individuals. which means “characteristic way of conduct to be recognized and adhered by
➢ a transparent approach makes a person thinking”. all workers. Motivating and enhancing
more honest and sincere in his/her ➢ Ethics, as a science, does not only constructive actions, and at the same time
relationships, in communicating his/her evaluate the morality of our human building an atmosphere that prevents
points of view, and in working actively to conduct but also provides us with a unethical behavio are vital obligations on
find shared meanings and goals. common understanding of the universal, the part of both administrators and
Examples of transparency: objective, and irreversible moral principles workers.
1. Reporting accurately the company’s that should govern our human behavior and How to Apply Ethics
financial situation and risks to investors guide our moral decisions At the individual level, organizations ought
2. The boss shows the receipt to the ➢ Moral principles are guidelines that to concentrate on improving and
accountant. people live by to make sure encouraging every employee to respect and
they are doing the right thing. adhere to ethical principles. Certain aspects
of individual ethics have their roots in the
individual. Achieving a strong sense of ➢ Code of ethics document may outline
professionalism and recognizing certain 3. Ethical Issues in Sales and Marketing the mission and values of the business or
professional decisions' ethical implications organization, how professionals are
are the key components of education, supposed to approach problems, the ethical
Sales & Marketing Issues
individual reflection, and experience. task principles based on the organization's core
Ethical Issues in Business values, and the standards to which the
1. Ethical Issues in Finance ✓ promotion ➢ promotion of professional is held.
✓ pricing obsolete or Code of Ethics contains the following:
✓ product harmful 1. Vision
Finance task Issues development products/services
➢ means something that you imagine; a
➢ price
✓ tax payments ➢bribery/kickbac manipulation picture that you see in your mind. The
✓ internal audits k ➢ price skimming vision statement helps to ensure the
✓ external audits ➢ misleading alignment of the decisions to the company
✓ executive financial analysis goals.
compensation ➢ fraud on 4. Ethical Issues in Production
Example: To be Earth's most
securities
customer-centric company, where
Production task Issues customers can find and discover anything
2. Ethical Issues in Human Resource they might want to buy online.
(HR) Management ✓ Producer of ➢ Substandard
products products 2. Values
and services ➢ Low quality ➢ means something thought of as
HR task Issues raw materials important or useful. Values in business
➢ Health and help to ensure that all of the employees
✓ hiring and ➢ discrimination environmental risk work towards the company goals.
orientation by age
Example: We commit ourselves to serve
✓ performance ➢ gender
evaluation preference Code of Ethics for Business our customers with quality service and
✓ training and ➢ race utmost respect.
development ➢ ethnicity What is Code of Ethics? 3. Mission
✓ labor relations ➢ disability ➢ Code of Ethics is a set of rules about ➢ a specific task with which a person or a
✓ health and ➢ physical group is charged. The mission statement
good and bad behavior. It is a guide of
safety concerns appearance clearly and effectively guides the business
principles designed to help professionals
conduct business honestly and with or the organization in its decision-making.
integrity.
Example: We strive to offer our customers 4. Immanuel Kant “Duty based Ethics” Aristotle
the lowest possible prices, the best 5. Jeremy Bentham and John Stuart Mill “All or Nothing”
available selection, and the utmost “Utilitarianism” Aristotle’s philosophical idea:
convenience. "Happiness is the meaning and the purpose
4. Principles Socrates of life, the whole aim, and end of human
➢ moral rules or beliefs that help you “The Gad-fly at the Marketplace” existence.”
know what is right and wrong and that Socrates’s philosophical idea: Influence of Aristotle Philosophy in
influence your actions. “The unexamined life is not worth living.” Business;
Examples: Customers have to be respected. Socrates pointed out that human choice ● The role of the leader is to create
Make sure to deliver quality product. was motivated by the desire for happiness. an environment in which all
How to Apply Ethics Influence of Socrates Philosophy in members of an organization can
Code of Ethics aims to lessen Business; realize their own potential
conflicting issues as it explains to what ● Socratic Method - open-minded Immanuel Kant
degree such conflicts can be avoided and questioning, way of thinking that “Duty based Ethics”
what parties could do if these conflicts allows individuals to define their Influence of Immanuel Kant Philosophy in
happened. Professionals therefore cannot own purpose of learning and Business;
say that they were ignorant of the immoral exploring its purpose. ● Motives and the willingness of
nature of their improper behavior. Often ● “Dare to Disagree” - We have the individuals to act for the good of
relevant is the possibility of disciplinary right to think of ourselves others, even though that action
action (e.g. disbarment of a lawyer) which Plato might result to personal loss.
helps minimize unnecessary disagreements “The Philosopher-King” For example, business ethics is littered
or offensive behavior where a Plato’s philosophical idea: with cases of companies that have suffered
confrontation is imminent or is likely to “Good people do not need laws to tell them damaging crises due to their leaders’ lack
happen. to act responsibly, while bad people will of commitment to act based on goodwill
find a way around the laws.” and about what benefits others.
Classical Philosophers and Belief Influence of Plato Philosophy in Business; Jeremy Bentham and John Stuart Mill
● Happiness or well-being is the “Utilitarianism”
System
highest aim of moral thought and Influence of Betham & Mill Philosophy in
1. Socrates “The Gad-fly at the
conduct. Business;
Marketplace”
● Utilitarianism is a moral theory
2. Plato “The Philosopher-King”
that advocates actions that promote
3. Aristotle “All or Nothing”
overall happiness or pleasure and
 rejects actions that cause ✔ Honesty on the market - illegal for ✔ Empathy and compassion for the
unhappiness or harm. traders to falsify the weight and customers have to be developed.
● Utilitarianism is a philosophy or measurement of the goods or products. ✔ Be flexible, innovative, and mindful of
belief suggesting that an action is ✔ Fair pricing - There should be good impermanence.
morally right when the majority of value for money ( pricing should not Hinduism
people benefit from it. overprice and buyer should not underpay) ● Hindus believe in one true,
● A utilitarian philosophy, when ✔ Business relations - Employers are formless, boundless, all-inclusive
directed to making social, obligated to pay workers on schedule and eternal God called Brahman.
economic, or political decisions, Islam ● They have a positive attitude
aims for the betterment of society. ● Believe in the Oneness of God - towards business and wealth
that all things are created by God creation.
Christianity and that He is all-powerful and ● Wealth is not their ultimate goal.
● Believes in one God and Jesus all-knowing. ● For business, prices and profits
Christ who saves the ● Its source of rules is the Qur’an. should be fair. Tax system should
humanity/world. ● Business should be conducted in give reasonable rates, should be
● It follows the Old and the New accordance with the rules of nature economical in its implementation,
Testaments. which God governs. and should not have adverse
● In Christianity, human dignity and ● They put restrictions on misleading impact on economic growth. There
concern for people are crucial. advertisements. must be high taxes on luxury
● Charity and justice in business Buddhism goods. Workers should receive fair
must be exercised. ● Founded on the teachings of and just wages, depending on their
● They comply with the regulations Siddhartha Gautama, who is called ability and productivit
and strictly adhere to contracts. “Buddha” or “the enlightened one”
Judaism ● They pursue right livelihood.
● Jews believe that there is one God, ● Businessmen should really care for
and their written laws rely on the the environment.
Torah. In business, Buddhists are guided by the
● Market honesty, fair pricing, and following principles:
business relationships should be ✔ The goals should be defined.
applied. ✔ The principle of cause and effect should
be followed.
The Impact of Belief System in 1. Christianity the goods are worth. If friends and relatives
Business Practices The Christian religion follows the are not interested in what a Christian
Hebrew Bible by taking a positive view of vendor sells, the latter should not break off
physical and human creation and by seeing connection with them when they decided to
The unseen force underlying our actions is
God as deeply concerned with the ethical choose differently.
our belief system. Throughout our lives,
behavior of human creatures towards one Christians should be transparent
human beings accumulate thousands of
another. It also teaches that in the persona and honest with their dealings, products,
beliefs on all facets of life. We obtain them
of Jesus of Nazareth, Christ entered history and services. They should not push people
from things other people tell us, things we
to redeem humanity from the selfinflicted to buy goods or services because it does
hear on the news, things we read, or any
wounds of sin and to create a new age in not reflect the heart of the Father, but that
other external influences we are subjected
which humanity will come to live God's of mammon’s (according to Webster
to. All of these beliefs interact with each
own life of love, peace, unity and justice. Dictionary, mammon means material
other, affect each other, and create a system
The Old and the New Testaments serve as wealth or possessions especially as having
together.
the foundation of this religion. a debasing influence).
In Christianity, human dignity and 2. Judaism
Along with other influences such as our
concern for people are crucial. This Jews believe there is one God, who
personality, genetic set-up, and behaviors,
religion also emphasizes a sense of justice not only created the world, but who every
our belief system, such as religion, is one
in business such as strict adherence to Jew should have an intimate and
of the greatest forces influencing every
contracts, compliance with regulations, and interpersonal relationship with. They
decision we make.
working for the benefit of the common believe that God works continuously in the
good. Christians ought to focus on how world and affects all that people do.
Religion highly affects our lives, whether
business impacts individuals, the workers Further, there is a covenant relationship
personal or not. Some of the world’s major
in particular. They should be well-paid and between God and the Jews in exchange for
religions are Christianity, Judaism, Islam,
they should find their work meaningful and the many good deeds God has done for the
Buddhism, and Hinduism. Each has its
inspiring. Jewish people and continues to do.
own organized system of beliefs,
A trading Christian does not try to Judaism, which for its written law
ceremonies, and worship, and each one
win another's products or services for less relies on the Torah, has greatly influenced
offers prescriptions for a positive effort in
than it is worth. One should not want to get marketing and business ideology. Jewish
both life and business.
a decent deal for his own wares by using culture, values and ideas, including the
extortion. If a person buys from a poor modern market, have penetrated many
seller, that buyer must exercise charity and aspects of modern life. Some important
justice. He/she must pay the full price that
points include market honesty, fair pricing, like a sort of human partnership with the that one is not allowed to charge or take
and business relationships. divine. interest.
Honesty on the market. It is 3. Islam d. When a business is in trouble,
illegal for traders to falsify the weight and Muslims believe in the Oneness of compassion is required. In every country
measurement of the goods or products. God—- that all things are created by God that has Islamic traditions in its legal
Fair pricing. There should be and that He is all-powerful and system, when anyone is in bankruptcy or is
good value for money. You shall not cheat all-knowing. They further believe that God suffering financial reversals, one should
each other when you sell something to has no offspring, sex, class, body, and He not put pressure on them. Because when
your neighbor or buy something from him is not affected by human life's someone is down, it is not the right thing to
or her. Likewise, if a person is ignorant of characteristics. do. When they are down, one does not kick
the true worth of an item and wants to sell For Islam, the source of rules is the them.
it, the buyer should not take advantage of Qur'an. Islamic teachings place great Muslims also believe that business
the confusion and underpay the seller. The emphasis on respect for ethical and moral should be conducted in accordance with
Talmud (comprehensive written version of codes in human behavior. Islamic the rules of nature which God governs.
oral laws of the Jews) cares much about principles prevent abusing people through 4. Buddhism
price control. putting restrictions on misleading Founded on the teachings of
Business relations. Employers are advertisements. Under Islamic law, if a Siddhartha Gautama, who is called
obligated to pay workers on schedule. One seller sells an item by making false “Buddha” or “the enlightened one”, is
of the guiding principles for business ethics statements, the buyer shall have the right to Buddhism.
highlighted in the Jewish tradition is the cancel the transactions. From the beginning, the basis of
legitimacy of business activity and profit, Additionally, according to Hayes Buddhist practice was meditation and the
conducted within a framework of religious (1998), the following principles are observance of moral precepts. The five
and ethical norms. expected among Muslim businessmen: fundamental moral precepts practiced by
Truly, business ethics occupies a. Contracts must be fair to both or all members of the monastic orders and the
such important place in Jewish laws, parties. laity are: refraining from taking property,
culture, and tradition that at the final b. Speculation, such as gambling, is not behaving unchastely, speaking wrongly,
judgment, the Talmud has this to ask an allowed. If the money comes from the stealing, and drinking intoxicants.
individual: "Were you honest in your gambling industry, one will not be allowed In business, Buddhists are guided
business dealings?" to invest in the Islamic Mutual Fund. by the following principles:
In Judaism, work, including c. Interest is prohibited. That is probably a. The goals should be defined.
manual in nature, is held in great esteem the most common thing that is identified
with Islamic finance. One moral practice is
The clearer the goal is, the easier it is to be caught with an idea that seems logical and everything in the universe (seen and
defined. Is it about gain? Is it giving solid, but it often becomes a trigger for unseen) encompasses.
satisfaction to your customers? narrow-minded thinking, stubbornness, and Hinduism is not an organized
b. The principle of cause and effect inflexibility in a rapidly changing reality. religion, and its value system has no single,
should be followed. e. Your team, yourself and the consumer systematic approach to teaching nor do
We need to use intuition in the case of a have to be respected. Hindus have a simple set of rules, like the
business proposal to work out the factors The Buddhist ethics is based on the Ten Commandments to follow. Whatever
that would take us to our ultimate aim. The non-violence principle. They know practices (local, regional, caste and
process resembles reverse engineering. We everyone deserves to be happy and does community-driven)—throughout the Hindu
begin to trace back the logical sequence of not want to struggle. If we base our actions world influence the interpretation and
acts which would contribute to a given on that understanding and try not to harm practice of beliefs.
goal. This framework helps identify the others, we gain their respect and Hindus have a positive attitude
steps needed to accomplish the aim and confidence. It brings trust and towards business and wealth creation, yet
provides a clear basis for a project roadmap understanding in the team if we respect our wealth is not the ultimate goal. What is
c. Empathy and compassion for the colleagues. We try to stop doing something more important are ethics (dharma), and
customers have to be developed. offensive behind or in front of people and salvation (moksha).
It is crucial to understand the challenge that make ourselves transparent. For business, prices and profits
our potential customers may encounter, and The Buddhist business code and should be fair. Tax system should give
to have an empathic approach towards it. professional ethics are also closely tied to reasonable rates, should be economical in
We need to recognize and always keep in being environment-friendly. Buddhists its implementation, and should not have
mind the problem that our target customers pursue the "right livelihood" and are adverse impact on economic growth. There
have in their life and try to solve this issue usually against businesses that do not must be high taxes on luxury goods.
in the best possible way based on that really care for the environment or harm Workers should receive fair and just wages,
understanding. Compassion is the basis for animals. Essentially, according to Buddhist depending on their ability and productivity.
a customer-first or a usercentered approach teachings, the principles of ethics and It is worth noting, overall, that
in business. morals are governed by examining a every faith has its own biases.
d. Be flexible, innovative, and mindful of certain action that must avoid any harm. Nevertheless, each of them has the core
impermanence. 5. Hinduism concept that faith would give rise to a
Buddhist theory puts into practice another Hindus believe in one true, commitment to maintain a desirable work
useful insight: everything is constantly formless, boundless, all-inclusive and climate. This is why our society cannot
changing—we ourselves, the world, and all eternal God called Brahman. He is not an remove the effect of religion on modern
the people around us. It is very easy to get abstract concept but a real entity that business. We should be mindful of
disparities in beliefs among various everything to God, including their Ningas is a noun that means flame,
cultures and accept them. While there are problems and their sufferings. They are burning, or fire, while cogon is a plant that
global ethical standards, we must also fatalistic, putting their lives in the hands of can be quickly burnt with its presence.
show respect for each community's fate. Ningas cogon means the swift burning of
different values. On the other hand, according to cogon, which connotes the eagerness of the
Lagmay (1977, as cited in Pe-Pua et al., Filipinos just at the beginning, but then
The Filipino Value System and 2000), Bahala Na is determination and rapidly lose interest shortly after it begins,
Their Influence in Business risk-taking. He said that when Filipinos say or lack of follow-up.
“bahala na”, they are ready to face every Same thing could happen in
Practices
difficult situation and are determined to business. The enthusiasm is there at the
achieve their goals or objectives. When start of the venture but since it is not one’s
Filipino value system is characterized as they mention those words, it is like they inclination, then he/she gradually loses
an effect of one's own culture by the way are getting courage or strength into their his/her interest.
people live their lives. This refers to the system, and they will not surrender. 4. Padrino system (palakasan/patronage
collection of values or the structure of In business, you cannot just put its system)
values that majority of Filipinos have life in the hands of fate. Everything has to Padrino system, or patronage in
traditionally kept in their lives as important be carefully studied or planned; otherwise, Filipino culture and politics, is the system
as: common beliefs, moral principles, all of your efforts will go down the drain. of value in which one gets support,
ethical standards, etiquette, and cultural 2. Utang na loob endorsement, or political appointment
and personal values that their society Gratitude or utang na loob is through family affiliation (nepotism) or
encouraged them to have. Here are some typically embedded in the Filipino culture. friendship (cronyism), as opposed to one's
Filipino values that we live by: One should not forget to consider the good worth. Meaning, the owner or manager
1. Bahala na acts others may have done particularly in hires friends or relatives regardless of their
There is no exact English times of great need. Many times, this debt qualifications. This could cause conflict
translation for Bahala Na. However, there of appreciation is violated by others who inside the enterprise and eventually could
are several interpretations for this. The first have served us good. With this system, also be the reason for losing the more
one is that Bahala was derived from the people are forced to do something in qualified employees or workers. This
word Bathala, who was worshipped by the exchange for favors that others did. system in the Philippines is the root cause
Filipinos during the Pre-Spanish period. Business is affected by this of numerous scandals and corruption.
This belief in putting life in the hands of so-called utang na loob especially if the Businessmen can quickly get
God may be a symbol of how devout businessman has faced ethical issues. business deals using padrino system if the
Filipinos can be. They just leave 3. Ningas-cogon padrino poses as go-between presenting
and vouching his character to close the daintiness. It is defined as acting in a Another Filipino characteristic is
deal. manner which is refined or being delicate loyalty, or pakikisama. That is a shared
5. Amor propio / self-respect in taste. Often, it may mean good decorum understanding of the other person's
Amor propio is a Spanish term or absolute obedience to what is right, personality and consciousness. It is treating
meaning caring for oneself, or self-love. It legal, or ethical. Perhaps it can be better others as equal, and with respect and
is a feeling of self-esteem or self-respect understood by saying walang delicadeza or integrity.
that prevents a person from swallowing his makapal ang mukha (thick-faced) for those This is simply a realistic
or her pride. Sensitivity to personal insult who do not have it. translation of the pakikipagkapwa-tao in
or offending situation is included. In business, it is best to do what is industry since the aim is to deliver useful
In business, Filipino customers are right, what is legal, and what is ethical. products and services to others so that their
normally sensitive to hear a No for an After all, goodwill attracts good vibes! standard of living would get better.
answer, hence, one will get a Yes, but 8. Hiya In business, for example, Pedro is
might be disappointed afterwards. Shame or hiya is a common a sole proprietor. His cousin approached
6. Mañana habit Filipino value. This is a sense of social him and was trying to borrow P5,000 for
The Spanish word mañana means propriety and it conforms with established an emergency reason. Because he had no
tomorrow or the future. It is also known in cultural standards. Filipinos feel they ought personal cash that time, out of pakikisama,
English as procrastination and as mamaya to live up to agreed moral expectations and he got the amount of P5,000 from his
na in Filipino. It might just as well mean if they fail to do so, they add dishonor not business collection and lent it to his cousin
putting off something until another time. just to themselves, but also to their 10. Family orientation
This habit has made Filipinos less efficient families. If anyone is publicly humiliated, Philippines is recognized as a
and less energetic in doing the task. insulted or fails to meet standards, they family-centered country. The Filipinos
In business, mañana habit could may feel ashamed and they lose their consider their family as an important social
lead to less efficient workforce. It could self-esteem. structure which they have to look after.
also lead to losing customers in case one is Shame or hiya also happens in They put premium on their family's safety
into delivery business. When he/she always business. For example, one is selling rice and unity. The practice of nepotism is
postpones doing something, his/her loads and other consumables. Now here comes evident (members of the same family
of work could pile up and that could give his/her close friend requesting for one sack employed in the same enterprise). It is the
him/her (and his/her co-workers) too much of rice to be paid at the end of that month. closeness of the Filipino families that
stress. On the due date, it is the seller who is even makes them the model of most business
7. Delicadeza ashamed to remind his/her close friend of organizations.
Delicadeza is a Spanish term the latter’s obligation. However, in business, it is said that
which when translated into English means 9.Pakikisama/pakikipagkapwa-tao it is not advantageous to hire relatives
because one cannot just easily fire them individual's unwritten promise to someone This is known as economical
even though he/she is dissatisfied with to do or not to do something. management of resources, being careful in
their work performance. Palabra de honor needs a sense of spending, and avoiding unnecessary
11. Suki system truthfulness and honesty in every Filipino. expenses.
Suki is a Tagalog term which We have to respect our words by upholding For a small business, frugality is
means loyal customers. Here, there is a our promises, even without any legal really important. One will save his/her
customer-supplier relationship that is built. document. money effectively by living frugally and by
Normally, the supplier would give In business, for example, when one managing his/her spending. When business
discounts, good quality products or service, promised his/her employees of a salary starts to succeed, there is a tendency to
or even “credit line” once the trust is increase after six months of working in overspend so it is an advantage if he/she

🎀END🎀
earned. his/her enterprise, then he/she should really knows how to control his/her expenses.
12. Bayanihan/team spirit give them an increase when they have __________________________________
The bayanihan is a Filipino term reached six months.
which originated from the word bayan 14. Lakas ng loob
meaning town or community. Later on, Courage or lakas ng loob, is the
bayanihan meant "being a bayan" and is strength of mind or spirit that enables a
being used to refer to a spirit of unity person to meet challenges, situations, or
within a group, or individual cooperation pain bravely or without fear.
and joint efforts. For example, in one’s desire to
The adage "no man is an island" is expand his/her business, he/she got a loan
even more true, and even critical in from a commercial bank payable in five
business world – where interactions and years.
the willingness (or unwillingness) to 15. Pakikipagsapalaran
collaborate with others will make or break Pakikipagsapalaran or being
a business. It is in bayanihan where one's venturous is the ability of a person to take
local environment is a vital tool. And that risks, even if they are prone to a potential
it will help his/her people and his/her loss. For example, even without an
company get ahead by harnessing the experience in selling, one ventured into an
strength of his/her own people. online business this time of pandemic by
13. Palabra De Honor just following some ideas coming from
Palabra de Honor is a Spanish his/her friends.
word meaning "Word of Honor". This is an 16. Frugality/pagtitipid