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TSL Blog

The ServiceLine Blog post is all about Talking and discussing about Customer Experience, Customer Support, Events and Technology driving delivery of exemplary customer service and support.

Effects of Corruption to Entrepreneurship

As an entrepreneur, you are the prime mover in economic development with the function to innovate and introduce new activities in the market. You are an agent of change, stimulating industry evolution and becoming the main source of job creation. 

Entrepreneurs create new business, and new businesses in turn create new jobs, intensify competition, and may even increase productivity through technological change. Thus, entrepreneurship is considered to be one of the most significant drivers of economic growth and wealth creation.

In corrupt environments more potential entrepreneurs allocate their time and resources to non-innovative activities such as lobbying and bribing instead of being involved in productive entrepreneurship activities.

Corruption in business creates an imbalance in the way that business is done. The language of bribery also deceives, implying that what is being offered or expected is of no consequence. This leads to making decisions for the wrong reasons.

Overall, corruption reduces efficiency and increases in-equality. Engaging in corrupt practices weakens trust in your business. All customers need to feel that they are equal before you because they all buy or have the potential of buying your product. The moment a customer feels there is no efficiency or he/she is not being treated equally, they would move to a more expensive competitor who is customer-centric in all aspects.

When the news about corrupt business professionals breaks, customers lose respect and trust, requiring company officials to spend valuable time and resources to monitor the fallout and reassure clients the company is still viable. Legal fees, penalties and public relations efforts reroute important resources form the core business and lead to an inefficient use of company funds and personnel.

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Thursday, 22 October 2020
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About The ServiceLine

We are a Sales and Marketing Company with Customer Support Functions like Lead conversions, Tele-marketing, IVR Solutions, Inbound / Outbound Call Handling.