17.6.1 Complying with laws and regulations Laws in Australia protect consumers and the environment and ensure fair trading. They guide how businesses work with others and what their rights are. Entrepreneurs must follow these laws by looking after workers, caring for the environment and selling safe products. If they don’t, it can lead to complaints, bad reviews, ýnes or business failure.
SkillBuilder discussion Investigating 1. What are some laws entrepreneurs must follow? 2. How do regulations affect entrepreneurs’ businesses? 3. Why is it important for entrepreneurs to follow these laws?
FIGURE2 Some of the laws and regulations that entrepreneurs need to abide by
Fair trading laws
Competition laws
Employment laws
Laws and regulations
Workplace health and safety laws
Environmental protection laws
Fair trading laws When selling something, you must follow fair trading rules. This means the product must be safe, fairly priced and meet Australian Standards. Buyers also have rights and guarantees. Competition law Entrepreneurs must follow the Competition and Consumer Act 2010 (Cth). The Australian Competition and Consumer Commission makes sure businesses don’t use false advertising or mislead customers with prices. Employment law An entrepreneur who cares about doing the right thing will follow the law by paying workers fairly and giving them their rights. Workplace health and safety laws All employers must follow workplace safety laws. Employees need a safe workplace, safe equipment and proper safety training. An entrepreneur who values safety might create new ways to keep workers safe.
TOPIC17 Working for a living 609
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