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Ethics and Entrepreneurship -0225

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This document discusses ethics and entrepreneurship. It defines ethics as moral principles that guide judgments about right and wrong. Ethics provide basic rules for acceptable conduct. While laws define what is illegal, ethics outline what is considered right versus wrong. Many businesses develop codes of ethics to guide employee decisions. A code of ethics commonly focuses on honesty, integrity, respect, trust, responsibility, and good citizenship. Being socially responsible and giving back to communities is now expected of businesses. Upholding strong ethics can help a business succeed through excellence rather than unethical actions.

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Ethics and Entrepreneurship
What Are Ethics? . moral principles that derive from beliefs about right and wrong used to judge concrete actions . . . Ethics is the moral values and behavioral standards business and people draw on as they make decisions and solve problems. The owners value system is critical to the ethical considerations that surround a business decision (Hornsby et al., 1994: 14)
Defining Ethics Ethics provide the basic rules or parameters for conducting any activity in an acceptable manner.
What, then, are ethics? Ethics A set of principles outlining a behavioral code that lays out what is good and right or bad and wrong May outline obligations and appropriate moral actions for both the individual and the organization Ethics does not just apply to business It may be difficult for individuals or groups in society to agree upon what is right and wrong
Legal vs. Ethical The law provides boundaries for defining what activities are illegal The law, however, does not necessarily outline what is ethical.
Ethics within businesses Many businesses develop their own codes of ethics or conduct of conduct. These codes outline what employees are to do in order to carry out what the company sees as the right thing to do in various circumstances
The Ethics Check List 1. Is it legal 2. Is it balanced/fair/win-win 3. How will it make you feel about yourself? - will it make you feel proud? - would you feel good if your decision was published in the local newspaper? - would you feel good if your family knew about it?
Outline for a Code of Ethics The, a code of ethics should be a formal statement of a businesss values concerning ethics and social issues. It commonly refers to acceptable norms of behavior, guided by six areas of concern: 1. Honesty: to be truthful in all your endeavors; to be honest and forthright with one another and with customers, communities, suppliers, and other stakeholders. 2. Integrity: to say what you mean, to deliver what you promise, and to stand up for what is right. 3. Respect: to treat others with dignity and fairness, appreciating the diversity of the people you deal with and their uniqueness. 4. Trust: to build confidence through teamwork and open, candid communication. 5. Responsibility: to speak up without fear of retribution and report concerns in the workplace and elsewhere, including violations of laws, regulations, and company policies. 6. Citizenship: to obey all laws of the countries where you do business and to improve the communities where you live and work.
Being Socially Responsible It is not enough to be ethical, or do the right thing anymore (thankfully) Businesses are now expected to act in a socially responsible manner they need to be good citizens as well as give back to the societies (including global) in which they exist. Can you think of a company that is socially responsible? One that is not? There are financial benefits to being a socially responsible company or organization. What might some be?
Business Success Business excellence and success is reach based on ethics and hard work, rather than cutting corners and taking unethical actions.

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Ethics and Entrepreneurship -0225

  • 2. What Are Ethics? . moral principles that derive from beliefs about right and wrong used to judge concrete actions . . . Ethics is the moral values and behavioral standards business and people draw on as they make decisions and solve problems. The owners value system is critical to the ethical considerations that surround a business decision (Hornsby et al., 1994: 14)
  • 3. Defining Ethics Ethics provide the basic rules or parameters for conducting any activity in an acceptable manner.
  • 4. What, then, are ethics? Ethics A set of principles outlining a behavioral code that lays out what is good and right or bad and wrong May outline obligations and appropriate moral actions for both the individual and the organization Ethics does not just apply to business It may be difficult for individuals or groups in society to agree upon what is right and wrong
  • 5. Legal vs. Ethical The law provides boundaries for defining what activities are illegal The law, however, does not necessarily outline what is ethical.
  • 6. Ethics within businesses Many businesses develop their own codes of ethics or conduct of conduct. These codes outline what employees are to do in order to carry out what the company sees as the right thing to do in various circumstances
  • 7. The Ethics Check List 1. Is it legal 2. Is it balanced/fair/win-win 3. How will it make you feel about yourself? - will it make you feel proud? - would you feel good if your decision was published in the local newspaper? - would you feel good if your family knew about it?
  • 8. Outline for a Code of Ethics The, a code of ethics should be a formal statement of a businesss values concerning ethics and social issues. It commonly refers to acceptable norms of behavior, guided by six areas of concern: 1. Honesty: to be truthful in all your endeavors; to be honest and forthright with one another and with customers, communities, suppliers, and other stakeholders. 2. Integrity: to say what you mean, to deliver what you promise, and to stand up for what is right. 3. Respect: to treat others with dignity and fairness, appreciating the diversity of the people you deal with and their uniqueness. 4. Trust: to build confidence through teamwork and open, candid communication. 5. Responsibility: to speak up without fear of retribution and report concerns in the workplace and elsewhere, including violations of laws, regulations, and company policies. 6. Citizenship: to obey all laws of the countries where you do business and to improve the communities where you live and work.
  • 9. Being Socially Responsible It is not enough to be ethical, or do the right thing anymore (thankfully) Businesses are now expected to act in a socially responsible manner they need to be good citizens as well as give back to the societies (including global) in which they exist. Can you think of a company that is socially responsible? One that is not? There are financial benefits to being a socially responsible company or organization. What might some be?
  • 10. Business Success Business excellence and success is reach based on ethics and hard work, rather than cutting corners and taking unethical actions.