Application of Aristotle’s Virtue Ethics to Business

Introduction

In addressing numerous ethical issues in business and organisation management, Aristotle’s

virtue ethics theory is crucial because virtue and moral character "give the knowledge
required to apply rules, in particular cases" (Hinman, 2006). Aristotle proposes that all art and
research and every effort and activity aim for some kind of good, hence the good is defined as
the object to which all is aimed. Furthermore, Aristotle says there is not one good in it. Since
there are various sciences and knowledge fields, they attempt to achieve numerous purposes.
The human race is always looking for moral ideals and ethical conduct, but it cannot be easy
to lead a true and true existence. Aristotle views virtue as a practise that is studied and
acquired.

This paper discusses the significance of Aristotle's idea of the virtue in business and corporate
management, summarising the fundamental principles of the idea of virtue and providing
case studies in this respect. Finally, the study contrasts the ethics of Aristotle's virtue with
alternative approaches to business ethics such as utilities and deontology and argues that the
ethics of virtue are best suited to the public good. In all areas of the business -finance,
administration, management, marketing and manufacturing spectrum, virtue ethics is required
since the diverse vocations of the organisation or corporation are tasked with setting the level
of excellence characterising professions. The institutions that support these occupations also
provide the conditions for practitioners to follow this telephone and to avoid factors that
undermine it.

Virtue Ethics of Aristotle

A quick introduction of the main aspects of Aristotle's virtue ethics is needed in order to fully
comprehend the consequences of applying virtuous ethics to businesses. The ethic of virtue
aims to achieve a certain form of ethical excellence. Aristotle named it eudaimonia, usually
seen as "happiness," or "human growth." Broadly, the notion of eudaemony correlate with the
person (personnel) and social (or professional) well lived, the ultimate objective for which all
other transitional objectives are pursued - "living well and working well" (Aristoteles, pp.16-
28). "Eudaemony, for its own sake and not to something else, is the main and last good
desirable" (p.33-35). A person who lives well and does well must therefore be virtuous and
informed.

The Ethical Virtue Prototype of Aristotle

The virtue is described by Aristotle as "a state of nature that makes a man good to accomplish
his own job well" (Aristotle, 350 B.C.E. p. 246). He stresses that virtue could be moral or
mental, it needs to be of an intermediate nature," and identifies "gold mean" as the virtuous
state of character, while suggesting that deficiency and surplus states are fundamentally
detrimental in accordance with the list of virtues and corresponding vices of each individual
Aristotle.

The Cardinal virtues of courage, justice, practical wisdom and temperance are acknowledged
and placed first and foremost by Aristotle, which have a close connection and are crucial in
obtaining eudemonia. He calls justice the greatest of virtues, because it is directed at the
eudaimonia of others instead of eleven, and stresses the system of legal rights and equality
between each states' citizens. The master virtue which directs all other men is practical
wisdom (or phronesis). Aristotle says that eudaimonia may only be for us in Polis –
corporations, neigh buries, the city and countries (and the world) – and strive for excellence,
for the sake of bringing out what is best in us and in our common enterprise, so it is not only
for itself but for others in the society that virtues must strive for good. In short, what is
obvious from this overview of virtue ethics is that an individual cannot be ethical in the
vacuum, be they a company or otherwise, but must be educated by a nutritional community
and guided by examples.

Ethics of the Virtue of Aristotle

Virtual ethics for a human and an organisation or business is the basis for the normative
ethical decision-making process. Virtual ethics provides a moral basis for modern companies
and organisations and should be a condition for commercial behaviour. Business interests and
activities should not hinder human life in the virtue framework. Honesty is one of the virtues
of cultures and periods, using Aristotle's view on the ethics of virtue. The company refers to
an activity or profession for profit or the "common good" only reached if each one
accomplishes his or her own good in harmony with others. In this instance, the purpose of
business. Companies that might range from one-person holdings to corporate giants could be
public or private businesses. "Businesses, however, are market-responding organisations," i.e.
the needs, wishes and wishes of clients (Jones 2005: 11). This indicates that a virtuous
enterprise will not only have an interest in itself, that is, it will focus on the end, but will also
consider the welfare of its employees, environment, consumers and the community. In other
words, it should be essential for ethical entrepreneurship to provide things and services that
are of value to all. The art of business is "to create mechanisms through which partnerships
for good living might grow"

As organisations go forward into the future, people and organisations, however, are still
organisations that function and run enterprises ethically and morally, and wish to make
investment goldmines overnight, replacing the value of profit. The Coca Cola company, for
example, has a virtue ethics programme and guidelines for ethical management in line with
the organisational code of business management; the code is essential for all employees; the
value of this is to ensure compliance with accurate 'ethics' like honesty, justice, justice and
courage. By applying Aristotle's notion of eudaimonia in today's changing and multifaceted
world to companies, we can allude to the telos that provide a value for the well-being of
individuals, families and communities via employment, the provision of goods and services
and the achievement of social justice for everyone.

Analysis of ethics

A manager has privacy after a board meeting and communicates the knowledge to a friend
who is a hedge fund manager. The hedge fund manager uses the opportunity to make millions
of shares of the company overnight. Does a person of virtue have the information leaked? No,
the manager shown a character failure: Integrity: honesty and truthfulness or exactness in an
individual's work are integrity. The manager is not honest with his firm, as he shares his
personal privacy information. Confidence: He broke the confidence of the other directors and
the faith of all the others with whom he did business. Fairness: for two reasons, his acts are
unjust. Firstly, other non-investors are disadvantaged; secondly, they use information that is
confidential. Honesty: His company and the other board members he tacitly guaranteed did
not share confidential information with were not honest. Self-control: He would not have
disclosed confidential information for personal gain otherwise, he lacked self-control. (Bhalla
et al. 2016) Subject:

The purpose of deliberation and calculation of practical knowledge cannot be over-

emphasized in the virtue framework. Practical knowledge decides on the suitability of desires
and the ways of satisfying the desires by examining the kind of wishes, the situation, time and
resources available. For example, the Director of Finance has to decide whether to strengthen
the business financial statements of her company through a pseudo-leasing agreement while
following to all accounting requirements, whilst the company still uses the premises. The
goal of the sale was to alter the records for profit, perhaps also escape regulatory
requirements and meet the loan contract conditions, rather not for the corporation to remove
the undesired assets. In terms of efficacy and efficiency, the financial manager may be a
"good" accountant and not a "good" accountant in an ethical setting. However, it is not even
the ultimate purpose to be able to make use of the limits of an ethics code. "Aristotle
sincerely believes that a decent pursuit of the good requires harmony of personal and societal
connections between individuals (and by implication, personal and social goods). He
expressly argues that social relationships reflect the same inherent predisposition as personal
relationships. Aristotle believes, in all her functions, always demonstrates virtue and character
when a moral agent performs numerous roles in her life. On the other hand, it can reflect also
that lack of morality and character."

Virtual ethics and alternative business ethics approaches Aristotle

The ethics of Aristotle's virtues differ substantially from Kantian ethics. "What must we do?"
is the primary question of modern ethical philosophers. The deontologist and the
consequentialist statement show elementary moral ideals which explain how we should
conduct in morally complex conditions; (Gerson & Holmgren, 2000). However, defenders of
virtual ethics claim that such theories do not exist and urge the significance of concentrating
on the issue of what distinguishing features people themselves should create (Gerson &
Holmgren, 2000). The focus is on action in Kantian and utilitarian ethics. Ethics from Kentia
believes that a proper moral action is done out of obligation, while utilitarian ethics believes
that an activity is ethically right only when it produces the greatest happiness or benefit to
many people (Rachels 2007: 97). This means that "when we act out of the emotions, passion
or self-interestedness, our activities may otherwise be seen as having no fine moral value"
(Shaw 2008:57).

According to Slate, the ethic of virtue is concerned not with deontic concepts, such
obligations, ought or right, or morally erroneous conceptions, that determine moral principles
or good results or that conform to moral principles or rules, but the ethic of the virtue
specifies the moral I (Slate, 2000 p. 325). Hurst house highlights the conflicts between an
ethics theory of virtue that has the individual's heart or character at its heart or character.
Instead of other ethical theories that stress the rules or tasks or focus on the effects of actions
the person may develop a moral character over time through habitual action and practise. In
short, from the point of view of "the Aristotelian," a company is, like an individual, integrated
into a community and corporate values like fairness and honesty are meaningless until they
become action, so that they become virtues and virtues, together with the action of values,
make a good business relationship possible.

Further information Ethics of business Ethics of content and Nestle Stakeholder Report
Approach to business ethics by Warren Buffet

Business Ethics Justice Theory

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