FINAL PROJECT

OWNERSHIP ETHICAL CONSIDERATIONS IN BUSINESS

SUBMITTED TO:

MS. MISHAAL ANJUM

WORK DONE BY:

MUHAMMAD SHOAIB JAVAID

SADIA ABBASI
HUNZA MUSHTAQ

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Contents
INTRODUCTION.................................................................................................................................................................2
ETHICS REGARDING OWNERSHIP.................................................................................................................................2
ETHICAL CONDUCT OF A BUSINESS OWNER.........................................................................................................2
ETHICAL CONSIDERATIONS REGARDING BUSINESS OWNERSHIP TOWARDS DIFFERENT FACTORS......2
Legal Responsibility......................................................................................................................................................2
Environmental Responsibility.......................................................................................................................................2
Discretionary Responsibility.........................................................................................................................................3
OWNERSHIP ETHICAL CONSIDERATIONS REGARDING STAKEHOLDERS...........................................................3
TOWARDS EMPLOYEES...........................................................................................................................................3
TOWARDS CUSTOMERS...........................................................................................................................................3
TOWARDS GENERAL PUBLIC.................................................................................................................................4
TOWARDS SUPPLIERS..............................................................................................................................................4
ETHICAL PRINCIPLES FOR BUSINESS OWNERS.........................................................................................................4
1. HONESTY............................................................................................................................................................4
2. INTEGRITY.........................................................................................................................................................4
3. FAIRNESS............................................................................................................................................................4
4. LEADERSHIP......................................................................................................................................................4
5. ACCOUNTABILITY................................................................................................................................................5
CONCLUSION.....................................................................................................................................................................5

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 INTRODUCTION
In the area of ownership, ETHICS aims at raising awareness for the other's rights and common needs by
imposing some principles of minimum requirements. There must be a common bond between ethics and owner
to help the company and exercise repeat business.

ETHICS REGARDING OWNERSHIP

ETHICAL CONDUCT OF A BUSINESS OWNER

We as business owners are an important part of society and we must keep in mind to perform our operations or
to earn money in a way that satisfies the expectations of the society. Our Ethical social responsibilities refer to
the engagement of those decisions and perform those actions which are sensible in terms of the objectives and
values of society.

ETHICAL CONSIDERATIONS REGARDING BUSINESS OWNERSHIP TOWARDS

DIFFERENT FACTORS

Legal Responsibility
Legal responsibilities are not only valid for the individuals and people living in the society but also for the
business owners in the society. We must keep in mind and we should know that there are some boundaries and
limits set by various agencies and commissions or governments as well which we cannot outlaw. All of these
regulations and limits are set for not for a personal rivalry but just for the betterment and to maintain balance in
the society.

To abide by the law is the basic duty of every citizen living in a particular state. So if citizens are maintaining
this level of social care then a huge responsibility lies upon a business owner regarding the laws. Just for
example, we must keep in mind various laws like criminal law, environmental law and labor law, etc. Similarly,
we must pay our business’s taxes to the government and must always open up our account books as it will help
the government to know the economic state of the company.

Environmental Responsibility
This responsibility includes and demands a behavior from a business owner towards a society which is not
codified in the law but the society itself expects it. This factor adds up that a specified business must be
environmentally friendly. We should do no harm potentially or in any state to the environment. We must keep

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in mind how our business or company is performing its activities or operations and how they are affecting the
environment. It is the foremost and moral responsibility of every citizen.

Discretionary Responsibility
Business plays a vital role in the society. So we must support and help the society wherever we can. If a
business is producing exceptional profits then it is the business owner's responsibility that it should be helpful to
the society by giving donations and funds.

As an owner, It is our generous and liberal responsibility to provide a helping hand in the various groups of
societies such as providing educational facilities for the poor and needy children, donating ration for those who
are affected by natural disasters such as floods, tsunamis, and earthquakes etc. A business owner must take
healthy business ventures which will result in blocking speculative risks and will surely help the business to
grow.

OWNERSHIP ETHICAL CONSIDERATIONS REGARDING STAKEHOLDERS

The stakeholder concept holds that a business should also consider the needs and wants of its employees,
customers, general public and suppliers etc. The stakeholder concept relate to the Immanuel Kant’s that “All
people are to be treated with respect and consideration and allowed to participate by openly voicing their
opinions as equal partners”.

TOWARDS EMPLOYEES
Employees play the most important part of a company’s success. Without their presence, the company will be
sanding wherever it is and eventually will go nowhere. So we are the only responsible personality behind an
employee’s personal success. We must appropriate and reasonable money for the work the employee provides
so that he may spend on his expenses.

We also have an ethical responsibility to provide our employees and workers to work in an environment which
is free of harassment and dehumanization. Similarly, we must provide them equipment which can be used in
hazards. We must administer employees towards each other and HR decisions in such a manner that fits the law
and establishes social responsibility.

TOWARDS CUSTOMERS
There are people who directly consume the goods we are offering or buy them downstream in the aftermarket.
All of these people have basic customer rights which must be fulfilled by the owners to a reasonable degree.
When we become aware of problems with the product, we will surely take steps to solve them especially to
protect our customer’s brand.

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TOWARDS GENERAL PUBLIC
Corporate social responsibility argues that companies usually don’t pay attention to the general public because
of which a lot of problems arise. We must pay attention to our nearby public including our neighbors and
citizens and we must make sure aren’t they getting affected or disturbed by our corporate activities. We must be
transparent enough so that the general public knows what is going on.

TOWARDS SUPPLIERS
We must keep an eye on our entire supply chain operations. We must make sure that how our product is being
made? Is it being made legally or isn’t there anything suspicious is taking place during the production of our
product? We must keep an eye on everything related to our suppliers to ensure our company is on the right
track.

ETHICAL PRINCIPLES FOR BUSINESS OWNERS

Ethical principles are universal standards of right and wrong prescribing the kind of behavior a company should
and should not engage in. These principles provide a guide in decision making but they also provide criteria by
which your decisions will be judged by the others.

1. HONESTY
We must be honest in all our communications and actions. Company or business owners are above all of trust
and honesty is the cornerstone of trust. We should not mislead or deceive others by misrepresentations,
overstatements, partial truths or any other means.

2. INTEGRITY
Owners should maintain personal integrity. Integrity refers to a wholeness of character demonstrated by the
consistency between thoughts, words, and actions. Maintaining integrity often requires moral courage, the inner
strength to do the right thing even when it may cost way more we expected.

3. FAIRNESS
We must be committed to fairness. We should not use unfair means of getting advantage through power or
undue advantage of another’s mistakes or difficulties. Owners should make a commitment to justice, equal
treatment of individuals, tolerance, and acceptance for diversity.

4. LEADERSHIP
We must be conscious of our responsibilities as we are playing our role as an owner. We must be careful about
our position of leadership. We must be role models of our own ethical conduct.

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 5. ACCOUNTABILITY
Owners accept personal accountability for the ethical quality of their decisions and omissions to themselves and
the groups of people related to them.

CONCLUSION
As owners apply ethical considerations the respective individuals related to their specified business a lot of
ethical considerations apply to them too. The life by ethical principles of owners should be exemplary and we
must be principled, honorable, upright and scrupulous. We must fight for our beliefs and should not sacrifice for
principle for expediency.

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