This document discusses ethics and entrepreneurship. It begins by defining ethics as a set of principles that prescribe a behavioral code to explain what is right and wrong. It emphasizes that ethics are important for entrepreneurs given the dynamic environment they operate in. The document then provides examples of ethical dilemmas entrepreneurs may face and strategies they can employ to establish an ethical culture, such as creating a code of conduct and leading with ethical example. It concludes by discussing social responsibilities of businesses.
This document discusses ethics and entrepreneurship. It begins by defining ethics as a set of principles that prescribe a behavioral code to explain what is right and wrong. It emphasizes that ethics are important for entrepreneurs given the dynamic environment they operate in. The document then provides examples of ethical dilemmas entrepreneurs may face and strategies they can employ to establish an ethical culture, such as creating a code of conduct and leading with ethical example. It concludes by discussing social responsibilities of businesses.
This document discusses ethics and entrepreneurship. It begins by defining ethics as a set of principles that prescribe a behavioral code to explain what is right and wrong. It emphasizes that ethics are important for entrepreneurs given the dynamic environment they operate in. The document then provides examples of ethical dilemmas entrepreneurs may face and strategies they can employ to establish an ethical culture, such as creating a code of conduct and leading with ethical example. It concludes by discussing social responsibilities of businesses.
To discuss the importance of ethics for entrepreneurs. To study ethics in a conceptual framework for a dynamic environment. Derived from Greek word ethos = custom or mode of conduct Brodest sense-ethics provide the basic rules or parameters for conducting any activity in an “acceptable” manner. More specific- represent of a set of principles prescribing a behavioral code that explain what is good and right or bad and wrong Society operating in a dynamic and ever- changing environment-prevalence of scandals, fraud and various forms of executive misconduct in corporation. Coflict arises for a number of reasons: Business enterprises are confronted by many interest both inside and outside of organizations. Society is undergoing dramatic change-values, norms have gone through a drastic evolution. Hire the right people Set standards more than rules-be clear about standards, let people know the level of performance you expect. Don’t let yourself get isolated-you are responsible for whatever happens in your office or department . The most important principle is to let your ethical example at all times-always do the right things. The entrepreneur’s guiding values and commitments must make sense and be clearly communicated. Entrepreneurs must be personally committed, credible and willing to take action on the values they espouse. The espouse values must be integrated into the normal channel of the organization’s critical activities: planning innovation, resource allocation, information etc The ventures system and structure must support and reinforce its value. Employees throughout the company must have the decision-making skills, knowledge, and competencies needed to make ethical sound decisions every day. Social responsibilities consists of obligations a business has to society. Environment – pollution control, recycling
efforts, Energy-effort to increase the energy efficiency
of products, energy-saving programs eg
company sponsored car pool. Fair business practices-employment and
advancement of women,minorities and
disabled Human resources-promotion of employee health and safety, employee training and development, career counseling, child day care facilities, employee physical fitness, stress management programs. Community involvement-donation, sponsorship, education support, cooperation in community projects Products-enhancement in product safety, improvement in nutritional value of products,improve in packaging & labelling Ethics is a set of principles prescribing a behavioral code that explains right and wrong; it also may outline moral duty and obligations. Because it is so difficult to define the term, it is helpful to look at ethics more as a process than as a static code. Entreprenuers face many ethical decisions especially during the early stages of their new ventures. Entrepreneurs can make 4 types of decisions: legal and ethical, legal and unethical, illigal and ethical and illigal and unethical. To establish ethical strategies, some corporations create code of conducts-more prevalent in organizations today. Software piracy-from Fortune , corporations to sole proprietorships can fall victim to software piracy-software manufacturers lose an estimate 2.3 billion in revenue annually. Giving a gift of $50,000 to a foreign minister to secure a business contract with his country (a customary practice in his country) and then writing off the gift as a tax-deductible item. Knowing that 1% of all tires have production defects but shipping them anyway and giving mileage allowances to anyone whose tires wear out prematurely. Manufacturing a new fuel additive that will increase gas mileage by 10 % Offering a member of the city council $100,000 to vote to give the entrepreneur the local cable television franchise. Obtaining inside information from another brokerage that results in the entrepreneur netting more than $2 million. Producing a vaccine, already approved by the Food and Drug Administration, that will retard the growth of bone cancer. Producing and selling a drug that will reduce heart attacks but failing to complete all of the paperwork that must be filed with the government prior to selling the product.