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Ethics and Entrepreneurship

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 owner’s 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 business’s 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.