Entrepreneur Must Have Business Ethics

Social-Business-SuccessThe word ethics has some nuances. The term has been defined as an investigation into the nature and the realm of morality in which the term morality is meant to refer to the “judgment, standards and rules of moral behavior”. Ethics can also be referred to as the study of human behavior and philosophy with pressure point in the determination of what is wrong and right.

Based on this definition, we can start to develop a concept of business ethics. Most people would agree that high ethical standards require businesses and individuals to to carry out moral principles are solid. However, some specific aspects should be taken into consideration when applying to business ethics.

First of all, to survive, a business must make a profit. If the gains achieved through less praiseworthy deeds, the sustainability of the company could be threatened. Many famous companies have their own reputation tarnished by scandal and lies that it finally makes them broke and collapsed because of the financial storm and lawsuits due to less moral behavior.

Secondly, a business must be able to create a balance between the ambition to make a profit and the needs and demands given the surrounding community. Maintaining the balance of this kind often requires compromises or barter. To discuss the unique aspects of this business, the community has developed a good rule in the form of the rule of law and the rules are not written to guide existing business in an attempt to reap profits in ways that do not hurt other individuals or society as a whole.

Many definitions related to business ethics rules, standards, and moral principles relating to what is right or wrong in a given situation. For entrepreneurs who engage in the business field, business ethics can be defined simply as something that covers the principles and standards that guide the behavior of businesses. Investors, employees, customers, interest groups, legal system, and society often determines whether an action is right or wrong, ethical or unethical. Although all of these groups are not always ‘right’, their judgments affect the acceptance or rejection of the business community and its activities.