Entrepreneur Ethics

 

What is Entrepreneur Ethics

Business is an extension of the society and no business can sustain in the long run ignoring social values. Ethics is a social science which deals with concepts such as right and wrong, moral and immoral, good and bad behavior of dealing with one another.

ethics deals with morality in the business. This means the business activities should be conducted according to ethics or moral standard. It is difficult but not impossible to conduct strictly honest business. 

 

Ethics fundamentally comprises of two elements

Firstly, ethics refers to well-founded standards of right & wrong that describe what human ought to do in terms of rights, obligations, benefits to society, etc.

Secondly, ethics refers to the study & development of one’s ethics standards. entrepreneur ethics is not a pure science but a Professional Practice.

 

Needs for Entrepreneur Ethics

Improve customer confidence -  ethics are needed to improve the customer confidence about the quality, quantity, price etc. of the products. The customers have more trust & confidence in the entrepreneur who follow ethical rules. 

Develop good relations - ethics are important to develop good & friendly relations between business & society. This will result in a regular supply of good quality goods & services at low prices to the society, it will also result in profits for the businesses thereby resulting in growth of economy.

Creates good image- ethics create a good image for the company. if the entrepreneur follows all ethical rules, then they will be fully accepted & not criticised by the society. 

Smooth functioning- If the entrepreneur  follows all the entrepreneur ethics, then the employees, consumers, dealers & suppliers will all be happy. So, they will give full cooperation to the business. This will result in smooth functioning of the business. So, the business will grow, expand & diversify easily & quickly. It will have more sales & more profile.

Consumer satisfaction- The consumer is the king of the market. Any business simply cannot survive without the consumers. Therefore, the main aim or objective of business is consumer satisfaction. If the consumer is not satisfied, then there will be no sales & thus no profits too. Consumer will be satisfied only if the business follows all the entrepreneur ethics, & hence are highly needed.

Importance of labour- Employees or workers play a very crucial role in the success of the business. Therefore, business must use entrepreneur ethics while dealing with the employees. The business must give them proper wages, salaries & provide them will better working conditions. There must be good relations between employer & employees. The employees must also be given proper ethics while welfare facilities.

 

At the end about  ethics. you should always do the right thing even if it's hard.

 

 

-Written by:  Neelam Shinde