Reasons to Know your Business Ethics – Business ethics deals with questions on the moral acceptability of specific business practices or procedures. To do this effectively, a fundamental focus of business ethics is the examination of moral rules and principles that guide actions, procedures and decisions in the arena of business. These rules and principles define what is morally right or wrong in the domain of business. They share designed to guide investors, customers, interest groups, employees and other stakeholders in their decision making.
10 Reasons to Know your Business Ethics.
The following are the important reasons to know your business ethics.
- There is a distinction to be made between everyday ethical issues and ethical issues in business. For instance, some important moral issues do not arise in business while they remain central to our personal lives, and vice-versa. The impact of industrial production on the environment is an example of a moral issue in business that would not ordinarily arise in the personal life of an individual, and which requires special moral considerations other than what can be adequately addressed in ordinary
- Just being a good person in your personal view, having sound personal ethics may not be sufficient to handle the kind of ethical issues that arise in a business
- Many people have limited business experience but suddenly find themselves making decisions about product quality, advertising, pricing, sales techniques, living practices and pollution control. Ordinary moral values learnt from family, religion or schools may be insufficient to provide specific guidelines for making appropriate moral decisions in
- Ethical infractions continue to occur in business. Many business organisations and their employees confess that they engage in practices that are immoral and illegal. Indeed, unethical business practices is very rampant. A study of business ethics provides an avenue to examine why this is so and also provide a means by which unethical business practices may be prevented by business managers, regulators and other
- Unethical and fraudulent business conducts have a very high cost and grievous effects on society. The case of the global economic crisis is indicativeof the fact that business malpractices have the potential to inflict great harm on individuals, communities, the environment and the world at large.
- The pressure being placed on business to be ethical by its various stakeholders are increasingly becoming more complex, intense and challenging. A study of business ethics provides an avenue to understand these challenges and how they can effectively be6 The power and influence of business in society in greater than ever before, and evidence suggests that many people are uneasy about this development. A study of business ethics would help to understand why the influence of business in society is on the increase, why people are uneasy about this development, what are the implications of the increasing influence of business in society , and how the unease about the increasing influence of business might be
- Business ethics would improve ethical decision making by equipping business managers with requisite understanding and skills to correctly identify, analyse and resolve ethical problems in
- Business ethics provides the tools and skills required to assess the benefits and challenges associated with different ways of managing ethics in business organisations.
- A study of business ethics provides an understanding of business that transcends the understanding provided by the traditional framework of business studies. It also presents us with the opportunity to acquire relevant knowledge of contemporary society in a way that would equip us to be more effective in doing business in contemporary society.
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