Top 10 reasons to study and 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.
The following are important reasons to study and know your business ethics:
1 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
2 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
3 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
4 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
5 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.