Personal and Professional Development

“BEING GOOD IS GOOD BUSINESS”

How business ethics reflect on decision making and

how people succeeded by the use of good business

ethics and its moral values

Business ethics is also called corporate ethics and it is a form of applied ethics or

professional ethics that examines the ethical and moral values principles and

problems that arise in a business environment . It applies to all aspects of business

conduct on behalf of both individuals and the entire company.

It can also be

stated as the written and unwritten codes of principles and values determine d by

an organization’s culture that govern d ecisions and actions within an organization .

The idea of ethics in business focuses on the moral or ethical actions of

individuals. It is in this sense that many people when discussing business ethi cs

immediately raise examples of immoral or unet hical activity by in dividuals. Many

business people are strongly influenced by their religiou s b eliefs and the ethical

standard that they have been ta ught as part of their religion and apply these

norms in their business activities.

A prime example is [Aaron Feuerstein ] whose

actions after fire destroyed almost all of his Malden M ills factory complex kept his

workers on the payroll until he could rebuild. He has stated often and publicly

that he just did what his Jewish faith told him was the right th ing to do. [Richard T

De George]. One difference between an ordinary decision and an ethical one lies

in the point where the accepted rules no longer serve, and the decision maker is

faced with the responsibility for weighing values and reaching a judgments in a

situation which is not quite the sam e as any he or she faced before .

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There is a

connection between our perception of the world and the way in which we make

decisions in the world. If managers believe that they are and ought to be rational

egoists, concerned only with maximizing profit, they will take the decisions

accordingl y. If on the other hand they are aware of moral theories and social

policies that affect their ow n societies and the wider world then they will be likely

to make rathe r different and more complicated judgment .

Social Responsibility is the obligation a busi ness assumes to have for society. To

be so cially responsible is to maximiz e positive effects and minimize negative

effects on society. The economic responsibilities of a business are to produce

goods and services that meet the needs and wants of society at a price that can

perpetuate the business while also satisfy the needs of the i nvestors. The civil

laws are the rights and duties of individuals and organizations. The idea of social

responsibility became prominent during the 1960s in response to changing social

values. Many businesses have tried to determine what relationships, obligations

and duties are appropriate between the business organization and society.

(Ferrell, Fraedrich, Ferrell, 2002.) Therefore, Social Responsibility can be viewed

as a social contract with society whereas ethics relates to carefully thought -out

rules of moral philosophy that guide individual decision -making. While business

ethics relates to the effect of moral rules and pri nciples on individual decisions

and social responsibil ity is concerned with the decisions the organization makes

and their effect on socie ty.

For Example

BINTA NIAMBI BROWN, CEO , AND CO -FOUNDER OF FERMATA ENTERTAINMENT

LTD, AND LAWYER

“Fifteen years ago, hours before closing a $3 billion asset acquisition Binta Brown,

who was a senior associate in her late 20s, received some information that could

have sabotaged the entire deal. At the time her partner wasn’t reachable and

Brown had a ch oice to make, either to tell her client and risk losing the deal or

keep quiet until the papers were signed. She chose to tell the client . After

disclosing the information she uncovered to her client, Brown was able to help

both sides come to a solution, a nd in the end, a deal was finalized. Her ability to

have good judgment, do what she thought was right, and not let fear drive her

decisions are lessons Brown has carried with her throughout her career. ” In my

opinion always be honest to your employer as we ll to your client because your

carrier and future relies with the decision that you made and it also help s us t o

reach great height of success. Although it builds a trust in our customers mind and

it helps to flourish our business and it will surely put ou r business or enterprise in

a good position in the market. Moreover there is a saying “HONESTY IS THE BEST

POLICY”

KATHRYN MINSHEW, CEO , AND CO -FOUNDER OF THE MUSE

Minshew’s toughest ethical decision involved firing a company they had signed on

to do busi ness with. “They already paid us for the Muse recruiting product, but

were treating our team so badly during onboarding that it just didn’t feel like how

I wanted to do business,” reca lls Minshew. “To make it worse they were really

nice to me. It was just the j unior staff they treated poorly ” To make matters

worse The Muse was just getting started at the time and was reall y in need of the

revenue. Still it felt wrong to work with a compa ny that behaved so poorly . “In the

end, I gave them a warning, and then when it continued, told them nicely that it

didn’t make sense to work together anymore and refunded the unused balance of

their money. They tried to argue, but at that point, my mind was made up. I didn’t

realize how relieved my team was –and how much they appreciated it until after it

was all done.” I think we all should backup our team in certain important situation

and talk for them and try to stand with our team members at any crisis or any

situation because when a problem arises for us our team wi ll arrive their at first . It

is easy to break one stick but it is difficult to breakdown ten or twenty sticks

altogether. It is also the matter of our team as well if we stay as a team we are

strong but we are separated we are vulnerable. Moreover always g o for the team

goal rather than individual because we always have the backup of our team.

ANTHONY SOOHOO, CO -FOUNDER AND CEO OF DOT & BO

“During my time as a product man ager on Apple’s PowerBook team we were

gearing up to launch a new product. As part of testing we had found that a very

small sample size was flawed and could be harmful. I was under tremendous

pressure to make a decision on whether or not to hold off bringing the product to

market. And there wer e good arguments on both sides VIA DOT & BO . On the one

hand the defected sample size was small and not statistically significant, and

millions of dollars would be lost by holding off shipment moreover o n the other

hand Soohoo believed the long -term impact risk was high. “If the flaw was bigger

than we thought, it could have created a huge loss of tru st with our customers”

When there is a difficult de cision to make, it based on what would create long

term value instead of gaining the short -term win. Ultimately, Soohoo decided to

delay the launch of the product. “In the end, it came down to taking a long -term

perspective and it just made more sense to delay the launch,” he says. “Putting

myself in the shoes of our customers, I think that’s what they would have

expected Apple to do. Not a popular decision at the time, but it was the right

decision for the business.” In my opinion trust your guts to do the right thing for

the customers and when there is a difficult decision to make create it based on

what would create long -term a value instead of gaining the short term win more

over always think about the future instead of present to gain a profit and build up

a business career and to gain goodwill for your enterprise although it also creates

trust inside the minds of your customers and its helps to drag a lot of public

attention without any cost of advertisement.

To sum up, the ethics is important not only in business but in all aspects of life

because it is an essential part of the foundation on which of a civilized socie ty is

build. A business or society that lacks ethical principles i s bound to fail sooner or

later . People should reflect on the beliefs held to determine what principles are

involved and what values serve as the base for the belief that one ethical princip le

is to be placed before or over another. The real answer to business ethics is how a

business conducts itself. All marketers has to have moral values with dea ling with

others. Marketers should be aware of how their behavior may influence or affect

the be havior of others in organizational relati onships. They should not demand

encourage or apply coercio n to obtain unethical behavior in their relationships

with others such as employees, suppliers and customers. The human resource

function is to deal with a v ariety of ethical challenges. it deals directly wit h people

employed by a company.

REFERENCES

Alchian, A., and H. Demsetz 1972. “Production, Information Costs, and Economic

Organization,” American Economic Review, vol. 62, pp. 777 –95. [accessed. 02.03.2019]

Boatright, J. R. 2006. “What’s Wrong – and What’s Right – with Stakeholder Management,”

Journal of Private Enterprise, vol. 21, no. 2. [accessed. 04.03.2019]

Boatright, J. R. 2011. Ethics and the Conduct of Business, 7th ed. Boston: P earson.

Chan, G. K. Y. 2008. “The Relevance and Value of Confucianism in Contemporary Business

Ethics,” Journal of Business Ethics, vol. 77, no. 3, pp. 347 –60. [ accessed. 04.03.2019]

Manuel G. Velasquez, Santa Clara University Published 09 Aug 2017

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Corporate Ethics. (2019, Nov 28). Retrieved from http://paperap.com/business-ethics-126-best-essay/

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