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Business Ethics And Leadership Essay

1032 words - 5 pages

Question 1
Business ethics can be defined as written or unwritten codes of principles or values that govern decisions and actions within an organisation [1] Business ethics is talked about in terms of ethical conduct of the total business as well as each employee individually and within its community or society. [2]
*Business ethics is a system of moral principles applied in a commercial world, it is knowing between right and wrong and of course choosing to do what is right, it also provides guidelines for acceptable behaviour by different organisations. [2]
Business ethics control/affect any decisions that any business member makes. Business ethics help keep and attract investors, customers and employees [3] as ethics and morals are an important part of any individual’s life, either personal or business. Strong business makes employees more comfortable and have a peace of mind of knowing that they are not doing any unethical practices indirectly and investors have the peace of mind of knowing that their money is being put to good use.
There are three different types of ethics:
• Descriptive ethics: describes how people behave or the moral standards which they follow.
• Normative ethics: Making or evaluating moral standards and seeing whether those moral standards are reasonable or not.
• Analytical ethics: Study of assumptions/decisions people make under normative ethics [2]
If a business commits an unethical act and customers/investors find out about it, they could feel uncomfortable and pull out of the business. Ethics are about the moral judgements of an individual and how they judge right and wrong in a certain situation. Decisions made by an individual in a company are affected by the culture of the company – however that individual has to decide whether the decision influenced by the culture of the business is a moral one or not.
“Ethical behaviour and corporate social responsibility can bring significant benefits to a business.”
Examples of benefits from ethical behaviour in a business include:
• Attracting customers which increases sales of goods leading to a higher profit in the business
• Employees will feel at home in the business and will not want to leave the business which leads to more productivity within the business.
• The business will attract more employees which leads to lower recruitment costs and enables the business to get more talented employees.
• The business will also attract more investors which will keep the company’s share price high. [4]
Poor ethics in a business may damage the appearance/reputation of the business and which will make stakeholders go elsewhere with their resources, which then lead to the failure of the business due to distrust/disloyalty in the business.
Business values are a vital part of business, they are what defines a company, what the company stands for. Business values help you control your management and employees into the right direction. Values in a business can be...

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