In today’s world, different types of business have emerged and business operations have become the cornerstone of making a success, however the way in which they are operated is what is important. Most businesses hunt the main objective of making a profit without considering how that might affect other factors of society and that is what in most cases diminishes the longevity of the organisation.
This research is compiled to explain how good ethical practices and good values in business can yield sustainability within the business and the society as a whole and in order to do this the concept of ethical business practice and values have to be understood.
Decades ago, the perception of ethics and values in business practice has always been associated with business failure as entrepreneurs had the “eat or be eaten” mind set – which in essence means that one must do whatever it takes to reach the desired goal, which in the case of a business means that the businesses has to make a profit no matter the cost. As the standard of living advanced so did the ways of doing business – business ethics supervened. Government introduced legislations and acts in order to shape up the business practices so that businesses and society could coexist peacefully; this has helped, however issues such as corruption, bribery and insider trading still occur thus understanding the importance of business ethic is very important.
Business ethics is a branch of ethics that guide an organisation to practice good morals and principles in its operations, business ethics examine questions of moral right and wrong when making decisions in and organisation bearing in mind that whatever one decides on behalf of an organisation will not only affect the business but the market environment as well, and also encourage attributes such as integrity, accountability and moral objectivism.
Business values can be defined as beliefs of an organisation, they are “the context in which an organisation’s norms are established and justified” (Nieuwenhuizen & Oosthuizen, 2014, p.95) therefore compel one to think about issues such as honesty, loyalty, morality etc.
Business Ethics and values
Business ethics and values are closely related, their effect and application in business activities correlate and they make one to ask very important questions that may or may not guide an individual in an organisation to make an ethical decision.
What should I do? Why?
What do I choose? What are the intentions?
How should I do this? What must I sacrifice?
When one asks himself/herself these questions, one’s inner conscience becomes active and then end up asking oneself the ultimate question: “Is it right or wrong”? If only management made all their business decisions by firstly considering other factors that would be affected by the decision issues such as bribery and fraud.
Business Ethics and good values in a micro environment
In order for a...