Why Business Ethics is Important?

Ethics is knowing the difference between what you have a right to do and what is right to do. Tell us what do you think about Elon Musk’s Business Decision? This is a classic case for an ethical debate. Tesla CEO Elon Musk has been facing criticism for his plan to charge Twitter users USD 8 a month to get or keep a verified account. pic.twitter.com/3t5ahItE5z— Elon Musk (@elonmusk) November 8, 2022 He shared a hilarious meme in which he claims, while people are happy to pay $8 for a Starbucks coffee but complain about paying for a Twitter verification tick. He then shared another photo of a $58 sweatshirt. pic.twitter.com/kGncG7Hs3M— Elon Musk (@elonmusk) November 2, 2022 Visit our Gumroad Shop where we offer great digital products that will aid you in completing your projects both at workplace and home front. Planner printables, Inspirational Quotes, Checklists for all genres, DIY Ideas, Business Ebooks and much more…Our motto is “Maximum Value at Affordable Prices.” Professional code of ethics will encompass the following IntegrityAttitudeKnowing your limitsBeing fairBeing true to yourselfLeading by exampleAlways trying your hardestSeeking constant improvementBeing open mindedBeing grateful Read on – Famous examples of Social Enterprises Business ethics is the code of conduct imposed on employees or members of certain profession. Examples include punctuality, time management, confidentiality and transparency. While personal ethics govern a person’s whole life, it might be a good place to start -since it lays the foundation that helps the individuals to project the same values into their work practices. There is a saying that inspires me to the core – “If people don’t know you for your work ethic, you ain’t working.” Integrity gives you real freedom because you have nothing to fear since you have nothing to hide. What are the differences between these three? Charity – Non profit, not generating revenue or profit Social Enterprise – A combination of business and social goals, but with emphasis on the latter. Profit is reinvested in community or company. For Profit Company – Profit maximizing company, CSR and social impact considered add-ons to the core business agenda. So, lets talk about social business. What is a Social Business? A business that is designed and created to solve a social or an environmental problemA non dividend business The 7 principles behind a social business shall be Social and environmental issue is the business objectiveFinancial and economic stabilityInvestors get back their investment amount onlyOnce investments are paid back, the profits are reinvested for expansionEnvironmentally consciousWorkforce gets market wage with better working conditionsDoing it with joy Let’s find out how to create an ethical framework Define your core values early onIntegrate ethics in your hiring processLead by exampleCreate a culture of openness and welcome dissentCraft values everyone can ownLearn from immediate peers or distant modelsRemember that institutional character is fragileKnow your limits as a leaderEstablish an independent board Now brands talk so much about sustainability and being eco friendly. While it is manadatory for us to recycle the resources for the well being of forthcoming generations and to reduce pollution, how many businesses are truly satisfying their social reponsibilty is a million dollar question. Shop Local I personally feel “supporting local small businesses” is a genuine and direct way of contributing to the society as a responsible individual. 7 Reasons To Shop Local And Support Small Businesses – This is a great read as to why you should consider shopping local instead of big chain...