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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.

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.

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Professional code of ethics will encompass the following

  1. Integrity
  2. Attitude
  3. Knowing your limits
  4. Being fair
  5. Being true to yourself
  6. Leading by example
  7. Always trying your hardest
  8. Seeking constant improvement
  9. Being open minded
  10. Being 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.”

Who is an ethical business owner - Business ethics

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 problem
  • A non dividend business

The 7 principles behind a social business shall be

  1. Social and environmental issue is the business objective
  2. Financial and economic stability
  3. Investors get back their investment amount only
  4. Once investments are paid back, the profits are reinvested for expansion
  5. Environmentally conscious
  6. Workforce gets market wage with better working conditions
  7. Doing it with joy

Let’s find out how to create an ethical framework

  • Define your core values early on
  • Integrate ethics in your hiring process
  • Lead by example
  • Create a culture of openness and welcome dissent
  • Craft values everyone can own
  • Learn from immediate peers or distant models
  • Remember that institutional character is fragile
  • Know your limits as a leader
  • Establish 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.

6 ways to recognize an ethical clothing brand.

Shop Local

I personally feel “supporting local small businesses” is a genuine and direct way of contributing to the society as a responsible individual.

5 ways to support small businesses.

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 stores.