• includes the decisions, choices and behaviors that people
believe to be worthwhile and important in their lives.
• this includes what one regards as right, fair and good in terms of ones actions and interactions with everyone. • Constant good practice and habits of ethical actions ensure that when a person matures, the value of ethics is ingrained in him. • For the Entrepreneur, effective action must help move the enterprise beyond the narrow focus on technical competence and financial goals. • Politicians misusing taxpayer’s money as well as questionable foundations and private organizations acting as conduits to stolen funds, • Government employees asking for grease money to hasten transactions. • In a business organization, this serves as the basis for the company to define what is moral, ethical and fair. • This spells out the norms to be followed in transacting business honestly. • This likewise helps ethics and moral principles to be underpinned in all the entrepreneur’s actions, whether in communication, taking risks, dealing with competition and customers, as well as in his interactions with family, friends, employees, business associates and investors. • Environment-friendly business practices • Supporting advertising promises • Telling customers the truth • Insurance coverage adequate to protect the business and employees • Handling cash and checks from customers • Special prices for selected persons • Accepting gifts from suppliers and business associates • Selling damaged merchandise • Warranties on products • Merchandise-return policies for customers • Returning merchandise to suppliers • Handling Shoplifters • Handling employee performance problems • Safety and security issues
This list can be expanded and modified depending on the needs
of the enterprise. • Improved quality and quantity of old and new products/services, • Increase in market share • Growth in profits • Contribute to the community 1. Technical Competence the ethical entrepreneur knows what his business is all about and meets the required standards set by the industry. 2. Search for new and improved ways of work. The ethical entrepreneur constantly seeks new and better ways to improve his business. 3. Complete responsibility The ethical entrepreneur accepts and practices full responsibility over everything that goes on in the business. 4. Respect for the needs of those around him the ethical entrepreneur makes sure that customers, employees, investors, suppliers, business associates and other stakeholders receive what is due to them. 5. Fair pricing The ethical entrepreneur always establishes revenue forecasts that are realistic based on fair pricing. 6. Rewards for good action the ethical entrepreneur encourages his employees to do good by giving both intrinsic and extrinsic rewards. 7. Correction for those wrong doing the ethical entrepreneur follows a set of disciplinary actions and sanctions. 8. Sound financial management The ethical entrepreneur manages finances effectively to allow for stable employment for everyone. 9. Efficient and rigorous business monitoring and reporting the ethical entrepreneur is open and honest. 10. Sharing financial success the ethical entrepreneur shares the company’s financial success with his employees, partners, suppliers and others who helped create the business. 11. Social responsibility the ethical entrepreneur gives back to the community by contributing to its welfare. 12. Environmental awareness The ethical entrepreneur makes sure that the environment is not degraded by his negligence and irresponsibility. Ethical entrepreneurs gain the trust of its stakeholders Bankers prefer working with ethical entrepreneurs. Suppliers also love having business relationship with ethical entrepreneurs. Positive and healthy community. END