Bunsiness and Ethics

OUTLINE:
Definition of Ethics and
Business .
Characteristics of a successful
business .
Being ethical and profitable at
once .
Conclusion

DEFINITION OF ETHICS
Ethics

Richard Paul and Linda Elder of the Foundation

for Critical Thinking define ethics as "a set of
concepts and principles that guide us in
determining what behavior helps or harms
sentient creatures".
The Cambridge Dictionary of Philosophy states
that the word ethics is "commonly used
interchangeably with 'morality'... and sometimes
it is used to mean the moral principles of a
particular tradition, group or individual.

DEFINITION OF
BUSINESS :
Business
A

business, also known as an enterprise

or a firm, is an organization involved in the
trade of goods, services, or both to
consumers.
Businesses may also be not-for-profit or
state-owned. A business owned by multiple
individuals may be referred to as a company
Business ethics : is about relationships,
values, justice.

CHARACTERISTICS OF A SUCCESSFUL BUSINESS

Follow your dreams and take the

risk : All successful entrepreneurs have an idea they
want to pursue. a dream is the key. Its the starting point

Make the sacrifice and be persistent :

take the measured risks associated with launching a
business that may include loss of money, possible failure
and health risks.
Those who start and grow a
business will give up many personal benefits to be
successful. Sacrifice will include time, relationships and
other opportunities

Know your customers : Successful

entrepreneurs know the needs of their customers.
They know everything about them. They know what
they want, when, where and at what price.

 Hire the right employees and

value them : Winners know how to find,
select, hire, train, motivate, reward and retain
great employees. They thoughtfully eliminate
workers who dont contribute. They elevate those
who do and assemble the best team possible..

Communicate constantly : They

regularly communicate with employees,
vendors, investors, suppliers and customers
about whats happening

UNETHICAL BUSINESS PRACTICES :

Apple

Everyone wants an iPhone and

no one really cares if it were made
by tiny child slaves who are forced
to work in dangerous conditions,
inhaling cancerous vapours, for 10
hours a day, seven days a week.
And that is why Apple continues to
be so profitable.
Apple co-founder Steve Wozniak
claimed that Apple was engaging
in unethical tax practices by
utilizing an Irish tax loophole to
avoid paying billions in taxes on
international sales.

TOYOTA IGNORED SAFETY CONCERNS TO SAVE MONEY :

Toyota made a huge and
unethical failure . After
confronted with safety concerns
regarding faulty breaks and
sticking pedals in 2009 .
They basically betrayed their
promise as a company by
ignoring safety concerns and
delaying recall investigations just
so they could save a little money.
Toyota got called out on this
unethical practice after a few
deaths and even more
complaints about their unsafe
vehicles.

YOU CANT BE ETHICAL AND

PROFITABLE
There seems to be the nagging idea that a business
cannot be completely ethical while generating large
profits. This is a myth.
Organizations like Patagonia, Amazon.com, and others
prove ethics cost money is a fallacy.
These organizations dispel this myth by:
understanding the true nature of business ethics: not
of universal or idealistic absolutes, but of subscription
to the core values that they themselves develop.
Youll discover exactly how to develop your own ethical
AND profitable core values, and how to ensure
shareholder buy-in to them (which enhances internal
relationships and corporate culture). Youll also discover
how to leverage your values to simplify and streamline
critical decision making within your company.

CONCLUSION :
Ethics