Business Ethics
The term ethics refers to acceptable standards of behaviour which governe what is right or wrong. Business ethics is a critical and indispensible component of the business. The ethics provide guidelines to managers on what is wrong or right and also enables them to make sound decision in business.
Question 1
Actually, there is no doubt that doing what is right in business can lead to well being of that business. It is therefore prudent that companies embrace ethical behaviour in their pursuit of day to day activities. This is because; companies that embrace ethical behaviour in their day to day activities are likely to build a strong reputation.
For instance, strong reputation enables the business to attract more customers. This in turn translates to high profit. One aspect of business ethics that I liked is how the business should be responsible to the employees, government, environment among others. I just realised that business is like a system which affects not only its employees and managers but also the community at large.
I learnt that many decisions made by the business affects lives of different people. For instance, unethical business practice such as emission of excess carbon IV oxide into the atmosphere can affect the health of different individuals. I deed not like the part which emphasize that what is right for the business should be determined by did the ability of the business to generate profits and that provide the business is able to make profit then everything is okay. Thorough research on the subject matter made be to gain more knowledge and experience about business ethics. It is of no doubt that enquiry based learning made my learning experience more engaging. This was because I was able to enquire about what I deed not understood during the normal class lessons.
Question 2
This unit (business ethics) have equipped me with a lot of problem solving skills which can be applied in different settings. The knowledge gained from this unit has been crucial in helping me to apply the knowledge gained to problems in appropriate environments. For instance, the gained has helped me to make rational decision in different settings in schools. For instance, I have find myself carrying litters to appropriate dustbins where they are sup post to be placed instead of just throwing them anyhow. I have learnt the importance of keeping the environment clean by disposing waste materials where they are sup post to be.
Whenever, I come across any running tap in school, I have learnt to do what is right by closing the tap so as to avoid wasting water. I strongly believe that the knowledge and skills gained in studying business ethics is crucial and essential in preparing me to work in different organization. Doing what is right and making rational decisions is what currently drives different organizations to success. I therefore , find the skills learned so far in this unit such as problem solving skills, decision making skills and the determination of what is right and wrong critical in preparing me to become a future leader in a given organization.
The knowledge and skills gained so far from this unit has tremendously improved my ability to communicate in a variety of contexts and modes. For instance, I have been able to engage with my group members and also create a range of verbal and written texts in appropriate work setting. For instance, I have been able to prepare speeches and also develop rational ideas in different groups I have had the opportunity to be in.
Question 3
It is prudent to not that the study of business ethics is critical to future managers. Business ethics equips aspiring managers with knowledge and skills which are fundamental in the success of the business. Business ethics enables the managers to understand what is wrong and good in business.
The study of business ethics is crucial to the aspiring future manager because it equips him/her with knowledge and skills that are crucial in improving the reputation of the organization which he/she is heading. Improved business reputation enables the manager to attract new customers as well as retain the existing customers. This in turn increases the volume of sales hence increasing the profit earned by the business. As we all understand, the main purpose for establishing business is to make profit and therefore, improved business reputation helps the manager to attract more customers and then eventually make more profits.
Business ethics enables the aspiring future manager to become a better businessman and human being in his/her business undertakings. The knowledge and skills acquired from studding business ethics changes the outlook and also influences the behaviour of the aspiring future manager. It equips the aspiring manager with a set of terminologies as well as conceptual framework which he/she can utilize to help him in making rational decisions concerning ethical issues. It enables him/her to weigh out the possible consequences of some of the business decisions thereby helping the aspiring manager to make moral distinctions so s to avoid certain fallacies which most managers fall in while making business decisions.
- Long-term growth
- Cost and risk reduction
Long-term growth; managers who practice business ethics are likely to enjoy long-term growth in the organization. This might results from attractive business reputation which in turn attracts many customers into the business. Large customer base translates into huge profits which are attractive and potentially allow faster achievements of certain strategic goals within the organization. Huge profit also ensures greater sense of success and also stabilizes the business.
Cost and risk reduction;
An aspiring future manager who is well equipped with knowledge and skills of business ethics is likely to reduce the cost and risks associated with acting unethically. For instance, business which fails to follow the government rules and regulations put in place to govern business is likely to be barred from participating in the market. Such business can also be charged huge fines which in turn increases the cost of production.
Actually, there is no doubt that doing what is right in business can lead to well being of that business. It is therefore prudent that companies embrace ethical behaviour in their pursuit of day to day activities. This is because; companies that embrace ethical behaviour in their day to day activities are likely to build strong reputation. For instance, strong reputation enables the business to attract many customers in turn translates to high profit for the business. One aspect of business ethics that I liked is how the business should be responsible to the employees, government, environment among others.
Work Cited
Jennings, Marianne. Business Ethics: Case Studies and Selected Readings. London: Cengage Learning, 2011.
Odies C. Ferrell, John. Fraedrich, Linda Ferrell, Ferrell. Business Ethics: Ethical Decision Making & Cases. London: Cengage Learning, 2011.
Shaw, William H. Business Ethics. London: Cengage Learning, 2010.
