Business Ethics reflect on the fundamental principles that form a particular company. Business ethics should be distinguished from the philosophy of business, the branch of philosophy that deals with the philosophical, political, and ethical underpinnings of business and economics. However, it is imperative that the small business owner not make the same mistake that larger organizations often do; the ethical policies that a business develops must not be in conflict with the organizational goals.
Wasted time on the job is free money for the employees, but costs employers billions of dollars in lost productivity. Learning ethics under all three theories (and engaging in ethical behavior) has a significant voluntary component. Ethical businesses may not always live up to their ideals, but they are clear about their intent.
Big financial corporations set up insurance companies that cater to these insurance needs. I have an imposing personality with sound business ethics and work values. Running our businesses based on Christian standards doesn’t mean letting people walk all over us. I think we can look at Jesus for our example in this.
9. Business Ethics are values-based. However, some ethics are universally maintained by businesses and their breach is almost like a legal offense. While there may be “newcomers” to embracing ethics in business, ethical and responsible conduct have always been the standard at many companies.
Taking an insurance cover is paying some amount of money called the premium, to an insurance company, in lieu of which, they take your financial risk on their head. Many times business owners are worried that having textbook business ethics will cause their business to fail because of reduced profits, when actually the opposite is true.