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Are You An Entrepreneur? Here Are Few Basic Ethics of An Entrepreneur In 2021

Here Are Few Basic Ethics of An Entrepreneur In 2021

Ethical Principles are ethical values translated into active language establishing standards or rules describing the kind of behavior on ethical person should and should not engage in (Josephson Institute, 2010). The following principle represents the kind of behaviours expected from every ethical entrepreneur (business executive) as presented by Josephson Institute (2010).

1.Honesty

The virtues of honesty and truthfulness are the hallmark of ethical executives. Such
entrepreneurs do not deliberately mislead or deceive others by misrepresentations, overstatements, partial truths, selective omissions, or any other means.

2.Integrity

In a nutshell, ethical entrepreneurs are principled, honourable and upright. They
courageously fight for their beliefs. They exhibit personal integrity and the courage of their convictions by doing what they consider to be right even in the face of pressure to do otherwise.

3.Promise-keeping and trustworthiness

Ethical entrepreneurs make a very reasonable effort to fulfill the letter and spirit of their promises and commitments. They are trustworthy. They call a spade by its name. They do not interpret agreements in an unreasonably technical or legalistic manner as a means of rationalizing non-compliance, or creating justifications for escaping their commitment.

 

4.Loyalty

Ethical entrepreneurs are ever loyal to persons in their business organization and the organization they are working for. They demonstrate friendship in adversity, and support and devotion to duty. They do not divulge confidential information no matter what they personally stand to gain by so doing. Such executives ensure they do not compromise their right to independent professional judgment by guarding against undue influences and conflict of interest. They cannot accept another employment without providing reasonable notice to their former employer. They will ever refuse to seek cheap popularity with their new organization through castigation of their former employers or engaging in any activities that take undue advantage of their previous positions.

5.Fairness

Ethical entrepreneurs are fair, just, and treat individuals equally. They tolerate and accept
diversity, are willing to admit they are wrong and, where appropriate, are to change their
positions and beliefs. They do not exercise power arbitrarily, and neither use overreaching nor indecent means to gain or maintain any advantage. They do nottake undue advantage of another‟s mistakes or difficulties.

6.Concern for Others

Ethical entrepreneurs strive to achieve their business objectives in a manner that causes
the least harm and the greatest positive good. They treat others the way they would like to be treated. They are caring compassionate, benevolent and kind.

7.Respect for Others

One of the traits of ethical entrepreneurs is respect for others. They show great respect for the human dignity, autonomy, privacy, rights and interests of all stakeholders in their decisions. They are imbued with the sense of courtesy. They treat all persons with equal respect and dignity irrespective of gender, race, socio -economic status and race.

9.Commitment to Excellence

Ethical entrepreneurs are sticklers to excellence. In the performance of their duties they are Informed and prepared and always striving to increase their proficiency in all areas of responsibility.

10.Leadership

Ethical entrepreneurs appreciate the responsibilities and opportunities of their position of leadership. In keeping with this they strive to be positive role models by their own conduct and by helping to create an environment in which principled reasoning and ethical decision making are highly prized.

11.Reputation and morale

Ethical entrepreneurs appreciate the need to maintain their organizations‟ good reputation while at the same time building the morale of their employees. They do these by engaging in no conduct that might undermine respect and taking whatever actions are necessary to correct or prevent inappropriate conduct of others.

12.Accountability

Ethical entrepreneurs are willing to be held accountable for the ethical quality of their decisions and omissions to themselves, their colleagues, their companies, and their communities.

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