Business Ethics and Leadership

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Recommended: Explain the ethical issues a business needs to consider in its operations activities

Question 1

Business ethics can be defined as written or unwritten codes of principles or values that govern decisions and actions within an organisation [1] Business ethics is talked about in terms of ethical conduct of the total business as well as each employee individually and within its community or society. [2]

*Business ethics is a system of moral principles applied in a commercial world, it is knowing between right and wrong and of course choosing to do what is right, it also provides guidelines for acceptable behaviour by different organisations. [2]

Business ethics control/affect any decisions that any business member makes. Business ethics help keep and attract investors, customers and employees [3] as ethics and morals are an important part of any individual’s life, either personal or business. Strong business makes employees more comfortable and have a peace of mind of knowing that they are not doing any unethical practices indirectly and investors have the peace of mind of knowing that their money is being put to good use.

There are three different types of ethics:

• Descriptive ethics: describes how people behave or the moral standards which they follow.

• Normative ethics: Making or evaluating moral standards and seeing whether those moral standards are reasonable or not.

• Analytical ethics: Study of assumptions/decisions people make under normative ethics [2]

If a business commits an unethical act and customers/investors find out about it, they could feel uncomfortable and pull out of the business. Ethics are about the moral judgements of an individual and how they judge right and wrong in a certain situation. Decisions made by an individual in a company are affected by the culture of the company – howev...

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...nce-of-business-ethics/. [Accessed 25 April 2014].

4 The Times 100 - Teaching business studies by example. 2014. The Times 100 - Teaching business studies by example. [ONLINE] Available at: http://www.businesscasestudies.co.uk. [Accessed 25 April 2014].

5 Business values | Queensland Government. 2014. Business values | Queensland Government. [ONLINE] Available at: http://www.business.qld.gov.au/business/starting/business-planning/business-values. [Accessed 25 April 2014].

6 The importance of company values . 2014. The importance of company values . [ONLINE] Available at: http://www.changeboard.com/content/3639/leadership-and-management/employer-branding/the-importance-of-company-values/. [Accessed 25 April 2014].

7 Hannelize Jacobs, Mohammed Kara, Theuns FJ Oosthuizen (2014).Business Management a contemporary compilation. 2nd ed. Roodepoort: FVBC. P232.

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