Ethical Practices and Values as a Means to Business Sustainability

Introduction

In today’s world, different types of business have emerged and business operations have become the cornerstone of making a success, however the way in which they are operated is what is important. Most businesses hunt the main objective of making a profit without considering how that might affect other factors of society and that is what in most cases diminishes the longevity of the organisation.

This research is compiled to explain how good ethical practices and good values in business can yield sustainability within the business and the society as a whole and in order to do this the concept of ethical business practice and values have to be understood.

Decades ago, the perception of ethics and values in business practice has always been associated with business failure as entrepreneurs had the “eat or be eaten” mind set – which in essence means that one must do whatever it takes to reach the desired goal, which in the case of a business means that the businesses has to make a profit no matter the cost. As the standard of living advanced so did the ways of doing business – business ethics supervened. Government introduced legislations and acts in order to shape up the business practices so that businesses and society could coexist peacefully; this has helped, however issues such as corruption, bribery and insider trading still occur thus understanding the importance of business ethic is very important.

Business ethics

Business ethics is a branch of ethics that guide an organisation to practice good morals and principles in its operations, business ethics examine questions of moral right and wrong when making decisions in and organisation bearing in mind that whatever one decides on behalf of an organisation will not...

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... everybody. Everybody can participate in a decision. We work together, and that's very important in leadership” – says Ted. He

References

 Nieuwenhuizen, C, & Oostheuizen TFJ, (2014), Business Management – a contemporary compilation, 2nd Edition, Future Vision Business Consultants, Roodepoort.

 Leonard, D, & McAdam, R, 2003, Corporate Social Responsibility, 23, pp. 27 – 32.

 Nieuwenhuizen, C, & Oostheuizen TFJ, (2014), Business Management – a contemporary compilation, 2nd Edition, Future Vision Business Consultants, Roodepoort.

 Nieuwenhuizen, C, & Oostheuizen TFJ, (2014), Business Management – a contemporary compilation, 2nd Edition, Future Vision Business Consultants, Roodepoort.

 Hann, Christopher, 2014, 5 Influential CEOs Weigh in What Makes a Good Leader, Entrepreneurs, 25, February, 2013, http://www.entrepreneur.com/article/225804, 25, February, 2013.