Social

• Business


  Any enterprise which makes, distributes or provides any service which other members of the community need and are willing to pay for it
• Economic activities

  • Profession
  • Employment
  • Business
• Profession


  An occupation carried on by professional people
• Employment


  A type of occupation under which one person provides his services
• Business


  An economic activity concerned with production and distribution of goods and service
• Important features and characteristics of business

  • Production or acquisition of goods
  • Generates employment
  • Continuous process
  • Profit is the basic motive
  • Risk or uncertainty of future
  • Creative and dynamic
  • Customer satisfaction
  • Social Activity
  • Government control
  • Optimum utilization of resources
• Satisfying basic needs


  One the basic needs is being fair, honest and ethical
• Building Credibility


  An ethical business organization that is propelled by moral values is highly respected in the society
• Connecting leaders and employees


  An organization driven by moral values is well regarded by its employees too
• Enhancing Decision Making


  The future of an organization is the total amount of all its decisions throughout its lifetime
• Continuing Gains


  Ethical businesses guided by moral values are profitable for a long period of time
• Protecting the Society


  Often ethics succeeds law in safeguarding the society
• Ethics should be integrated from the start, shaping goals and relationships within the organization. Businesses should consider social benefits alongside profit objectives
• Survival


  The goal of perpetuating one's biological being and averting to experience poverty, downfall, and death
• What Makes Profits Unethical?

  • Reducing or even not providing the required benefits due to employees to minimize costs
  • A company's marketing may contribute a lot to its generating of profits. A strong marketing strategy may increase brand awareness, pull customers towards the company and eventually produce profits
  • The process of producing some goods and the delivery of some services are sometimes done using unethical environmental practices. Often, companies wanted to generate profits to the detriment of the environment
  • Producing goods and providing services especially premium ones are costly
• Ethics


  It is basically ethics that decides whether certain actions, conducts and behavior are right or wrong, good or bad, moral or immoral and just or unjust
• Morals


  Judgments, standards and rules of right conduct in the society. Morals provide direction to people on acceptable behavior regarding basic values
• Features of Business Ethics

  • Code of Conduct
  • Based on Moral and Social Values
  • Gives Protection to Social Groups
  • Provides basic Frameworks
  • Voluntary acceptance for Enforcement
  • Requires Education and Guidance
  • Relative Term
  • Not against profit making
• Sources of Business Ethics

  • Religion
  • Culture
  • Law
• Normative Ethics


  The attempt to provide a general theory that would guide people how they ought to live and act
• Normative Ethical Theories


  • Virtue Ethics
  • Deontology
  • Consequentialism
• Kohlberg's Stages of Moral Development

  • Stage 1 - Simple Obedience Orientation
  • Stage 2 - Conformity to Group Behavior Orientation
  • Stage 3 - Good Boy, Nice Orientation
  • Stage 4 - Law-and-Order Orientation
  • Stage 5 - Social-Contract Orientation
  • Stage 6 - Universal-Ethical-Principle Orientation
• Niccolò Machiavelli, born May 3, 1469, Florence—died June 21, 1527, Florence, was an Italian statesman, historian, and political theorist
• Machiavellian Principles


  • Better to be feared than loved if one cannot be both
  • Gradual reward and immediate punishment
  • The lion and the fox
  • Envy and drive
  • The end justifies the mean
  • Cycle management forms
  • Promote criticism and frankness
  • Always make a choice
  • Don't micromanage, but center on one goal
  • Let passion be the basis of one's business
  • Capture the zeitgeist
  • Make friends and avoid enemies
  • Be cautious of "yes"
• Leaders


  • Must be flexible and ready to evolve
• Promote criticism and frankness


  Feedback from subordinates is crucial for growth, and leaders should encourage honest communication
• Approach decision-making cautiously


  Carefully weigh the potential problems associated with each option, sometimes the best choice is the "lesser evil"
• Don't micromanage, but center on one goal


  Focus on the main goal and trust employees to handle their responsibilities, avoiding unnecessary interference
• Let passion be the basis of one's business


  Nothing is too big and nothing is too difficult when a task to be done is to one's liking
• Capture the zeitgeist


  Leaders must stay attuned to the business environment and adapt to emerging trends to stay ahead
• Make friends and avoid enemies


  Networking and building relationships can open doors and create opportunities for your business
• Be cautious of "yes" people


  People only think of their own interest
• Deal with business threats promptly


  Proactively addressing threats helps mitigate potential damages and maintains productivity
• Learn from the greats


  Successful leaders learn from the experiences and wisdom of others, seeking mentorship and emulating effective strategies
• Utilitarianism


  Emphasizes outcomes, aiming to maximize happiness for the greatest number of people. Often used in ethical decision-making, including in military and business contexts
• Four elements of utilitarianism in business

  • Consequentialism
  • Welfarism
  • Individualism
  • Aggregation
• Consequentialism


  Judging actions based on their outcomes, in business this means focusing on results rather than following strict moral or ethical guidelines
• Welfarism


  Judging actions based on how they affect society's well-being, in business this can mean giving employees better wages and benefits to improve their happiness and overall welfare
• Individualism


  Asserts that people seek happiness and will act in ways that benefit themselves, in business this means focusing on things like higher profits, better customer satisfaction, and a good reputation to achieve happiness
• Aggregation


  Judging actions based on their ability to benefit everyone involved, in business this means increasing profits while also considering the well-being of stakeholders like customers, employees, suppliers, the local community, and the government