Ent_4 - MNG00314 Entrepreneurship Topic 4 Developing an...

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MNG00314 Entrepreneurship Topic 4: Developing an Entrepreneurial code of ethics
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Learning Objectives On completion of this topic, you should be able to: discuss the importance of ethics for entrepreneurs • detail the role of ethics in a dynamic business environment • develop strategies for establishing ethical responsibility • explain the challenge of social responsibility • discuss the role of social networking in the entrepreneurial process. .
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Defining Ethics Ethics provide the basic rules or parameters for conducting any activity in an ‘acceptable’ manner Ethics represent a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong Ethics outline moral duty and obligations
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Conflicts of Ethics Business enterprises are confronted by many interests both inside and outside the organization (stakeholders) Society is undergoing dramatic change, values and societal norms have gone through evolution over years
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An Ethics and Legal Framework Illegal Unethical Legal Decision Ethical Quadrant II: Ethical and Illegal Quadrant III: Unethical and Legal Quadrant IV: Unethical and Illegal Quadrant I: Ethical and Legal
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Overlap between Moral Standards and Legal Requirements
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Managerial Rationalizations Four rationalizations managers use for justifying questionable conduct: The activity is not really illegal or immoral It is in the individual’s or the corporation’s best interest It will never be found out Because it helps the company and the company will condone it.
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Table 6.1 Types of Morally Questionable Acts
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Major Problems Regarding Laws Reflecting Ethical Standards The moral standards of members of society may be based on a lack of information relative to issues of corporate conduct.
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