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CHAPTER 7 PREPARING A PROPER ETHICAL AND LEGAL FOUNDATION What is ethical and what is not is not always clear. Ethical behavior is at the core of long-term success because it provides the glue that binds enduring successful business and personal relationships. Founders have the right and responsibility to exert a moral force within the business Ethical and legal errors made early on can be costly for a new venture down the road. Establishing a Strong Ethical Culture 1. Lead By Example. The most important thing that any entrepreneur, or team of entrepreneurs, can do to build a strong ethical culture in their organization is to lead by example. 2. Establish a Code of Conduct - is a formal statement of an organization’s values on certain ethical or social issues. The advantage of having a code of conduct is that it provides specific guidance to managers and employees regarding what is expected of them in terms of ethical behavior. 3. Implement an Ethics Training Program - teach business ethics to help employees deal with ethical dilemmas and improve their overall ethical conduct. Orgs. should have both —a code of ethics & ethics training programs to assist in promoting business ethics among their employees. Ethical dilemma - a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical. Choosing An Attorney For The New Firm i. Experience & Expertise - familiarity & success with start-up issues ii. be creative in setting services and payment policies
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- Group together legal matters - Offer to assist the attorney - Ask your attorney to join your advisory board - Use non-lawyer professionals
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This note was uploaded on 03/28/2011 for the course MNGT 305 taught by Professor Chadwick during the Spring '11 term at Nicholls State.

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