Chapter 7 Notes

Chapter 7 Notes - Chapter 7: Preparing a Proper Ethical...

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What is ethical and what is not is not always clear. Ethical behavior is at the core of long-term success. 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. I. 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. Organizations should have both —a code of ethics & ethics training programs to assist in promoting business ethics among their employees. II. Ethical dilemma - a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical. III. Choosing An Attorney For The New Firm: 1. Experience & Expertise - familiarity & success with start-up issues 2. Be creative in setting services and payment policies: Group together legal matters Offer to assist the attorney Ask your attorney to join your advisory board Use non-lawyer professionals Negotiate prices and terms Seek “Additional Value ” in developing all business relationships IV. Ethically Departing From An Employer: 2 Guidelines: 1. Behave professionally:
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Chapter 7 Notes - Chapter 7: Preparing a Proper Ethical...

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