What are Ethical Values?

In simple words, if we talk about Ethics, it means rules, regulations, policies or values on which company is based. Ethics are the foundation of a good company; it helps us to create a thin line between what is right or wrong. Every company should have ethical values, and these values should be apparent to employees, shareholders, stakeholders, customers and everyone who is connected to the company directly or indirectly.

To be an entrepreneur, it is imperative to understand the concept of ethics; moral values are not only to be written on a paper, but values also need to be adopted by each person related to the company.

A good Entrepreneur will never convey a false promise or portray a false image in public. He knows very well that he can be a successful entrepreneur only when he will work along with ethical values. They can lay a moral foundation by ensuring that they fulfil their promises. They should provide excellent quality products to consumers, should play a fair game, and be a part of healthy competition.

Reasons to be an 

  • Ethics define the standards and behaviour of a company if an entrepreneur creates an excellent ethical framework it helps in rapid growth, handling changes and competition and in building a cooperative and healthy environment in the organisation. Employees are aware of rules and policies. Thus, they work accordingly reasonably and in acceptable behaviour. One should always achieve success with ethical values.
  • Ethics help an entrepreneur to be socially responsible. There is a concept of social responsibility which nowadays many organisations are following. This tells an organisation that its only motive is not to earn profit but also be responsible for helping those people who make them earn the profit. The companies like Amul, Tata and many are socially responsible. Giving charity, being strictly against child labour, women empowerment is all part of social responsibility.
  • An ethical entrepreneur will always provide superior quality products. The company under him will give right before and after sale services. It is recommended that one should always make promises which can be fulfilled. An ethical entrepreneur will never cheat his customers to repeat business. Ethical values help in building good company reputation, which helps in its growth.
  • Ethics help an entrepreneur to deal with his employees honestly. Providing fair wages, compensation and incentive. Creating a confident and responsible culture in an organisation, giving an opportunity for professional growth to employees. Employees will be aware of illegal activities so will not touch those matters, and will work according to what is expected from them.
  • Maintaining a code of ethics helps in dealing with illegal matters. An entrepreneur will be clear with what is right and wrong. This will assist him in avoiding violation of rules and policies. Ethics decide your action if any offence has been done you will be clear with what action needs to be taken.
  • A successful entrepreneur knows that if his company does not adopt ethical values, then it will be a significant barrier. It is not a new concept or just information for the organisation. It is a foundation or basic rules and principles of the company, being loyal, fair, honest, providing justice, excellent service all these are ethical values.

If you think your company is not working according to ethical values, then it is high time to revise and communicate it to everyone related to your company, because it will enhance company’s goodwill and growth. Ethics should be well informed in easy words, should be in writing, so that shown as proof if any corruption or violation is done.  Decisions or choices of an entrepreneur should be based on ethical values; it will make him correctly do the right thing. For an entrepreneur working with moral values is not always straightforward. But taking ethical shortcuts may give short-term success. In long-term it would affect company’s reputation, growth. For example, if you are hiring an employee with less education because he is demanding less pay or he is your relative, it might be helpful for some time, but in the long run, he would not be able to compete with upcoming technologies and competition, which would affect the company.

To sum up, whether small or significant enterprise for entrepreneur ethical values is critical for long-term survival in society, company’s which follows ethical values are always accepted by consumers; an entrepreneur is a part of the community so he should always be concerned about it and improve it. Ethics and entrepreneur work together, a good entrepreneur will never forget the importance of values in his daily work routine and follow them while carrying out every task and will motivate employees to do so with the only motive survival in the market.