Business Ethics: Meaning, Importance

In society and business when the term “ethics” is mentioned what comes to mind too many people is the practice of expressing good values and morals in making the best choices in their personal and professional life. Generally, ethics is how we must act or behave because our conduct is affected by our morals. In my paper I will attempt to describe how these roles of ethics and social responsibility can go corrupt were the ethics are no longer practiced. In the business panorama, for the past several years, ethics has become a much commented topic.
Even though the term, ethics, is not new it has turn out to be a highly talked about topic ever since the Enron scandal happened several years ago. It is well known, that the general public is more and more involved and attentive in the activities that businesses organize, the businesses must be at their best behavior at all times. The general public and Stakeholders have a good understanding as to what businesses do and they could distinguish when businesses are not doing ethically the right thing. This could cause the businesses a high risk because these stakeholders and general public will quickly stop believing in them. Nowadays, there are two sensitive topics, the way businesses deal with the environment and how they are handling their finances.
If the stakeholders and general public find out that a specific business is hurting the environment or don’t have a strategy to avoid injuring the environment they will have a serious public relations and financial problem. As well, as it happened with Enron, if the stakeholders find out that there is somewhat unethical about the financial transactions inside the company, the companies can risks serious hardship including bankruptcy. Today, it is important that companies consider these roles seriously while developing a strategic plan.

Also, there is a bigger awareness about the environment and daily social topics such as bullying, cancer, global warming, drinking and driving etc. The stakeholders and general public want and need companies to be sensitive to these topics because they affect all of us. When companies establish the fact that they care about these issues, identify and want to do something about them, the general public will definitely identify with the companies. Currently, we can see this matter in recently days with the organization Susan G Komen, when different companies back up and sponsor them with much enthusiasm.
If the companies do the right thing the general public will always back them up. In other words they will back up the companies that show ethical behavior. Basically, ethics is just following the rules and doing the right thing. Also, doing the things that are not in black and white but you know it’s the right and best thing to do. The general public wants companies that strive in a legal fair manner.
The public wants companies who can share the truth about their financial records, companies who can follow the law and regulation. In the EAI (ethics awareness inventory) my ethical summary is closely line up most with obligation and least closely aligned with equity. The other profile qualities involved in the inventory were results and character. My personal opinion is that ethics plays an important role when you are being raised and with the people you look up to and acquaintance with. Maturity sets in as you grow older and one has the chance to apply what has been learned through different individuals in one’s lifetime.
Now that we are part of a company it’s important to continue to use what has been learned because along the way our employer and stakeholders will be grateful for it. In my experience I keep on getting ethical as time has gone by and have also learned that it feels good to always do the right thing, for yourself and others. Also read Career Reflection Paper
Conclusion
In conclusion, whether we are stakeholders in any business or a student, mother, sister, daughter we are leaders, and we have a great responsibility to practice being ethical at all times. By having a clear understanding of personal morals, values and ethics practices affects one’s behavior at home and in the workplace. I truly comprehend the importance of leading by example because whether I want to or not I have friends, families and a society observing my conduct every time.