Business Ethics

BUSINESS ETHICS

Q. What is a business?

A. Business is the process of surviving in the market, earning profit and eventually growing. Without growth, the business will become redundant.

A good business can only be one which has the initial potential of surviving in the market. Without the survival aspect, no business can flourish for long. Eventually the business changes and the focus shifts from mere survival to making money and growing consistently along with making profits.

Q. What is a company?

A. It is a formal organization that carries on some business and aims at benefitting all the stakeholders of that company (such as shareholders, employees, suppliers, distributors).

It is a collective effort of a team of people with similar goals.

Q. What is the role of a manager?

A. The role of a manager is to identify any problem, and be able to think in a way that is different from everyone else and thus come up with innovative solutions.

Even if the problem has occurred previously, an earlier solution will not solve the issue as effectively as it could be solved. This is what differentiates a good manager from an ordinary one.

Q. What is Business ethics

A. It is a set of values, that any organization strives to work by so as not to harm anybody and also not compromise on business profit/growth. Business ethics is something that needs to be ingrained in the minds of the future managers not just as a thought but as a moral imperative.

Business ethics will play a key role in economies such as our own, as it has over the years in other developed nations such as the United States of America. It is recently being recognised as