A Definition for Business Ethics

Business ethics has garnered an increased attention in recent years, especially with the economic condition getting worsen during the past year. Generally, business ethics is the written and unwritten codes of principles and values that govern decisions and actions of a business.

If you were to give a definition for business ethics, what would that be?

The definition for business ethics is a subjective one, for everyone’s moral standards are shaped by all sorts of things, from home environment to religious upbringing to cultural traditions.

A Definition for Business Ethics

Bnet Business Directory:
A system of moral principles applied in the commercial world. Business ethics provide guidelines for acceptable behavior by organizations in both their strategy formulation and day-to-day operations.

Business Dictionary:
Moral principles concerning acceptable and unacceptable behavior by business people.

Buzzle.com:
Business ethics are moral values and principles, that determine our conduct in the business world. It refers to the commercial activities, either with other business houses or with a single customer. They can be applied to all aspects of business; from generation of an idea to its sale.

Columbia Encyclopedia:
The study and evaluation of decision making by businesses according to moral concepts and judgments. Ethical questions range from practical, narrowly defined issues, such as a company’s obligation to be honest with its customers, to broader social and philosophical questions, such as a company’s responsibility to preserve the environment and protect employee rights.

Encyclopedia of Judaism:
Basic rules of conduct in transactions of all kinds (including business dealings) between every man and his neighbor.

Philosophy Dictionary:
The branch of ethics that analyses problems and dilemmas created by business practices

A Definition for Business Ethics, Summary

It is interesting to note that in the business world, the legality of a course of action may be utterly irrelevant to its “rightness.”

As stated above, business ethics (especially the moral part of it) is a very subjective issue, pretty much depends on the social environment, the religious influence and traditional culture.

However, there is sure to be a certain guideline to follow to practice a good business ethics.

Publicity test is a sure fire way to make sure that your business decisions are truly ethical.

How? Jusk ask yourself this simple question: “How you would feel if your actions were published in your hometown newspaper?”

If you would be comfortable having your parents, grade school teachers, and other people find out what you did, chances are that your decision is an ethical one.

“I have always recognized that the object of business is to make money in an honorable manner. I have endeavored to remember that the object of life is to do good.” - Peter Cooper, American Inventor, Manufacturer and Philanthropist

Even though in Wallace Wattles The Science of Getting Rich, there is nothing wrong in wanting to get rich, always remember that present value of income stream for your business and to find a larger purposeful life is always much more recommended than just chasing for monetary victory or profits itself.

To your success !

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