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Business Ethics Definition and Principles of Business Ethics

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Business Ethics Definition – One of the keys to success in business is ethical and good decision making.

With the ethics of doing business, it will direct companies or individuals to behave in ways that are socially responsible and also ultimately motivated by profits.

When you know the difference between right and wrong, this will be the main foundation for decision making.

Business ethics examples problems include someone facing a situation where they must choose between ethical or unethical actions.

Ethics can be defined as a moral benchmark used to judge something right or wrong.

Business Ethics Definition

What is business ethics?

Definition of business ethics is a set of accepted moral values and standards of corporate behavior in a business organization.

According to Kirk O. Hanson, a well-known ethicist who also serves as the Executive Director of Markkula Center for Applied Ethics stated that the notion of business ethics is the study of standards of business conduct that encourage human well-being and kindness.

Own business ethics can be realized both as written and unwritten moral standards that are important for the activities and future of a business organization.

These business ethics standards can differ from company to company due to cultural differences, operational structure, and strategic orientation.

The Principles of Business Ethics in the company

 

the principles of business ethics are a general standard for determining right or wrong against the behavior of a company or individual.

With the principles of business ethics can provide guidance for making decisions but also they can set certain criteria so that the decision can be assessed by others.

Following are the principles of business ethics:

1. Honesty

One of the keys to success and foundation of trust in business is the principle of honesty.

Honesty is the most important principle in business ethics because honesty can help success in business.

The principle of honesty is a sign of compliance to carry out commitments and agreed to work.

2. Integrity

To gain trust from others is to have and maintain personal integrity.

Integrity is a good character that is shown by the synergy between thoughts, words, and actions.

To maintain the value of integrity requires courage and strength for the mind to do the right thing even when faced with a larger nominal.

Basically, this principle teaches that business people can run their business while maintaining the company’s reputation.

3. Commitment

Business Ethics Definition and Principles of Business Ethics so that you can be trusted is that they will be committed to fulfilling their responsibilities and duties.

They will never interpret all their commitments by improperly rationalizing non-compliance or creating an excuse to give up their commitment.

5. Loyalty

Showing loyalty and devotion to individuals or institutions even in difficult conditions will make you worthy of trust.

They will not use or disclose any confidential information for personal gain.

With the principle of loyalty, they will be loyal to companies or colleagues and work professionally and independently to avoid conflicts of interest.

6. Justice

The hardest thing about running a business is being fair because we will often clash with choices that are unfair but potentially more profitable.

In the principle of business ethics, this is classified as very unethical and unfair even though it can provide opportunities for progress and profit.

In this principle, you must make everyone care about the principle of justice and also ensure that your company does the right thing.

7. Concern

Caring for others is very important in ethics even in a business.

When talking about ethics in the company, this concern can include concern for employees, customers and business partners.

If practices are found that can potentially harm employees, customers or business partners, this practice can be regarded as an unethical practice

 

Now that was the Business Ethics Definition and Principles of Business Ethics.

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