Business Ethics for Unseasoned Entrepreneurs: Trends and Concerns for Professionals and Stakeholders

Ethics play a major role in today’s "arm’s length" business transactions, and in turn, those transactions play a major role in the lives of all stakeholders. Taking a closer look at today’s business ethics and how each party is affected can benefit all the participants in this dynamic process.

Many entrepreneurs are new or relatively new to the business world and can be somewhat naïve about common business practices that have evolved over time. Questions arise such as, should a business have morality, or is that a human characteristic? Should all executives, managers, and employees answer to the same set of rules for ethical conduct? Are ethical standards the same for a person at work as they are when that person is not at work? Who is guilty if an employee performs an unethical or illegal act while working for a company? What should be done if an employee calls attention to unethical practices that are condoned by the company? Are there any correct answers or do the answers depend on the situation and circumstances?

Recently, major unethical and/or illegal acts have been exposed in many of our corporations This discussion will hopefully better equip our business leaders and young entrepreneurs to deal with ethical questions arising from situations in which they find themselves.

This paper was presented by Michael W. Boyd of the University of Tennessee at Martin at the 2004 Allied Academics International Conference in New Orleans, Louisiana.

ABSTRACT

This manuscript looks at the importance of ethical behavior and decision-making in today’s business operations. It points out who is involved and some of the ramifications of unethical business dealings over time. Ethical standards are entwined throughout our companies today no matter what their size. It is imperative that young entrepreneurs understand how some of society’s accepted actions have evolved over time and the problems that can arise if not checked in the early stages of start up for new businesses. To develop an organization that normally operates ethically in all of their dealings the founder needs to set the trend early in the company’s life span.

Read the Entire Paper… http://www.sbaer.uca.edu/research/allied/2004/entrepreneurship/pdf/09.pdf