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Business Ethics

#5 Basic Ethics for Business-owners To Follow

Business ethics must go beyond mere laws and regulations
#5 Basic Ethics for Business-owners To Follow
Image credit: graphicstock
Former Freelancer
3 min read
Opinions expressed by Entrepreneur contributors are their own.

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It is important for business-owners to create the credibility of operating an honest business, where their employees are proud of what the leaders have achieved and how they have achieved it. To do this, businesses must work with some fundamental ethics to provide a work place that can be an example for other companies to follow.

Business ethics must go beyond mere laws and regulations. Also, ethical and economical values are interrelated and strengthen the foundation of an organization. This attracts and retains talents, who value a competent and responsible employer. Operating in a principled method is indispensable to the success of a business. Customers, regulators and other stakeholders expect businessmen to be transparent, far-sighted, responsible and fair.

Entrepreneurs with strong ethical company culture shares their opinion on the importance of business ethics. Read on!

1. Trust is Essential to an Organization’s Core Values

Jaideep Raha, Managing Director of Jetex Oceanair, said trust is essential to an organisation’s core values and leadership aspects. “Building trust is a continuous process. It is done by acting with integrity and putting up a high standard of honest, safe and transparent business tradition. Behaving ethically in communities where we operate is critical to encourage the confidence of customers and other stakeholders. This trust element should be instilled with every business action and decisions made,” he opined.

2. Excellence Always

Businessmen have the responsibility to ensure that they deliver sensible and better results, which are in-sync with their policy and the requirements of the shareholders. “Before expecting employees and vendors to deliver the very best, make sure you do the same. Being a leader you set the example for others. What you do, others follow,” he warned.

3. Responsibility is the Crux

Responsibility is a very important component and forms the very foundation for a company’s principles. First priority should be warranting the safety of co-workers and the community and the environment.

“Take steps to do everything needed in order to operate in a socially responsible way and bring innovative leadership in your industry. Responsibility also includes listening to customers and deliver high standards of value and services,” advised Dhrubajyoti Sengupta, Founder of Explicit Corporation, a 25-year-old branding, image building and corporate gifting company.

4. Focus on People

Human resource is the food on which a company thrives. Your co-workers not only give shape to your dream but also make sure that the company delivers what it promises. They make the show go on.

Sengupta agreed that employees were the pillars of strength of an organization and the skill, commitment and aptitude of the diverse profiles together constitute its success stories.

5. Accountability is in Understanding How we Should and Should Not Act

Accountability is being mindful about what we have to do and what we should rather not do. According to Chaity Ghosh, Founder of Phreedom4ever, an event management company, we are all accountable for the results and effects of our actions, behaviours and decisions.

“In business, leaders’ actions greatly impact the employees, customers, shareholders and the communities in which they carry out operations. The leader is accountable for providing reasons for his associates, employees and others about how they ought and ought not to act,” maintained Ghosh.

Making ethics the pivot of a business organization actually facilitates a richer and more fulfilled life. To take business ethics seriously, is to be the role model to the society and to be the change we want all to see.

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