The concept of business started as a means to exchange goods and services. It started becoming difficult for societies to sustain themselves with what they had and had to start exchanging good and services. Over the years, the business has become so important that to even perform the most basic of the activities; we need to go out and buy some product which again is a part of trading in any business.
In our everyday life, we see so many businesses establish in front of our own eyes. They may range from a business that is being handled by a single person or even a multi-dollar company would also be known as a business. The main reason why a person or a group of people start a business may vary.
Some wish to achieve a lot of profit from their business to sustain and make their stakeholders happy while some solely open or establish a business which is not for profit and just wish to bring a change in the world. One has to understand that student teaching younger children after his college hours to earn money is also a form of business. There is a huge diversity of businesses in the whole world which is the main reason why consumers get to choose from a variety of options.
All the decisions taken in the organization or company, be it at the top level or at any level for that matter is very important and should be taken ethically. Any wrong decision that is taken on the basis of discrimination or bribery or any other unethical activity that is not acceptable as per the law or basic moral value or the specific code of conduct in terms of behavior can lead to a very bad and unbuildable reputation and image of the company or organization which is dangerous at so many different levels.
The most important and obvious stakeholders with whom all the business must be maintained are the customers. The customers are the kings of your business and doing any unethical play with them in terms of wrongful advertisements or selling at a higher price or any other reason is unacceptable and wrong. This will negatively impact the customers.
Adulteration is also one of the biggest unethical measures done by various businesses to the customers and must be kept in mind while taking such steps. Another important stakeholder is the employees of your company. These are the people who are making your company or organization what it is actually is. The right functioning of your employees makes your product or service sold at an amazing price and hence the needs of the employees must always be kept in mind. Maintaining ethical standards in the workplace are also very important for any organization or company.
Any company or organization that has a pool of diverse people working in their environment without being discriminated and being asked to work in harmony and love is that company or organization that will be respected by most of their stakeholders. A diverse group of people coming together to work in one environment in order to make sure that all of them work towards achieving one goal is absolutely amazing and is respected a lot. Getting into diversity-related issues, on the other hand, make a very negative impact on the company or organization in terms of ethics.
Businesses are also the reason why there is so much competition in the market. This is healthy for the business environment because it leads to a lot of innovation in the market. Businesses have become so creative and innovative with their products and services and even with the way they market and advertise as well as promote themselves on a regular basis.
This type of uniqueness separates a few businesses from the others in terms of innovation, quality, product and services provided, brand image and reputation, corporate positioning and many more. The idea of business is no longer just to sell, it is to provide the best products and services and perform a variety of corporate social responsibilities, promotional techniques as well as advertisement techniques in order to sustain themselves in the market.
Understanding business ethics and following the law is the key to establishing any business. There are so many businesses that follow their own set of business principles and values which set them aside from their competition and make it stand out in the crowd. This is also known as Good Citizenship and is followed by a lot of organizations which sometimes become the unique selling proposition of that particular company or organization.
The business ethics are a list of moral values that a business must follow while performing all the necessary operations. It is the decision between choosing what is right and what is wrong.
It is very easy to distinguish what is an unethical business activity once it is done. However, it is very difficult to define ethical business activities because moral values are different for different people. There are certain codes of behavior that are expected to be fulfilled by all the businesses. Following business ethics has a positive impact on the business.