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    Lecture#6

    Uploaded by

    Hadeel Ehab
    This document discusses business ethics and social responsibility. It outlines the benefits of maintaining high ethical standards in business, including protecting reputation, attracting quality workers, and positively impacting the bottom line. It also identifies factors that drive business ethics like corporate scandals, competition, and demands from investors and customers. The document provides an ethical framework for entrepreneurs to guide decision making and addresses why ethical lapses occur. Finally, it briefly introduces social entrepreneurship and how it tackles social challenges.

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    Lecture#6

    Uploaded by

    Hadeel Ehab
    17 views11 pages
    This document discusses business ethics and social responsibility. It outlines the benefits of maintaining high ethical standards in business, including protecting reputation, attracting quality workers, and positively impacting the bottom line. It also identifies factors that drive business ethics like corporate scandals, competition, and demands from investors and customers. The document provides an ethical framework for entrepreneurs to guide decision making and addresses why ethical lapses occur. Finally, it briefly introduces social entrepreneurship and how it tackles social challenges.

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    This document discusses business ethics and social responsibility. It outlines the benefits of maintaining high ethical standards in business, including protecting reputation, attracting quality workers, and positively impacting the bottom line. It also identifies factors that drive business ethics like corporate scandals, competition, and demands from investors and customers. The document provides an ethical framework for entrepreneurs to guide decision making and addresses why ethical lapses occur. Finally, it briefly introduces social entrepreneurship and how it tackles social challenges.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views11 pages

    Lecture#6

    Uploaded by

    Hadeel Ehab
    This document discusses business ethics and social responsibility. It outlines the benefits of maintaining high ethical standards in business, including protecting reputation, attracting quality workers, and positively impacting the bottom line. It also identifies factors that drive business ethics like corporate scandals, competition, and demands from investors and customers. The document provides an ethical framework for entrepreneurs to guide decision making and addresses why ethical lapses occur. Finally, it briefly introduces social entrepreneurship and how it tackles social challenges.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    1

    Lecture # 6

    Entrepreneurship and Business


    Development

    Textbook / Chapter 2
    Ethics and Social Responsibility: Doing
    the Right Thing
    The Benefits of Moral Management

    Earning a profit does not conflict with maintaining high


    ethical standards.
    1. Avoid the damage to a company’s reputation that results
    from unethical behavior.
    2. Dealing with diverse stakeholders is easier with a solid
    ethical foundation.
    3. Attracting and retaining quality workers is easier.
    4. Ethical behavior has a positive impact on a company’s
    bottom line (Strong employee commitment).
    5. A company’s ethical philosophy determines its ability to
    provide value for its customers.
    2
    Reasons to Run a Business Ethically

    1. Protect brand and company reputation

    2. It is the right thing to do

    3. Maintain customers’ trust and loyalty

    4. Maintain investors’ confidence

    5. Earn Public acceptance and recognition

    3
    Factors That Drive Business Ethics

    1. Corporate scandals

    2. Marketplace competition

    3. Demands by investors

    4. Pressure from customers

    5. Globalization

    4
    An Ethical Framework

    Entrepreneurs must develop an ethical framework to guide


    them and the organization in making decisions.
    Step 1: Identify the personal moral and ethical principles
    that shape all business decisions. (Community influence)
    Step 2: Recognize the ethical dimensions involved in the
    dilemma or decision (the expected impact).
    Step 3: Identify the key stakeholders involved and
    determine how the decision will affect them (Triple
    bottom line “Profit, people, and planet”).
    Step 4:Generate alternative choices and distinguish
    between ethical and unethical responses (Asking and
    answering questions).
    Step 5:Choose the “best” ethical response and
    5
    implement it
    Why Ethical Lapses Occur

    An unethical employee “bad apples”


    An unethical organizational culture “bad barrel”, environment
    and situation influence.
    Moral blindness “Blind to the implications of their conduct” i.e, I
    don’t get paid to be ethical; I get paid to produce results.
    Competitive pressures “unacceptable options become acceptable”
    Opportunity pressures “some people cannot resist the temptation”
    Globalization of business “illegal actions in a country may be
    acceptable in others”

    6
    Please have a look at the followings

    Establishing Ethical Standards


    Maintaining Ethical Standards

    Not included in the exams

    7
    8
    9
    Social Entrepreneurship

    Growing trend to create social value


    Tackles challenging problems:
    – Pollution
    – Habitat destruction
    – Human rights
    – AIDS
    – Hunger
    – Poverty
    – others

    10
    Social Entrepreneurship

    1. SE seek solutions for social problems that are met by


    neither the market nor government.
    2. Creating social benefit rather than commercial success
    motivates social entrepreneurs.
    3. Social entrepreneurs tackle social problems by taking full
    advantage of natural market forces.

    11

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