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Milton, L. Murray-Rust, D. Parkin, D. Sull, O. Walley E. Hemingway 1 Email author 1. Personalised recommendations. There are ethical challenges entrepreneurship may face given the Nigerian context. In conclusion, a way forward for overcoming the ethical challenges has been suggested: getting managers to be accountable and responsible, as well as designing an ethical management index and integrity testing etc. Management and entrepreneurship practitioners in organisations currently face more ethical issues than ever. Scholars have opined that managers and leaders confront ethical issues as they carry out their management responsibilities Ordu and Okoroafor, Whether they are engaged in planning, organizing, motivating, communicating, delegating or some other management role, they face the matter of morality; right and wrong, fairness and unfairness, and justice or injustice which creeps into their decisions, actions or behaviours.
Virtually, issues of ethics always arise in all the decision in contemporary organisational or business setting Jamnik, The topic of ethics and ethical perspectives in management is crucial with which managers today must be informed. This topic has been receiving much attention from scholars and industry practitioners. This paper attempts to delve into the ethical issues in business that business owners regularly face.
These are issues, decisions or actions which contain matters of right versus wrong, fair versus unfair, or justice versus injustice in the process of dealing with various stakeholders. The main focus of this paper is on the concept of business ethics and social responsibility for business owners. Paper also checks whether business ethics and social responsibility are in line with overall business objectives. Ethics and social responsibility are very important values in entrepreneurship; this is, particularly, essential in decision making process. Ethical conscience guides entrepreneurs to make responsible, trustworthy and profitable entrepreneurship outcomes.
Entrepreneurs are trying to implement ethical decision making approach in all business decisions. It is argued that if entrepreneurs do not reflect their understanding on the importance of ethics and corporate social responsibility adequately, this situation leads to the inconsistency in the ethical entrepreneurship practice Carroll, Studies have shown that that ethics and social responsibility are very important values to make profitable organizational decisions. If this issues will not adequately put in place, the business fails.
The Values That Sustain Entrepreneurs
Furthermore, as mentioned earlier, the topics of entrepreneurship and ethics have become more visible with numerous articles breaking out of the confines of academic journals and onto the editorial pages of leading newspapers and magazines. There are, however, perhaps a number of reasons why this is so: first, entrepreneurship has emerged as a distinctive area of academic inquiry with unique problems and questions that can be productively studied in their own right; second, entrepreneurship is an inescapably ethical activity — whether one views it from the societal, organizational or the individual level, entrepreneurial action has powerful ethical dimensions and implications.
Therefore, it becomes imperative for entrepreneurship to embrace identical practices in order not to just survive, but to remain sustainable in the long-term. To discuss on this thorny issue, the various definitions of ethics as well as entrepreneurship will be explored.
Further, the link between ethical practices and successful entrepreneurship as well as ethical challenges that entrepreneurs may encounter whilst executing their business activities will also be explored as all these helps the prospective entrepreneur to prepare ahead for a successful entrepreneurial launch.
Ethics, therefore, in the context of entrepreneurship relates to the principles of conduct in business affairs occurring between the entrepreneur and other related parties. Nigeria is said to be one of the highly religious nations where the majority of citizens belong to one religious sect or the other churches. Amongst proliferate in geometric progression, Christians and Moslems share a greater percentage of adherents. These religions advocate lofty moral principles of conduct. For instance, the golden rule in Christian religion is love.
If these noble tents are put into practice in business behaviour then there would be little to wonder about unethical practices. However, the reality in our business and social interactions is paradoxically inconsistent with the expected ethical standards established.
Also, our laws have set down rules or principles of conduct to regulate and guide the affairs of citizens.
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With these equations firmly in place, there is, nonetheless, a colossal failure in the implementation of sound ethical practices in business. So, the big question is what has gone wrong in ethics and affected significantly to our national development, particularly business practices? Therefore, by ethical content or principles, we are referring to issues, decisions or actions which contain matters of right versus wrong, fair versus unfair, or justice versus injustice that managers face.
Entrepreneurships is the process of creating something different with value by devoting the necessary time, and effort assuming the accompanying financial, psychological and social risks and receiving the resulting rewards of monetary and personal satisfaction.
Entrepreneurship involves 1 Creation process; the creation has to have value to the entrepreneur and value to the target audience. To be able to achieve these, ethical practices are needed so as to win the trust of the people who will be the sole beneficiaries of entrepreneurial actions and activities.
On the importance of entrepreneurship - Maxime Bernier EDA
So, for entrepreneurs to be successful in their respective businesses and to enjoy business sustainability they must embrace the concept of ethical management of the enterprise. It applies to any and all aspects of business conduct, from boardroom strategies and how companies treat their suppliers to sales techniques and accounting practices. Ethics goes beyond the legal requirements for a company and is, therefore, discretionary. Business ethics applies to the conduct of individuals and to the conduct of the organisation as a whole.
It is about how a company does its business, how it behaves intrinsically. Ethics, whether applied to business, law, medicine, or any other professional practice, is derived from a set of universal values.
Entrepreneurship for Human Flourishing
Among these virtues or values, we find honesty and truthfulness; trustworthiness; fairness; respect for others; service; justice; moderation as well as wisdom and prudence Starcher, It is also believed that business ethics is not simply a philosophical concept — it is concerned with decisions. It is obviously concerned with right and wrong. This is usually relatively easy to sort out. We know it is wrong to steal or to kill. For example, if an entrepreneur confronts with a choice between bribing officials to obtain government contracts or laying off workers, what should he do?
He probably realizes that paying bribes is wrong. However, laying off workers and depriving them of their livelihood is less wrong or less moral than paying bribes? Since, there are often no right or wrong decisions, business ethics reflects a state of consciousness about moral and human values as well as business obligations which permits sound reasoning on major decisions.
With such mental cobweb and disorientation, it can be appreciated that there is disconnection between ethics or ethos as preached by the religions and the psych of some businessmen whether political or entrepreneurship business. To such businessmen, the end justifies the means; the process or procedure being irrelevant.
It is expected that businesses is conducted under a climate that is conducive to ethical behaviour and comply with expected norms, standards and regulations. To arrive at sound ethical behaviours in an organization, integrity and reputation is of essence. Pushing boundaries and making your vision become a reality takes creativity, innovative skills and an eye for beauty. It takes original ideas, a problem-solving mind and deep insights.
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