Business Ethics
Just as human beings have some principals that guide their actions, so does any business enterprise. Therefore, business ethics is the many moral principles that guide and governs the way a company is run and how it behaves. A business entity will, therefore, have an obligation to determine the right and wrong practices. In most of the crime, the unethical business practices are stipulated in the constitution. It is therefore very easy for any business to set out its ways or principles in which it will get involved in business without a breach of the right business ethics. Sometimes, some businesses may go off way. In such a case, they will certainly have a price to pay in one way or another, and this will affect the business. However, every business has to shake off the dust and competitively return to business.
Code of behavior
The basic principles of operation of any business are based on the law of the and in which the business is situated. Many companies or businesses will take another step and form their code of laws that are in line with the national laws. These are the basic guidelines that will constitute the core values and standards of the business. Besides the general set codes, there are the additional regulations that unique for each sector of business. These codes and regulations are formulated following a set guideline and with a lot of consultation with the stakeholders, the government officials, the local community and the employees. These codes of conduct are created s as to take care of the national interest, the employees and the environment. While making these laws, they look for the protection of the human rights and the interest of the investors. Each business is made with the intention of making a profit. Therefore, both the national and the business codes should be in a way that they do not place the enterprise in a situation that it cannot operate.
The stakeholders
All the people involved directly and indirectly in the business are considered in one way or the other during the formulation of the business ethics. The first important thing is that the business should not in any way harm the local community. The byproducts of the business should be disposed of in a lawful manner so as to preserve the environment. Every business has the social responsibility to help the local community.