ETHICAL VALUES IN BUSINESS 3
Ethical Values in Business
As beliefs, attitudes, and judgments, values define the fundamental principles that guide
businesspersons, firms, and their operations. They define “right and wrong” or “good and bad”.
The possession of specific sets of values attracts consumers and other businesses to an
entrepreneur and sustains business flow for them. Such values are considered desirable and
business friendly. Contrarily, some elements do the exact opposite of this. They scare away
consumers and strain business relationships. At times, they may even result in conflict, revenge,
and destruction because of undesirability. Ethical values establish the moral codes for good
business practices. They dictate expectations related to business decency and virtuous choices
that make businesses prosper. For merchants to succeed, the most important values to which they
must adhere encompass the ethical principles of trustworthiness, respect, responsibility, fairness,
and engagement in corporate social responsibility (CSR).
Trustworthiness is related to honesty and truthfulness. Trustworthy businesspersons and
companies remain virtuous in all their decisions. They are dependable and steadfast. On the other
hand, respect explains the behavior of handling others honorably in consideration of their rights
and freedoms. Although an entrepreneur would disagree with the ideas of another, addressing
them gently and sometimes in seclusion would show more respect than shouting at them in
public. When left in charge of businesses, entrepreneurs should be truthful to charge only what is
right and earn profits for which they worked (Hodges & Steinholtz, 2017). When coupled, these
features form fundamental elements that make other dealers and consumers develop faith and
confidence towards individuals and business institutions. They are among the most important
ethical values in the career of business.