Business Ethics

Date : 5.5.2020
Sub  : Entrepreneurship
Day  : 2
Time : 7.30am -8.10am 
Period : 1
Class    : 11

Learning Outcomes

• Definition of Ethic
• Meaning of Business ethic 
• Why is ethic important to an entrepreneur
• Examples to be followed for Ethical behavior of an Entrpreneur

A very good morning students 

Thank you for logging in

Today we will be doing a very small but very important Topic

We will be discussing What are Ethics

Ethics means the continuous effort of our moral beliefs and our moral conduct.

At its simplest, ethics is a system of moral principles. ... Ethics is concerned with what is good for individuals and society and is also described as moral philosophy.

Definition of Business Ethics : 

Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.

Fiduciary means taking care of someones else's money in a suitable way.

Example of a Bank looking after peoples money in an honest way.

Why is Ethics important to an Entrepreneur ?

Sound Entrepreneurial ethics helps to develop relationships built on mutual trust and respect. Without this trust, businesses will not survive; investments will not be made. Successful business empires have gained credibility and reliance as a result of their sound ethical entrepreneurial practices.

Some Ethical standards to be followed in Business Practices

• Providing  quality  and correct quantity of goods to the consumer
• Keeping in mind the enviornmental issues during production
• Paying the minimum and correct wages to the workers
• Not to use child labour in their production
• Judicious use of Natural resource

The above given our very important.

Please revise the definition.

Please go through the video link provided to understand the topic better

https://www.youtube.com/watch?v=VO-Z5hxeofE