be- 06 sem i - 2014-2015.doc
TRANSCRIPT
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 1/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
O"tco#e $ (Embed and develop the entrepreneurial spirit of self employment
among students through identifying the important entrepreneurial ethics (ethics of
entrepreneurship))
Entreprene"r
The word entrepreneur
originates from the French
word, entreprendre , which
means "to undertake".
In a business context, it meansto start a business.
Entreprene"r is an individual
who takes risks and starts
something new.
Entreprene"rship (The dream of self employment )
Entreprene"rship is the
process of creating something
new and assuming the risks and
rewards.
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 2/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
O"r !e%nition of entreprene"rship in&ol&es fo"r aspects:
'. Entrepreneurship involves the
creation process.
2. It requires the devotion
(commitment of the necessary
time and effort.
3. It involves assuming the
necessary risks.
(. The rewards of being an entrepreneur are
independence , personal satisfaction , and monetary reward .
Class )cti&ity
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 3/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
Question: Write the four aspects of the denition of entrepreneurship in
your own words.
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
Characteristics of an ethical Entreprene"r
*rofessionalis# !ersonal commitment to contribute throughhard wor" to the delivery of high #uality of wor" ethics.
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 4/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
Integrity $he entrepreneur has a clear sense of values andbeliefs that strengthen the creative and business decisions thatthey ma"e. $hey sho"l! ha&e co"rage% +e honest and fair in
their wor .&ntegrity is the policy of acting on the basis of what onebelieves to be true and good. &t is translating thought intopractice. $hat is% one-s tho"ghts are integrate! with one-sactions' or one-s +eliefs a+o"t what wo"l! +e goo! areintegrate! with one-s actions to +ring that goo! intoe.istence.
)cco"nta+ility Taing responsi+ility is the core elementbehind accountability% Entrepreneur has the responsibility
towards the society so they should be responsible for theiractions.
/le.i+ility an! Creati&ity Entrepreneur should have thewillingness to learn% to develop new s"ills% to ta"e on newresponsibilities and to recogni*e the value of innovation "eepingin view the ethical co!es.
Tolerance an! Tea#wor Entrepreneur should have thereadiness to wor" e+ectively with others% regardless of bac"ground. $hey must recogni*e and welcome cultural diversity.
Ethical Co##"nication Entrepreneur must have thecommitment to the e+ective e,change of information% to fostergoodwill% and to support e-ciency by following the code of ethics. Co!e of ethics re#uires business communicators to betr"thf"l and acc"rate and to personally correct anyinacc"racies.
company that aims to be socially and ethically responsible
must ma"e a priority of ethical communication both inside thecompany and outside the company (its interactions with thepublic).
/imply, the #essages sent an! recei&e! +y a +"sinessnee! to follow ethical nor#s that !on0t o1en! 2hurt somebody’s feelings3 or #ae in!i&i!"als feel"nco#forta+le.
Econo#ic !e&elop#ent an! in!i&i!"al !e&elop#ent of a %r# is
!e%nitely the responsi+ility of an entreprene"r4lea!er +"t itshall ne&er +e !one at the cost of ethics or #orality5 Ethics an!#orals are% in fact% the foundation of every good entrepreneur.
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 5/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
Question: Write the entrepreneurial ethics in your own words.
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
6hy entreprene"r act in an "nethical way7
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 6/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
Entrepreneurs may face moral challenges di+erent from those of non
entrepreneurs. $hey feel more pressure to engage (involve) in unethical
behavior than the managers in large corporations. $he entrepreneur mayand should see" positive ways of competing.
0or the person who actually starts his or her own business there is a
high failure rate. 1ecause of failure% the entrepreneur may involve
himself in unethical practices. $he failure may occur due to the following
reasons:
2. *oor sales
3. Intense 2strong3 co#petition4. 8ac of capital(5 lac of #anagerial a+ility
/ocially responsible entrepreneur must establish (create) a balance
between ethical e,igency (demand, constraint, restriction)% economic
e,pediency (suitability, practicality )% and social responsibility.
Entreprene"rs Ethical Decision Maing *rocess
$he entrepreneurs can be guided through these seven important layers%
which can be helpful in the decision ma"ing.
2. 1egin by discussing the legal and regulatory standards for truth
and transparency in nancial statements and in advertising'
3. 5oo" at any contracts that would have bearing on what information
needs to be revealed'
4. 5oo" at 6odes of Ethics for those team members in various
professions7codes that promote open and honest
communications'
8. 9iscuss the business environment the entrepreneur wishes to
create and the industry and its standards% including those of
competitors'
. 9iscuss the standards of their community of investors'
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 7/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
;. 9iscuss personal relationships (often includes friends and relatives
who are investors and employees)'
<. 9iscuss team members= own personal moral values. >ence% the personal integrity of the entrepreneur is very important%
because
$he entrepreneur is see"ing to create wealth through innumerable
ways and if he or she authentic?the results achieved will be the
conse#uence of his or her virtuous conduct. (@achan% 2AAA).
1y reinforcing (support, strengthened, underline) the notion (idea,
concept ) of the entrepreneur being dened by his or her integrity
(honesty, truthfulness)% we can emphasi*e the importance of the
entreprene"r9as9#oral9conscience (ethics, morality, sense of right
and wrong) of the enterprise.
Class )cti&ity
:"estion; Write any three reasons that why sometimes entrepreneurs
behave unethicallyB
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
7/17/2019 BE- 06 SEM I - 2014-2015.doc
http://slidepdf.com/reader/full/be-06-sem-i-2014-2015doc 8/8
1
BUSINESS ETHICS NOTES
Nizwa College of Technology
Ministry of Manpower, Directorate eneral of technological E!"cation
:"estion; Write the seven layers of the decision ma"ing for
entrepreneurs.
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
Ceference:
0errill% Dune. ( 38) 9eveloping EFteam 6ultures to /upport Ethical Cesponsibility.
!aper presented at the annual conference of the Gational 6ollegiate &nventors and
&nnovators lliance% /an Dose% 6%