Business ethics is a tricky subject indeed! By nature, it is philosophical and vague, yet when large corporations take advantage of rules and regulations, we wonder about the state of the enterprise’s ethics. Whether we want to wade into these philosophical waters with our careers on our backs, we must find a common ground.
The Current State of Lost Trust
In the wake of the 2008 crash, many turned to Wall Street, the big banks and the world’s largest corporations to find a string of fateful financial corruptions. These businesses were regulated weren’t they? Of course, they were, but somehow the ethics and compliance programs missed something. Currently, many citizens don’t trust the entities they shop with as shady business practices come to light.
Separating Value From Money
Entrepreneurs are unique in the business world because more often than not, they put a value to their work that goes beyond money. The most successful of this breed are committed to creating a meaningful or necessary product and revenue happens to be a happy by-product. In this way, the owners and managers of business must begin to question the values of profit and agency above all else.
The Opportunity of Entrepreneurship
When it comes to the state of market ethics, you can blame the infrastructure, establishment or whatever entity you choose, but entrepreneurship gives you the opportunity to start a career away from these constraints. You’ll have to follow all state and federal regulations of course, but you have a chance to start a new industry or even disrupt an established one with the next great idea. At this point, entrepreneurs can be at the forefront of defining the new ethical business and its best practices.
Are businesses ethical in and of themselves? Let’s leave that question to the philosophers. You can have an ethical business and build it as you see fit. Isn’t that really the point?