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Essay / Importance of Ethics in Business - 1034
In such a competitive world, how ethical can a business really be? Discuss. Ethics is a moral principle that governs a person's behavior. And in the business world, it incorporates this into company policies and practices regarding controversial issues, such as fraud, bribery, discrimination and corruption. In other words, it is about the fairness, rightness and wrongness of an action. Business ethics are often guided by law while other businesses create their own framework. However, businesses have conflicting duties, such as making a profit, operating efficiently while complying with the law, or facing consequences. Although people start a business to make money, businesses need to understand that building a business is about more than creating billions. When a leader is clear about what they value and believe in, others who share those values and beliefs will follow. The challenge of moral intelligence is not to distinguish good from evil, but to do rather than to know. (Lennick and Kiel, 2005) We live in a time of moral confusion. Every day we are bombarded with reports about global dilemmas such as terrorism, global warming, energy shortages, corporate scandals and corruption. All these problems with no clear solution. (Hester and Killian, 2010). To make a difference, today's leaders must confront these daily obstacles with value, integrity and moral courage. How ethical a company is in a competitive world starts first with the leaders. I believe that doing the right thing will always pay off. Because leaders who lead by example in making ethical business decisions deserve applause. I believe a leader with a strong moral compass will inspire their employees to follow their ethical leadership and create a vision and will one day align themselves with those they hope will bring change. They can be ethical when they begin to value what will improve our society and organizations today and not for personal gain.