Ethics and Virtue are Necessary in a Business


Introduction

Moral principles focus mainly on people’s doings, behaviours and actions. We can apply these by analysing what principles are required in particular situations, e.g., whether to tell a lie or whether to tell the truth. We apply these principles when we think of what is needed of us as professionals, e.g., lawyer, doctor or businessman.  We also take into consideration of the social policies as well as institutions. Look at the past years, several program and ethic centres that are devoted to business ethics, medical ethics, legal ethics, and public policy ethics have been introduced. These ethic centres are intended to study and examine the implementation of moral principles we have in our lives.

Important Virtues in Business

Some important virtues in business are courage, honesty, generosity, compassion, integrity, fidelity, self-control, fairness and prudence. In the following lines we will discuss, in detail, the virtues generosity, honesty and fairness.

Generosity

Generosity plays a central role in world’s moralities. It’s especially clear in the religious (Abrahamic) moralities of Christianity, Judaism, and Islam. In spite of some other embarrassing contradictions within the practice, all three faiths believe that compassion, love, grace, mercy, and generosity should rule all human activities, including business.

Generosity is a capacity to present extra to others beyond formal agreements or harmony requirements. Occasionally, people deceive themselves. What we believe is a compassionate and generous move, is really not above the basic justice or fairness. Generosity may be admirable in some other domains of our lives. However, many would agree that these soft virtues haven’t been implemented in any competitive and successful business.

Honesty

Honesty is all about telling the truth and conducting in a straightforward manner. Honesty can be called as moral character and symbolize positive or virtuous attributes just as truthfulness, integrity, and straightforwardness without cheating, lying, or theft. Honesty is no doubt, the identification of the fact and the truth, False is false and doesn’t have any value. Love, fame or cash has no value, if it has been accomplished by fraud. Any attempt to gain value by misleading people is raising victims to any position superior than the reality, where you may turn into a pawn of others blindness.

Honesty is the best policy; as if a businessman or employer is honest community will believe on him. People will give importance to his words or dealings. An honest businessman can fetch more clients than any dishonest person. A dishonest businessman can be profited through cheating someone for some time. However, an honest businessman prospers while the dishonest falls down. The honest businessman respected by clients and competitors.

Fairness

Fairness is an ethic in which people should be treated as equal, except they vary in the ways, which are related to the situations in which people are involved. For instance, if different people do the similar work and there’s no difference between them or what they are doing, in fairness, they should receive the same wages. It is also fair for those people who exert extra efforts or who make a greater contribution to any project to receive more payback than others.

Generosity in Business

Generosity is classically a by-product, an afterthought or a nice-to-have value. If any leader or manager is generous, they are certainly well liked. However, it is even more: Elegantly easy and simple, yet really powerful, generosity is a value that can make one’s career. Generous individuals share all information readily, share the credit often, as well as give their own time or expertise easily. What comes across are strong work ethics, awesome communication skills, as well as ability or a willingness to collaborate. Leaders or managers that are really generous to engender faith, goodwill and respect from their employees and colleagues, get better results in their businesses and working relationships.

Honesty in Business

Acting with complete integrity in our all efforts that we perform is honesty. In a company, controllers should promote honesty as well as virtue behavior in all course setters, event officials, spectators and their competitors, particularly with respect to the environmental and landowner needs. The controller is able to apply the values of honesty and various virtues to different events, and to encourage and help other employees to do the same.

Market regulatory is sustained by the mechanisms planned to keep up trust. The most significant professions are advisers, lawyers, accountants, analysts, financial planners, appraisers and rating agencies. During the last thirty years, these trades have failed to make sure honesty and reliability is implemented all over the markets. One cause for this is that they turned their focus from simply gate-keeping to profit-making – actually, they have turned into businessmen.

Fairness in Business

In a business all business partners should be dealt with fairly, including prospective and current customers, distributors, suppliers, agents and different representatives. Never influence, abuse or conceal privileged information, misrepresent facts or keep in other unfair-dealings or practices. Fairness should be the guiding code in the all interpretations of rules by organizers, competitors and the jury. All people involved in orienteering events should behave with honesty and fairness. They should sport attitude and friendship spirit. Competitors should have respect for one another, for officials, spectators, journalists and their competitors.

Best Ethic for Mattel Case

Ethics and virtues are supposed to offer us along with moral principles and beliefs or universally accepted rules, which tell us about what to do. Several people passionately read and are devoted to these moral utilitarianism principles and some are committed to the Immanuel Kant’s main principle of respect the person’s dignity and all moral rights. In the Mattle case virtues, just as honesty, are most important to track and enhance the business relationship.

Honesty is rooted in the core values of a business. Honesty can be expanded into a full set of three subjects for guidance and principles: Working along with partners, collaborations along with other colleagues and protecting the company and business.

Virtues enable us to continue to trait our own and people’s actions to bad or good character attributes instead of the factors in this situation.  Virtues may be hard to develop as situational issues often affect us. Containing a perfect virtue like honesty or courage, though, or having an ideal person in a company to follow, might help in striving to develop the value of acting in a virtuous way.

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