Business ethics is a form of the art of applied ethics that examines ethical rules and principles within a commercial context, the various moral or ethical problems that can arise in a business setting and any special duties or obligations that apply to persons who are engaged in commerce.
Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia descriptive approaches are also taken. The range and quantity of business ethical issues reflects the degree to which business is perceived to be at odds with non-economic social values. Historically, interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, today most major corporate websites lay emphasis on commitment to promoting non-economic social values under a variety of headings (e.g. ethics codes, social responsibility charters). In some cases, corporations have redefined their core values in the light of business ethical considerations (e.g. BP's "beyond petroleum" environmental tilt)
In today's business environment, the belief that organizations, both for-profit and not-for-profit, have ethical responsibilities to their stakeholders – owners, employees, customers, communities, etc. – has gained widespread acceptance. In higher education, and particularly in institutions dedicated to a classical liberal arts education, the belief that instruction in philosophy and theology is foundational to the development of individual morality is likewise well-established. What is not so clear, however, is the nature of the relationship between individual morality and business ethics, a topic of increasing currency in a society marked by increasing levels of business-social overlap. It determines whether and how morals, ethics and business success are connected, and also to explore the idea that that an education grounded in theology and philosophy is a source of competitive advantage in the job market.
In order to be successful in a specific business venture on an entrepreneur’s point of view, one needs to understand the importance of learning and putting into practice of proper of ethics in business management. Being geared or focused to a business undertaking to being productive needs a management structure that is based on what is right and what is ethical.
An ideal overview on ideal standards of what is ethical and what is moral in terms of business management should be undertaken. These ethical standards must coincide on what kind of business one is into. A careful analysis and comparison must be established between the relationship and differences of the business and morality. The underlying ethics based on the business should be carefully classified.
Through these ethical standards drawn, it will somehow act as a backbone or basis of business management or how to go about the effective running of a business venture. A careful consideration is setting these ethical standards must be raised and should be based on a more general ethical standard viewpoint. Practices and ethical standards of large organizations on the different facets and aspects of businesses and markets must be viewed and carefully studied. In this regard, standardized ethics and codes of ethics of various professions should also be studied. Through these, one should be able to draw an idea of how to apply the same to one’s current business undertaking.
The basic principles or business ethics being implemented by society through our government such as the proper and legal trade practices, must also be learned as well the government’s existing policies, procedures, guidelines and operating standards in business practice and management must also be taken into consideration as well as the important role of the government and the non-governmental organizations, in the implementation of the same.
The course study hones the student and the entrepreneur to carefully draw the proper ethical standards of business management based on that what is deeply rooted on the mores of the society, its implementing codes or guidelines on various business aspects and markets.
Through the above, one is drawn to methodically structure and organize or simply just adopt these ethics in business management for a more standardized and productive business venture that is both advantageous to the entrepreneur and to the well being of our society.