Why It Is Important That People Study Business Ethic

1245 words - 5 pages

The recent rash of ethical misconduct in the new millennium has created public mistrust and has become a major concern in the business arena. For example, accounting scandal, insider trading, falsification of documents, false advertisement, bribery, just to name a few, are significant indicators of the state of ethical behavior. Ethical misconduct does not exist in the business world alone. Government politician are part of corrupt picture also. Just imagine being part of the highest organization on American soil, and the symbol "in God we trust" as the symbolic motto, but those are just marketing statement for some politicians to collect votes. For example, congressman Traficant, accepted bribes as a House of Representatives member: he was ultimately booted out of Congress and sent jail. Scientist have come under fire recently, the so called 'person of humanity', has been accused of falsifying and misrepresenting research data that could repute later research base erroneous data, which would create mistrust in future scientific research, but it also promote scientist own self interest be it greed or personal status. (Ferrell, Fraedrich, Ferrell 2005).In theory, according to the authors (Ferrell, Fraedrich, Ferrell 2005), studying business ethics will help you begin to identify ethical issues when they arise, recognize the approaches available for resolving issues, ethical decision making process, and promoting ethical behavior in an organization. Additionally, you will also begin to understand the coping skills required when the conflict is between personal values versus the values of the organization. Thus, the study of ethic is related to issues of "what is right and what is wrong". These are determined by ones values. Our sense of right and wrong, and or what is proper or improper, has its base in the values that we uphold and cherish. We may not be aware of the values that shape and guide our actions. These values are learned, not taught. Values are instilled during childhood from a variety of contacts one has with family, educational institutions, people, stories, and situations that reflect values. Our values are the guiding principles that determine ones evaluation of what is wrong and right. Values constitute the foundation of one's discipline and ethical conduct. They are deeply rooted, fundamental beliefs. Indeed, our own personal values alone are not enough when dealing with the complexities of business making ethical decisions. (Ferrell, Fraedrich, Ferrell, 2005). Once aging, studying business ethic is essential in not only enhancing one's own beliefs system, but also bring awareness to management as to the ethical behavior and decision making of its leaders and organization. It guides management in maintaining organizational standards and building a healthy organizational culture.Business ethic is about ensuring acceptable standards of behavior throughout all operations of a business. It involves complying with company, legal,...

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