There are many reasons that people will start a business but generally the ultimate goal is to make money, earn income, and create wealth. It does not matter whether it is a service or product related business, the goal is generally the same.
In today’s world you can see the headlines practically every day in the newspaper and on the evening news to see that ethics in business seems to rarely exist these days.
The word ethics comes from the Greek word ethos, which means “character,” and from the Latin word mores, which means “customs.”
For me personally, doing business with a clean conscience is not optional. I do not wish to only profit financially from the businesses I create.
I very much want to profit spiritually as well. It is important for me to live my life and run my business on Christian principles.
So in my world it is quite probable that my business and my ethics are compatible.
Do you run your business in a way that you would not be ashamed of should anyone investigate your methods?
If someone were to look at your chequebook, what would they find to be the most important things in your life?
Do your employees speak well of you and your company? Are you able to sleep well at night no matter what decisions you have to make during the day?
Business, ethics, morality and integrity are all compatible if you choose them to be. For me it is a better way of life. If I never made a penny and was able to help another human being, which would be the greater good?
We are all in business to profit but I believe that we will all profit more by helping others first.
Ethics is always a difficult topic to discuss because there are not defined rules. Many times, ethical decisions come down to personal judgment.
Therefore, every business has its own particular code of ethics. Too often, the line is blurred between ethics and furthering business sales.
Many companies deceptively advertise products to downplay the negatives and emphasize benefits to increase sales.
While the deception may not be as serious in all cases, poor ethics in the pharmaceutical industry can cost people their lives.
Recently, one of the world’s largest pharmaceutical corporations in the world with a US$115 billion market, has been under litigation for fraud over attempts to skew trial results.
According to experts hired by plaintiffs suing the company, the company “spun” medical studies that undermined the drug maker’s campaign to expand sales of its Neurontin epilepsy treatment.
Evidence of this became more apparent as researchers and investigators reviewed findings released in prominent medical journals.
This leads us to question whether penalties placed on pharmaceutical and other companies are deterring them from engaging harmful and unethical behaviour.
What the evidence clearly shows is that monetary fines are not enough to deter companies from acting unethically.
