Importance Of Ethics Essay

830 words - 4 pages

The Importance of Ethics in Entrepreneurship
This essay emphasizes the importance of ethics as a basis for successful entrepreneurship in any environment and under all circumstances. Let us first look at the meanings of entrepreneurship and ethics, respectively. Hisrich, Peters, and Shepherd (2010) defines entrepreneurship as “the process of creating something new with value by devoting the necessary time and effort; assuming the accompanying financial, psychic and social risks and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction.” The definition of “being an entrepreneur” is different for different people, but it is generally agreed that behavior ...view middle of the document...

They either maximize profits or cut corners putting their ethical standards on the sidelines. Studies have shown that companies are more successful by not allowing the pressure of profits change their ethical principles (Miller, 2011).
Studying entrepreneurs provides an opportunity for understanding ethics on an individual rather than the collective basis (Bucar, 2001). Entrepreneurs have been found to be both more sensitive to the expectations of society and more critical of their performance than the general public (Bucar, 2001). The entrepreneur employs personal values to a much greater extent (Bucar, 2001). Since ethics and the resulting ethical behavior reflects individually maintained moral values, the entrepreneur's beliefs and behaviors may provide a more direct reflection of his/her ethical perspectives (Bucar, 2001). Also, entrepreneurs have different approaches to business in such areas as independent action, innovation, and risk-taking than do managers in larger organizations (Bucar, 2001). Bucar (2001) also suggest that this independent, self-centered focus is a key aspect in the relationship between economic responsibility and morality.
deLeon (1996) suggests that when an entrepreneur is a member of a professional community, the norms and values shared by all members of that community serve as an check on his or her choice of ends and means. They try to adapt their behavior to the norms and values to which they have been socialized (deLeon, 1996). Entrepreneurs are necessary agents of innovation in a business or governmental areas that otherwise would remain static according to deLeon (1996).
A study by Payne and Joyner (2006) focuses on analyzing whether or not the ethical choices made by founding entrepreneurs during the creation and development...

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