Rarely is there the individual who does not encounter an ethical or moral dilemma at some point in his or her business life. In the letter, mention that the trademark solely belongs to this company and that you have faced severe damages owing to the opponent’s illegal copying activities. There are many examples of unethical decisions that are made in the business world. Many times business owners are worried that having textbook business ethics will cause their business to fail because of reduced profits, when actually the opposite is true.
5. In essence, being ethical as a business person builds the image of reliability and establishes reputation with your customers, the two things that are very important to a business. Companies which conduct business in an unethical manner run the risk of harming not only its stakeholders, but also the general public.
It is important that all the people in the company believe that is critical that all its employees act at all times in an honest and ethical manner in connection with their service to the company. Taking an insurance cover is paying some amount of money called the premium, to an insurance company, in lieu of which, they take your financial risk on their head.
There are professional ethics, which includes a system of moral norms of human behavior, belonging to a particular social group. If your company is new, unstable, about to be sold, or going out of business, ethics requires that you let clients and customers know this.
An organizational ethics policy is an announcement to the employees, the customer base and the community as a whole that the business is prepared to conduct itself and its practices on an ethical level. Business ethics is the application of ethical principle in the organization or business.