Understanding Business Ethics – Myths, Dilemmas, Stakeholders, and Crisis Management

Understanding Business Ethics – Myths, Dilemmas, Stakeholders, and Crisis Management

Myths of Ethics

The topic of myths surrounding business ethics is fascinating because it highlights common misconceptions used as excuses to avoid ethical reasoning and behaviors. The belief or assumption that ethics is personal is misplaced because ethical decisions are made following group discussions. In addition, human beings do not operate in a vacuum, meaning that their choices affect others. The other assumptions claim the lack of connection between business and ethics, the relativity of business ethics, the automatic outcome of good ethics due to good business, and the neutrality/amorality of information (Weiss, 2014).

These myths resonate with the experience that businesspeople gain from the field while doing business. It is common to find unethical individuals or ignorant persons using either of the myths as their defense. For instance, the claim that business and ethics do not mix cites the inhumane nature of businesspeople. The knowledge about these myths replaces excuses that constantly give way to unethical behaviors and promote awareness among entrepreneurs. The information also points managers to the sort of training that employees should receive to avoid the internalization of these myths (Shvindina, 2017). The topic is enlightening because it shows the reasons for the lack of ethical compliance in most organizations at different levels of ethics.

Ethical dilemma problem-solving

Ethical dilemmas exist in every sector. It is necessary to access helpful resources that help with decision-making. The topic is timely and engaging because each individual faces ethical dilemmas while performing their work responsibilities. Thus, a list of 12 questions is provided to assist in the decision-making process. The resourceful questions are applicable in an individual or group setting. Businesspeople should use these questions when solving ethical dilemmas to ensure they make the best choice that safeguards all stakeholders. The need for consistent compliance is another factor that highlights the necessity for careful decision-making. Suppose the management fails to make ethical decisions when in such dilemmas, the organizations could incur fines and lead to reputational damage. Such costs to a business are significant and could lead to loss of clients as well as closure in serious cases. Thus, the topic is important for all aspiring business owners because they bear the burden of complying with ethical standards and regulations (Weiss, 2014). For consumers, businesses that use this resource are depicted as careful and concerned about the stakeholders’ welfare. Managers can direct or guide subordinate staff to rely on the resource and promote ethical compliance and reasoning within an entity’s individual level.

Stakeholders

This topic is appealing because it highlights the different parties that may affect or get affected by a business’s activities. Most business owners fail to understand the effect that other individuals or groups have on their business. In most cases, more focus is placed on the clients because they interact directly with the business and deliver tangible benefits in the form of money. Failure to understand the main stakeholders of a business leads to decisions that affect the groups negatively. After identifying each group, the topic highlights various considerations that all aspiring entrepreneurs should make regarding stakeholders (Weiss, 2014). One understands that businesses are not only economic in nature but also social. This realization calls upon business people and managers to apply the stakeholder approach and theory as well as carry out stakeholder analysis in their organizations. The information obtained from a stakeholder analysis is important for decision-making and the involvement of stakeholders in the future (Stakeholders and Their Roles in Recovery, n.d). Responsible behaviors demonstrate the legitimacy of an organization. Therefore, this topic invigorates intense thought processes in managers and entrepreneurs as regards the processes of considering and understanding their stakeholders and the right treatment for each.

Crisis management

A business crisis is inevitable at times. Its occurrence finds the managers and staff unprepared for the effects (Weiss, 2014). However, the style of managing these crises determines the effects. The crisis determines whether a business or an organization assumes a better or worse direction. The result depends on the company’s management’s ability to eliminate or reduce the risks. In business, one cannot gain certainty regarding the avoidance of crises. This lack of certainty is because of the lack of control for most businesses. However, the businessperson or managers can determine its direction. The text provides an in-depth discussion regarding the potential effects of a crisis if it is not well managed (Lopez, 2017). The stages of crisis management provide entrepreneurs with an idea of the actions they should take during a crisis and its expected progression. Crisis management is a skill that may not be viewed or perceived as important for business success. However, the inevitability of crises demands that entrepreneurs gain sufficient and relevant knowledge to help with management. This information is enlightening for managers because they learn their role in crisis management and understand the involvement of other individuals within the organization. Entrepreneurs also understand the importance of crisis management strategies, which leads to the formulation of the same.

References

Lopez, M. (2017). Samsung Explains Note 7 Battery Explosions And Turns Crisis Into Opportunity. Forbes.

Shvindina, H. (2017). Leadership as a driver for organizational change. Business Ethics and Leadership, 1(1), 74-82.  https://doi.org/10.21272/bel.2017.1-09

Stakeholders and Their Roles in Recovery. (n.d). Retrieved from https://training.fema.gov/emiweb/downloads/hdr/session%204%20powerpoint.pdf

Weiss, J. W. (2014). Business Ethics: A Stakeholder and Issues Management Approach. Berrett-Koehler Publishers, Inc.

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Myths, Dilemmas, Stakeholders, and Crisis Management

Overview:

At this halfway point in the course and textbook, reflect on the material we have covered and considered in your response to the content.

Instructions:

Consider the first four chapters of our course text.

• Select one key idea from each chapter that you found particularly interesting, engaging, surprising, or noteworthy
• Write an essay of 2-3 pages in which you briefly describe the four key ideas you selected, citing Weiss.
• Explain why the key ideas are compelling, engaging, or otherwise appealing
• Draw connections between these key ideas and your current business experiences, either as an employee, a manager, or a consumer

Requirements:

• A Word document, written in third person with no use of first-person “I.”
• 2-3 pages, excluding the Title and Reference
• APA format, including in-text citations for referenced
• At least one resource cited, the textbook by