Do business and ethics go hand in hand?


Background :-

  • Ethics is ‘the moral values, principles governing the actions and having consciousness about our responsibility towards the society’.
  • In today’s world, there is often a conflict between business and ethics.

In Favor :-

  • Being ethical makes a person successful in long run. One isbound to fail when he does not follow ethics.
  • By following ethics, person becomes independent and confident.
  • One can never escape from wrong deeds. They are bound to suffer. Making money by unethical practice hurts many people associated with company, making them lose their trust over the company.
  • Acting ethically may take more time to succeed, but eventually we will reach to the top and will be respected by all.
  • By following ethics, we develop a sense of responsibility towards the society. Also many people gets inspired by us.
  • Customers wants to associate them with the ethical companies and not with the cheaters and liars. They feel assured that they won’t be cheated by the company.
  • One can be both successful and ethical. Many of the leading companies of today are ethical in their acts. Many of them have survived because of their commitmentto follow ethics and provide the best products.
  • Being ethical is the only way for an industry to survive for long term. Compromise with ethics for business may reap short term benefits but it could not ensure your success for long periods.
  • In today’s world it is difficult to follow ethics but it is what we should do to get a real success.
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Against :-

  • Being ethical takes so much time for success which can deprive you of several opportunities.
  • While handling pressure, stress and competition, being ethical in business makes us face many difficulties.
  • In today’s world, more importance is given to how much money you can earn. Being ethical limits profits.
  • Business is run by the mind, not by heart and values. Business needs a person to be professional and practical.
  • Companies who claims to be ethical, often have ethics only in their words, not in action. Therefore it is better to not to claim being ethical than to claim it and then contradict ourselves.
  • The definition of ethics is understood differently by different people. There comes a clash when determining what is ethical and what is unethical.
  • Business is done with the aim of producing maximum profits whereas ethics is about what is right and wrong. These two can’t go together, if we want success consistently.
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Conclusion :-

Being unethical will not make you reliable in the market. Even if someone earns well by being unethical, their business will be collapsed once their unethical acts come into limelight. What remains with a business or a person is their values and morality. Business and Ethics can go hand in hand. And there are many live examples for that.

Afterwords :- What are your thoughts on this topic? Express your opinions in the comment section below.

This article is written by Vaishali Chaudhari. All rights reserved @ Group Discussion Ideas.