Business ethics is a form of moral that analyzes various problems inherent in the business environment. In particular, much attention is paid to the struggle between competitors, the social responsibility of the business community, and effective methods of managing companies and organizations. The central values of business ethics are honesty, reliability, fulfillment of promises, openness, respect, civic responsibility, and care for others. The chosen business is partnership because this form of organization requires the implementation of business ethics at a high level based on our rights, responsibilities, and autonomy.
Partnership is a form of business organization based on the association (usually equity) of property of different owners. In partnership, two or more persons combine their property, become co-owners of the established enterprise, jointly manage production and property, distribute profits, and are responsible for their obligations (Cahn & Donald, 2018). The three primary concepts are rights, responsibilities, and autonomy. The rights of business partners play an essential role because it is crucial to consider all points of view to find consensus on problematic issues. Respect for the law is a respectful attitude towards others and oneself. It is the law that guarantees the rights and freedoms of business partners (Gibson, 2007). Business ethics must be based on mutual respect for the rights to freedoms.
Proper division of responsibilities is crucial in the partner business. It is necessary to distribute responsibilities, describe them in official policy and ensure that each employee understands them (Gibson, 2007). At each general staff meeting and meeting with managers, it is necessary to remind them, first in person, and then pass it on to managers and, of course, to ensure that they do everything without distortion. A clear division of responsibilities is the key to successfully implementing business ethics in a partner organization to avoid misunderstandings. Autonomy in the partner business will increase the level of activity management, and as a result, the efficiency of service provision will be increased (Arnold et al., 2019). Of course, autonomy is complex and should include both academic and organizational components and personnel and financial.
I find my chosen business ethically sound because the partnership is a form of business where having the right ethical approach to employees is important. Using fundamental concepts of business ethics, business founders have a great chance to make good profits and succeed in their field (Loyola Productions, 2012). The disadvantages of the chosen business are the difficulties with the distribution of profits and the incompatibility of partners’ interests. In the partner business, views often diverge at certain stages of work, so it is important to describe all the requirements at the beginning of cooperation clearly.
In conclusion, business ethics results from a long-term selection of rules of conduct that have led to success in business relationships. The partnership is an excellent example of applying business ethics in practice. Rights, responsibilities, and autonomy are the three key concepts for successful project management. Essential factors in conducting a profitable business are compliance with ethical and socially sound rules.
Arnold, D., Beauchamp, T., & Bowie, N. (2019). Ethical theory and business (10th ed.). Cambridge University Press.
Cahn, A., & Donald, D. (2018). The partnership as an alternative form of business organisation. In Comparative Company Law: Text and Cases on the Laws Governing Corporations in Germany, the UK and the USA (pp. 105-149). Cambridge University Press.
Gibson, K. (2007). An overview of business ethics. In Ethics and business: An introduction (pp. 1-26). Cambridge University Press.
Loyola Productions, Inc. (2012). JESUITS ON…Business Ethics [Video]. YouTube.