Midterm Reflective Essay for Business Ethics
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Business ethics is a significant part of running a business and an industry ethically. The
course business ethics frequently introduces the concept of morality, values, and cultural
perceptions and the upbringing in all fields about business like corporate social responsibility
and consumer rights (Adiguzel, 2021). In chapter 1 of the business ethics course, we learned
about business ethics and being a professional, ethical person. In chapter 2, we learned about
ethical dilemmas and what you are supposed to do when encountering such issues. Also, in
chapter 3, we talked about the stakeholders and the most significant assets to a business. Lastly,
in chapter 4, we talked about the "free market" and "social contract," describing various ways of
running a business.
Chapter 1, "the overall business and the business ethics used when running a business,"
was the most interesting topic in the whole chapter. "What is right and wrong, good and bad,
harmful and beneficial regarding decisions and actions in organizational transactions?" (Weiss,
2021). We learned that business ethics is essentially the study of reasonable business practices
and policies concerning possible controversial subjects. These subjects include “insider trading,
corporate governance, corporate social responsibility, bribery discrimination, and fiduciary
responsibilities”. Being an ethical individual and adhering to ethical standards when operating a
business is very significant. When running or owning a business, adhering to ethical behavior
helps towards the company's success in a variety of ways as well.
However, in chapter 2, ethical dilemmas are the topic that I find more interesting. For
instance, an ethical dilemma is when an individual is put under a condition where a hard decision
has to be made between two different actions. In a business environment, it is very important to
be aware of how to arrive at ethical reasoning when handling ethical dilemmas, and this is where
we use ethical reasoning. Ethical reasoning assist in determining and differentiating between
right decisions, thinking, and actions and those that are hurtful, wrong, or harmful to ourselves
and also others?" (Weiss, 2021). When deciding a situation that involves an ethical dilemma, it is
a must; however, you use ethical reasoning. It involves three steps that can assist you in deciding
what the results of the situation will be. These three steps include logical moral reasoning, one
must offer or use solid evidence to arrive at a decision, and the last step is ethical standards used
in ethical reasoning should always be and stay reliable.
In chapter 3, the topic about the stakeholders was the most interesting as it is an essential
topic when it comes to a business environment and running an ethical business. A stakeholder
refers to a person who has a vested interest in a certain company and can be impacted by the
organization's decisions (Adiguzel, 2021). However, when operating a business, you should have
stakeholders to assist in supporting your business and offer financial and practical support for
your organization in both the present and future.
Lastly, in chapter 4, discussing "free market" and "social contract" was fascinating.
However, operating a business in a "free market" world, voluntary exchange of laws, demand,
and supply offers the sole grounds for the monetary system without the government's
intervention (Weiss, 2021). On the other hand, a "social contract" is an agreement designed for
both informal and formal means of involving government, business, citizens, employees and
their representatives, and the public society organizations in general. In conclusion, these topics
are crucial and connect extremely with ethical business. It is significant when operating a
business under a "social contract" to adhere to the guidelines and rules offered to maintain your
business operation.
References
Adiguzel, Z. (2021). Evaluation and Importance of Business Ethics in Terms of Organizational
Culture. In Multidisciplinary Approaches to Ethics in the Digital Era (pp. 248-275). IGI
Global.
Weiss, J. W. (2021). Business ethics: A stakeholder and issues management approach. Berrett-
Koehler Publishers.
