Business Ethics Paper Essay Example | Topics and Well Written Essays - 1250 words

Business Ethics Paper - Essay Example A business is considered as a subsystem of society. Business ethics implies the profit making is not at all unethical but the company should discharge their social responsibility towards the society. The social obligation of a company towards the society is very complex and unlimited. But if the company wants to flourish it has to contribute to social welfare. The company which makes losses is considered as a unethical because it misuses the national resources, promotes inefficiencies, cannot pay back creditors, upsets the economy and is not able to discharge social responsibilities. Such a loss making concerns are burden to the economy. The business ethics dictates the responsibilities of a business which generate the revenue to the investors and society. It is the relationship between the business and social responsibility. All individual has a mode of behavior whether in business or in non- business. The standardized form is ethics. Ethics is thought of moral principles and set of values about what conduct ought to be. Therefore it does not specify what is good or bad, right or wrong. Business ethics is based on the behavior of a businessman in different business situations. They are concerned with the impact of decision that they have taken within or outside the organization. How strictly they are following the ethical rules in economic and financial decision making. It is often seen that the businessman has to obey the law, even though he feel it is injustice or immoral. If he feels the law is unjust, he takes remedy through a proper procedure. Human values are the core of ethical behavior. Values are the part of the culture and culture are the ideas, attitudes which shape the behavior of the person. Each individual has a culture adapted from the society and family in which he is grown up. Every org anization has there own culture in which the every person in that business works or takes decision. Values are adaptive, and subject to change over the period of time. In the olden days the business are considered as the profit making concerns but now the views are changed. The business is the part of society and if a business has to flourish it has to discharge its social obligation. The welfare of society is the social responsibility of the firm. The business which does not give importance to the social welfare will not survive. 1. Define what is power and leadership in your own words Power is the authority of a position to rule and achieve success by influencing the behavior of people at work. Power has both positive and negative aspect. When power is used in ethical and purposeful way we can say it is positive, which lead the organization to development. But when power is used for self serving, manipulative and corrupted way it is negative. Leadership is the process of using power to get work done by others. It is the ability to get men to do what the leader wants to do. The degree of authority or power used by leader is based on his leadership style. 2. Define what is the theory of Fiedler's contingency Fiedler's contingency theory of leadership explains that the group performance is a result of interaction of two factors- leadership style and situational favorableness. Leadership style depends upon the leaders personality. Fiedler has developed an index called the least-preferred coworker (LPC) scale. LPC is based on the liking and disliking of working with other individuals in the group. Low LPC suggests that leader