It’s easy to maintain an ethical demeanor when all eyes are on you. Business owners, managers, and supervisors are always being scrutinized by their subordinates and even competitors.
As an entrepreneur playing one or all of these roles (and maybe more), upholding a reputable attitude—even when nobody is looking—is critical to your business and future.
Impact on communities
Entrepreneurship has a tremendous effect on local economies. By keeping your operations local and community-centric as much as possible, you may be able to offer higher wages, improved customer service, and stir greater competition. Many startups invest a great deal of time and money into communities as it helps them develop stronger bonds with the locals, forge new partnerships, and organize fundraising events.
There are many ways you can give back to your community and make that reflect well on your business. Providing a monetary donation is one of the most straightforward means, but you can also be creative.
For example, a group of local businesses and entrepreneurs in Nashville came together during the holidays. Their efforts raised thousands of dollars in charitable donations and provided many local families with a memorable holiday season. A similar case involved a real estate entrepreneur in Pennsylvania who built a home for Habitat for Humanity to help low-income families become homeowners.
Setup for success
Many entrepreneurs are young professionals who have just graduated from college. Eager to make a name for themselves in their chosen industry, some of them have the tendency to put ethics aside in favor of building their brand and reputation. This is a mistake.
Developing a strong and reputable image as early as possible can set you up for great success down the road. Conversely, you might not have much of a future if you step on too many toes at the beginning.
Remember that the increasing popularity of social media sites means that consumers are more connected now more than ever. A person’s bad experience with your company can easily be shared with hundreds, thousands, or even millions of customers in a few simple clicks.
Relationship with stakeholders
Working with external investors, partners, and other stakeholders can be quite challenging. Indeed, you might have to sacrifice some of your goals, ideas, or newfound career freedom to accommodate their needs and requests.
Moreover, you might have already become accustomed to following your own rules and making decisions for yourself as a business owner. And when there are others involved, everything somehow becomes more complicated.
It’s a thin line to walk, but as an entrepreneur, you always have the right to stick to your guns and put your foot down.
Keeping their trust
There are certain professions that are faced with making ethical decisions more than others. Business consultants, for example, are constantly tested. They often have to choose between satisfying their client’s needs and pursuing their own agenda.
Entrepreneurs walk the same line. Should facts about your business be stretched to cover up failures or exaggerate progress when pitching to investors? Should you be honest to your customers about why a product delivery has been delayed? Does your company honestly give credit to any idea or intellectual property borrowed from another company?
Ethical business decisions are valuable as they play a crucial role in creating your image in the industry. Choosing yourself or your business over the interest of your customers or partners may earn you short-term benefits but cost you your trustworthiness in the long run.
The career of an entrepreneur is typically fraught with hazards, pitfalls, and obstacles of all kinds. The last thing you want to do is make the job harder on yourself, which usually befalls those who ignore ethics or morality.
Source: Tech In Asia