How can an entrepreneur establish strategies for ethical responsibility
What will be an ideal response?
ANSWER: The entrepreneur needs to establish a strategy for ethical responsibility within the free enterprise system. To do this, he or she must focus on an ethical position or on an organizational characteristic and analyze it. A strategy for ethical responsibility should have three major elements: ethical consciousness, ethical process and structure, and institutionalization.
Ethical consciousness is the development of an open exchange of processes within the venture, establishing codes of ethics for the company, and setting examples by the entrepreneur. The entrepreneur must accomplish this so that his or her vision can stay intact.
To keep the ethical goals designed to avoid ambiguity and to position statements or codes, the entrepreneur must have an ethical process and structure. For example, affidavits can be used to ensure the willingness of employees to adhere to the venture's specific goals.
Institutionalization is a means to combine the ethical objectives of the entrepreneur with the economic objectives of the venture. Even so, there are times when policies or operations that infringe on ethical values may need to be adjusted, thus testing the entrepreneur's commitment to his or her values. By using feedback and reviewing procedures, institutionalized ethical responsibility can be achieved.
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