The Importance of Business Ethics - The Namibian

2022-09-24 06:16:20 By : Ms. Lulu Ye

LIONEL Messi's expertly taken double helped seal a comprehensive 3-0 win for Argentina over Honduras in Miami on Friday to extend their impressive unbeaten run ahead of the Qatar World Cup.

ROGER Federer described his tennis career as a "perfect journey" despite being denied a fairytale ending with a doubles defeat at the Laver Cup early on Saturday alongside Rafael Nadal.

A superb first-half stiletto kick from striker Adam Szalai gave Hungary a 1-0 away win over Germany at Leipzig's Red Bull Arena on Friday.

Wernhil Shopping Centre has gone all out to bring the 'Wernhil Fashion and Lifestyle Extravaganza' this weekend.

NAMIBIAN beauty pageant contestant Ansua Hammerslaght recently announced that she would participate in the Mrs Universe competition taking place in South Korea in December.

TALKS to return the jazz festival are still in progress, the spokesperson of the City of Windhoek, Harold Akwenye, has confirmed.

THE South African Reserve Bank (SARB) has increased the benchmark interest rate by 75 basis points to 6,25%, back to pre-Covid-19 levels – a move Namibia is expected to emulate next month.

NAMIBIA acknowledges that investment in ocean health, ocean wealth and ocean equity is significantly low, although the country spent close to US$7,3 million (N$116 million) on marine research during the 2019/20 financial year.

THE informal or formal micro-enterprise sector is one of the most productive in Namibia, and must be fostered to develop large, economically significant and sustainable Namibian enterprises.

SAINT OR SINNER? Which is better for business owners to be?

SAINT OR SINNER? Which is better for business owners to be?

This vexed question will inevitably and regularly cross the mind of even the most righteous entrepreneurs, as they navigate the ups and downs routinely encountered when doing business.

Taking a short cut and making a fast buck is always going to be enticingly attractive, for all business owners.

To succeed in business, must entrepreneurs trample over competitors, pay staff little money and late every month, pull wool over someone's eyes, knife people in the back, cheat the taxman, and save money by circumventing the law, among engaging in other nefarious practices?

Or should one rather listen, loudly hear, and be readily guided by an inner voice, which has been a constant companion on life's journey since childhood, that helps distinguish good from bad, and right from wrong?

In a business unfriendly environment, one fraught with bureaucracy, red tape, plenty of rules and regulations, burdensome statutory compliance requirements, and a wheelbarrow filled with other challenges to be faced daily, is it possible to embrace ethics?

Yes, it is. Ask any credible entrepreneur with a proven track record of business success.

Don't waste your time asking pseudo entrepreneurs, who may be well connected but have never worked an honest day.

They are those flashy show-offs, with a tendency to wear sunglasses precariously perched on the top of their head, and long pointy shiny shoes.

Another telltale sign is that they usually drive a luxury sedan with dark windows, or an SUV.

We regularly see them loudly enter and quietly exit the business landscape, don't we?

They are certainly not a beacon of business success, neither role models worthy of emulation.

Be aware that failure to act uprightly, in word and deed, will ensure that desired entrepreneurial success remains ever out of reach, and will make business failure inevitable.

Ethics is the branch of philosophy that theoretically, logically, and rationally determines right from wrong, good from bad, moral from immoral and just from unjust actions, conduct and behaviour. In turn, business ethics are the moral standards we set and apply at our enterprises.

Those rules of good conduct in the way we do business, treat employees, deal with customers, suppliers and service providers including our banker. In short, in the way we conduct business.

As much as it applies to corporates and large businesses, so too does ethics apply to small enterprises, in equal measure.

By operating ethically, your enterprise will gain an enviable reputation of reliability, honesty, and integrity. This will help retain good staff, manage potential business risks better, and guide the decision-making process.

Learn and understand right now, if you don't already know so, that ethical practice is a precursor on the pathway to business success.

As difficult as it might seem, there is ample proof to show, and case studies to underscore, that smart entrepreneurs worldwide know there is no shortcut to business success.

Evidence exists to show that making quick money on a dodgy deal comes with horrific repercussions.

Smart entrepreneurs, irrespective of the size of their enterprise, know that uprightness and ethical behaviour help one succeed in even the harshest and most challenging business arena.

* Danny Meyer is reachable at [email protected]

Danny Meyer is a columnist in our BottomLine business section

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