Features Of Business Ethics

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Code of conduct: Business ethics is the code of conduct which businessmen should follow while conducting their normal business activities.

 

Based on moral and social values: Business ethics is based on well-accepted moral/principal values. It suggests moral of conduct for businessmen. They include self-control, service to society and fair treatment to social groups and not to harm/ exploit others.

 

Provides basic framework: Business ethics provides the framework within which business is to be conducted. It suggests legal, social, moral, economic and cultural limits within which business has to be operated. It suggests what is good and what is bad in business.

 

Needs willing acceptance for enforcement: Business ethics cannot be enforced by law or by force. It must be accepted as self-discipline by businessmen. It should come from within the businessmen.

 

Education and guidance required for introduction: Businessman should be given proper education, guidance and training in order to motivate them to follow ethical business practices.

 

Not against profit making: Business Ethics is not against fair profit making. However, it is against profiteering by cheating and exploiting consumers, employees or investors. It supports expansion of business activities but by fair means and not through illegal activities or corrupt practices.

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