Importance of ethics in business-Essay for Student

Importance of ethics in business essay. It means a reputation for fair-dealing. The reputation of a house of ethical business is built up over a number of years. When this built up, it comes to have a price of its own. A good reputation is the best advertisement for a house of business. Some people do not associate moral consideration with business.

What is business ideas and morality? People should be given real value for their money. Fake goods or shoddy goods should not be palmed off as real stuff. This is soon found out. And the supplier of such goods comes to have a bad reputation, and his business suffers in consequence.


Moral and ethical business
Unscrupulous merchants are often known to show good samples of their potential buyer, which are naturally approved and passed. Large orders have been placed for accepted samples. When these orders are supplied and paid, it is often discovered that the goods supplied are far inferior to the samples shown. If an Indian businessman follows this trick in placing foreign orders, he is not only harming his own business prospects, but he is doing a fatal job for Indian exports.

Do not forget that business activities can be moral or immoral activities. Not only dishonest, but careless or clumsy work, inattentiveness to small details, and other similar defects, knowingly or unknowingly, or against the rules of business ethics.

Business Role in the twentieth century
In the fourth decade of our twentieth century, many banks were opened in India by private agencies. They were both scheduled and non-scheduled banks. Many of them declared themselves bankrupt when their wealth came in good amounts. The public lost crores of rupees. It was not easy to prosecute and convict those responsible for this nationwide thug. The businessmen had lost their moral character.


Role of the Reserve Bank
In the wake of such disasters, the Reserve Bank of India has tightened control over every bank. Large shareholders and directors of banks are sometimes known for shady practices. Hence the need for nationalization of banks. As a result, Indian banks were nationalized. Such nationalization, apart from guaranteeing the safety of banks, is likely to release large funds for our five-year plans. But vested interests should be careful. The Government should play an important role and give proper guidance and provide moral opportunity.

Honestly and efficiently organised socialism is expected to make our economic structure work in accordance with the laws of business morality. Petty cases of dishonesty, theft and bribery are punished, but swindling on a nation-wide scale, floating paper companies, cheating the government of crores of income tax every year, hoarding and cornering, food and medicine adulterations, black-marketing and many other rackets generally go unpunished. It should by now be clear that on business morality depends the welfare of the whole nation and of the coming generations.

Dishonest business by many key agencies can ruin the economic life of the whole nation and cause untold misery. Business immorality is thus a million times more serious than a mere matter of personal addiction like gambling or drinking. Nonbusinessmen cannot harm society so much by their lapses or crimes as few selfish and dishonest businessmen can do. Business ethics are of very great importance to a welfare state. Thus we can say that how many Importance of ethics in business.

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