As a member of the entrepreneurship club, I would personally disassociate with all the three business proposals presented by other members. I would not agree with any of the three business proposals advanced by members. My decision would be informed by my understanding of ethical theory and business practice. Ethics in business can be viewed as the code of morality that guide businesses (August, Mayer, & Bixby, 2012). At this juncture, it is important to note that morality is relative. What is right or wrong to you might not be the same to another person. Different societies have different standards of morality. For instance, in some societies certain practices, such as homosexuality, are normal whereas in other societies, the same practices are viewed as being immoral (Luizzo, 2011). This is also true in the world of business. Certain business ideas would be viewed morally upright while others would be discouraged. This is a balance is brought by the ethical issues in the business world.
The most relevant ethical concepts or theories in analyzing each of the business ideas advanced by members include but not limited to justification and application, Kantian deontological theory, utilitarianism theory and ethical relativism theory (Dlabay & Burrow, 2010). The concept of justification and application focuses on the laid down principles of morality within a given society by trying to put into consideration all the relevant parties or stakeholders involved.
The utilitarianism theory simply says we go for the proposal that will offer happiness to the vast majority. This theory as advanced by Jeremy Bentham tries to balance between pain and pleasure. The business proposal to be adopted should be the one that will accord pleasure or happiness the greater population and minimize pain as well (Dlabay & Burrow, 2010). Kantian deontology as advanced by Emmanuel Kant focuses on equality by treated all persons equal universally, and nobody should be used as a means to an end. Lastly, the Relativism theory holds that there is nothing like universally accepted codes of morality. They believe that morality is relative depending on the society you are in. Therefore, any business idea or proposal should be treated pursuant to the society’s threshold of the morality (Luizzo, 2011).
Indeed, ethical issues in business entail the critical assessment of the impact of the business proposal to the customers, employees and other third parties affected by the business. This, therefore, means that all the three parties- the target customer, your employees and the third parties involved play an active and crucial role as far as ethics and business practice are concerned (Luizzo, 2011).
In conclusion, it is crystal clear, therefore, that ethical issues in business practices is an important factor to consider by entrepreneurs before venturing into any business. The new paradigm shift is heavily alive to the ethical issues and factors that color businesses and other related practices. In that strain, it is essential to appreciate all the respective issues.
August, R., Mayer, D., & Bixby, M. (2012). International Business Law: Text, Cases, and Readings. New York: Pearson Education, Limited.
Dlabay, L., & Burrow, J. (2010). Business Finance. New York: Cengage Learning.
Luizzo, A. (2011). Essentials of Business Law. New York: McGraw-Hill Education.