Small Business Management Chapter 2

an uncompromising adherence to values, beliefs, and principles than an individual claims to hold.
ethical issues
Issues that involve questions of right and wrong.
Individuals or groups who either can affect or are affected by the performance of the company.
One of the most importance stakeholder groups that a company must please.
social responsibilities
A company’s ethical obligations to the community.
The integrity edge
The price of integrity is high, but the potential payoff is incalculable. Benefits include: Improved financial performance, enhanced brand, increased sales better recruitment and reduce employee turnover.
intellectual property
Original intellectual creations and works of art protected by patents or copyrights.
underlying values
Unarticulated ethical beliefs that provide a foundation for ethical behavior.
ethical imperialism
The beliefs that the ethical standards of one’s own country can be applied universally.
ethical relativism
The beliefs that the ethical standards are subject to local interpretation.
Ethical Decision Making Process
Step 1: Define the problem
Step 2: Identify alternative solutions
Step 3: Evaluate the identified alternatives
Step 4: Make the decision
Step 5: Implement the decision
Step 6:Evaluate the decision
Walking in Integrity
Many small business owners strive to achieve the highest standards of honesty, fairness, and respect in their business relationships.