Ethical duties as an Entrepreneur (Is your good harm to others) Essay

Ethical duties as an Entrepreneur (Is your good harm to others) - Essay Example Entrepreneurship is not an exception. This paper will analyze the ethical duties of entrepreneur, arguing that one’s good does not necessarily harm others. To begin with, one might suggest that one of the most important duties of an entrepreneur which involved Ethics focuses on the necessity to think about the affect that one’s activity has on the stakeholders. Indeed, it would not be an exaggeration to suggest that one can hardly find an activity where the number of stakeholders is reduced to a minimum and entrepreneurship is surely not one of them (McFarlane, 2013, 51). In other words, it is an imperative for a person who runs a business to think about the impact that it can have on all the parties which are involved directly and indirectly. A helpful way to do so would be to create a map of all the people affected and determine the relationship between them and the business activities (Weiss, 2014, 13). One should point out that considering the impact on the stakeholders might be regarded as a characteristic feature of the modern kind of business. Indeed, in the previous times economic world in general as well as entrepreneur s in particular was primarily concerned with the profitability of the enterprise, the security of the source of income and possible ways to maximize the return of investment. However, contrary to that, at the modern times people acknowledge that they might have a negative impact on the stakeholders and are encouraged to refrain for it. In other words, a good entrepreneur will be able to set up one’s business in such a way that would not harm anyone. The next important duty which should be analyzed in great detail is connected with the necessity to implement ethical decision making process. One of the most significant aspects that are crucial for understanding of this duty is the difference between morals and ethics. Thus, the former is largely considered to be a set of personal