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Develop a sense of the importance of integrity and ethics in small business ownership - Essay Example

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In most business enterprises, ethics and integrity plays a significant role in the success of the business. According to most…
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Develop a sense of the importance of integrity and ethics in small business ownership
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Integrity and ethics Integrity and ethics Ethics can be defined as the external system of laws while integrity is the internal setof principles which guide the behavior of an individual. In most business enterprises, ethics and integrity plays a significant role in the success of the business. According to most organizations, the success of the business is mainly centered on the integrity of the employees (Longenecker, Petty, Palich, & Hoy, 2012). Nowadays, most of the organizations are taking a proactive approach to prevent predicaments that result from lack of ethics and integrity. In fact, people of integrity consistently ensure that the organization is maintained to the highest standards. This paper will discuss the importance of ethics and integrity in small business enterprises.
Research asserts that small-business investors substantially rely on ethical codes in the business setting. For example, the aspect of ethics in matters regarding finance should not be overlooked. This is because such businesses rely on accounting ethics. In case the business owners are not conscious about financial recordkeeping practices, then, they are likely to face tremendous challenges. In addition, they are exposed to risks related to fraud if they do not uphold ethics and integrity in the business (Petryni, 2008).
Recently, some of the small businesses have implemented the code of ethics which is normally entailed in the policies of the organization. This code of ethics is normally a statement of values which defines the organization. In most cases, the code of ethics usually addresses issues related to conflict of interest, competition data, assets of the company and employee practices. Furthermore, integrity also forms a crucial part in business since; lack of integrity in the organization leads to poor development of the firm (Longenecker, Petty, Palich, & Hoy, 2012).
Contrarily, there are some businesses which do not uphold the integrity and the code of ethics. In such cases, the business is said to run under unethical practices. There are several unethical practices that are practiced in most of the small businesses. One of the most prominent unethical practices is the lack of compassion. According to empirical studies, most of the workers in small business firms are usually exposed to unethical treatment (Longenecker, Petty, Palich, & Hoy, 2012). For example, most small companies offer medical covers for its employees especially if the company operates in risky circumstances.
In case an employee is injured while in the line of duty, he or she must be compensated. However, there are several companies that do not compensate their workers or even cater for their medical bills. This is an unethical practice which highlights criticism in the treatment of workers (Rajeev, 2012). One of the exceptional examples is the ruthless treatment of one of the employees in a manufacturing firm located in one of the countries in United States. The man had suffered injuries while he was operating one of the machines in the firm. This manufacturing firm that deals with the production of glass denied covering his medical bills or providing any form of compensation.
In conclusion, this worker was discontinued from his position and was forced to use his money to cater for his medical bills. After this incident, I filed a complaint to the executives of the firm. However, the man had lost his job, and they did not take the complaint seriously. After conducting a follow-up, I recognized that the company had been temporarily shut down, since; they were not ready to comply with the code of ethics and integrity. If the company had accepted to cater for the medical bill of the employee, then, they would have a positive outcome.
References
Longenecker, G., Petty, W., Palich, E., & Hoy, F. (2012). Small business management: Launching and growing entrepreneurial ventures (16th ed.). Mason: South-Western Cengage Learning. 
Petryni, M. (2008). Accounting ethics and integrity standards. Retrieved from http://smallbusiness.chron.com/accounting-ethics-integrity-standards-24246.html
Rajeev, L. (2012). Ethical and unethical business practices. Retrieved from http://www.buzzle.com/articles/ethical-and-unethical-business-practices.html Read More
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