What are the definition of business ethics and give your own opinion about why we should be ethical in business.

       The definition of business is an economic activity, a transaction where an offer is made by a seller and the offer is accepted by a buyer for a consideration with the hidden agenda of a gain or profit. The definition of ethics is the basic concepts and fundamental principles of decent human conduct. It includes study of universal values such as the essential equality of all men and women, human or natural rights, obedience to the law of land, concern for health and safety and, increasingly, also for the natural environment. See also morality.

       So, from both definitions, we can conclude the real meaning of business ethics. The definition of business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed. Business Ethics can be defined as the critical, structured examination of how people and institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others.

       Business ethics are not written in stone. There is no set guide to go by. Instead, business ethics simply means conducting your business in a way that is both honest and moral, whatever that means in your particular industry. There was a time when ethics played little or no role in business practices. Today, however, consumers, employees, and businesses that serve other businesses are extremely informed, and business ethics are more important than ever.

       Ethics! What do we imagine when we here this word. Some of our civilizations greatest minds for example Aristotle and Socrates have tried to define it. One of them thought that ethics is your self- knowledge, other explained ethics as self-realization. But i think that the most common definition of this word is values. Actions, which is we can divide by two. That it is a good or bad. If one does things that please others, we call him an ethical, but if his actions are not recognized by public, we call this person non-ethical, irrational and even bad. One fact is sure- ethics more something you feel not, what you know or can learn. But what role does this ethical issue play in business?

       I think that in nowadays this border between ethical and non-ethical actions is really thin, because persons who are working in business environment have to make decisions touching this question every day. For most of these people profit is the main aim and i think it’s pretty reasonable. But if the competition is acrimonious and government has implemented some new laws, which force us to pay tremendous taxes-, are we allowed doing illegal actions to save our business from bankruptcy? And the answer is simple: “no, we must obey the laws”. But what would happen if there weren’t such obligations as laws. Would entrepreneurs still work ethical?

       I believe that by complying with principles of ethics, businessman can provide themselves better surroundings for the future. It is a long term condition. For example if a businessman thinks only short term and acts unethical by providing bad service or selling flaws to his clients which is to save some money on expenses, it will provide him some extra euro’s. But sooner or later his clients will be tired from this disappointment and they will choose other companies. In long term unethical actions will rarely pay back. Good reputation is one of the reasons for being ethical.

       Let's take a look at some of the more important business ethics that you should be aware that I will share with you and everyone too. For the first business ethics that you should to aware is ethics that concern consumers. This would include things such as developing quality products, charging a fair amount for the product, backing the product with a guarantee and honoring that guarantee, and making sure that your customers - consumers - are completely satisfied in their business transactions with you. It also entails providing safe products for consumers, and advertising those products in an ethical - truthful - manner.

       Next is a business ethics that really concerning business-to-business transaction. Obviously, you should conduct business with other business owners in an ethical manner. Failing to pay vendors is not ethical. Ruining the reputation of a vendor, without just cause, is not ethical. Asking another business to do something illegal is not ethical. Getting creative with the accounting is not ethical. Bribery, kickbacks, and other types of transactions such as this, of course, are not ethical, and are illegal in most cases.

       Lastly is employee ethics. Just as you expect your employees to hold up to a certain set of standards, your employees expect you to hold up to a certain set of standards as well. Most people will remember the Enron scandal for years, and many business schools will hold the Enron scandal up as an example in their business ethics classes for the rest of time. Other ethical concerns that relate to employees include discrimination, sexual harassment, union busting, privacy issues, and even work place surveillance, such as reading the email of employees, or listening in on their personal phone calls.

       Experts in business management and researchers have endorsed the need for businessmen and company professionals to study ethics. They have asserted the importance of founding business on ethical values and following them. They have urged management professionals to adhere to ethics and accept it as a part of business. Ethics remain being important in business and strong ethical values shall take the business a long way!

       If you are a business owner, and you have never taken a course in business ethics, you should really consider doing so. Such classes are offered at most local colleges, and are even available online. Know what is and what is not acceptable in the business world, and you will be better able to help your business grow and succeed, with your reputation intact. Lastly from me, everyone should to remember this phrase ‘good ethics is good business’.