business ethics\nif you follow the news, you may have learned of illegal deals involving large corporations…

business ethics\nif you follow the news, you may have learned of illegal deals involving large corporations. one company lied to employees about its financial health, encouraging workers to invest millions of dollars in company stock. then the business declared bankruptcy, wiping out the savings the workers had counted on for retirement. another company knowingly sold toys containing lead - based paint, which was banned years ago as a health hazard to children. stories like these, along with common complaints such as hidden fees and poor customer service, have tarnished the image of business. theyve also brought attention to the topic of business ethics, moral principles applied to business issues and actions. many people now wonder if such a thing as business ethics exists at all. entrepreneurs have considerable influence on their companys business ethics. like operating a business itself, this is both an opportunity and a responsibility.\n1. what do you think are business ethics?\nwhy practice business ethics?\nthe main reason for behaving ethically, in business or in any area of life, seems obvious: its the right thing to do. its what you should do. its what anyone would do. its just following the golden rule: do unto others as you would have them do unto you. however, there are three practical reasons why you should practice business ethics:\n• customers are more confident when buying goods and services from an ethical company. as a consumer yourself, you may prefer buying from companies with a history of acting ethically. consumer surveys show youre not alone. this makes sense— people dont trust a company to offer high - quality goods and services if it has a reputation for acting unethically.\n• an ethical workplace motivates employees. have you ever seen other students copy a paper or cheat on a test and not get caught? you may have wondered why you should play by the rules when people who break them seem to succeed just as well. employees also feel discouraged and frustrated when that happens in the workplace. in contrast, people are proud to work for someone with high ethical standards. they feel more confident about their work and more loyal to a fair and ethical employer.\n• ethical behavior also prevents legal problems. defending yourself in court can be expensive. lawsuits obviously cost a company money for lawyers fees, judgments, and penalties. they also damage your reputation, which can lead to lost customers for years to come. it may even be enough to cause your business to fail and ruin your career.\n2. what are the three practical reasons why you should practice business ethics?\n3. what do you think is another reason why you should practice business ethics?

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