BusinessDay... the voice of business: Exploring business ethics

Exploring business ethics
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OLUYINKA ALAWODE on 18 September, 2007 03:20:23
 
Students in Free Enterprise (SIFE) of the Lagos State Polytechnic (LASPOTECH)
recently explored issues of ethics in business. This was at a seminar and skills
exhibition held by these enterprising students at the main auditorium of the
campus.
At this seminar and business expo, discussants on business ethics and legal
practice as well as representatives of the United African Company (UAC) were in
attendance.
The student-entrepreneurs had such products as paints which some of the
business owners manufactured, beaded jewelleries, outfits made by them etc.
Their aim, according to the president of the SIFE club was to sharpen the
entrepreneurial capacity of students while on campus so as to make them more
prepared for life after graduation.
Chairman of the Isolo local government, Modupeola Fafowora was also at the
seminar and skill exhibition. She said the students have proven that ability to
start and run businesses was a vital part of formal education. She therefore
made an invitation to the executives of the SIFE LASPOTECH branch to come to the
local government headquarters to see how they could work together to boost their
business practices.
Modupe Oyekunle, chief executive officer of Masterpiece Resource Development
Centre (MRDC) told the students: "Issues of ethics in business starts from your
conduct in school academics."
Assumptions on ethics
In discussing ways of taking their businesses to higher levels, Oyekunle asked
the question: "Is it just about success or principles?"
The students agreed that it was more geared towards principles. So these
assumptions were made:
* That we want to do the right things
* The right way
* In the right way at the right time.
Ethics in business
Oyekunle said that ethics in business:
Is concerned with human character, understanding, distinction between right and
wrong and moral duty, when pursuing a livelihood, trade or occupation.
Setting ethical standards for one's business
It is all about doing what is right in the right way.
Corporate compliance:
Complying with national and local laws and regulations
Corporate responsibility : Fulfilling the responsibilities or obligations that
a company has toward its stakeholders.
She said the reasons most people act in unethical ways include: External
pressure such as meeting unrealistic business objectives/deadlines or it may be
due to inward pressure such as the desire to further one's career or to protect
one's livelihood.
Setting standards
Oyekunle told the students that to set ethical standards for their lives, they
needed to ask these questions: Who am I? Where am I going and how do I intend to
get there? She urged them, that, when faced with a crisis on making ethical
decisions, they should:
* Define the problem as they see it;
* Define the problems as outsiders might see it;
* Consider their intentions in making the decisions;
* Ask who would be affected by their decisions;
* Evaluate the fact that they needed to report their action to someone higher
in rank; and
*Analyse the symbolic meaning in regards to everyone concerned.
Oyekunle gave them three questions to ask in making ethical decisions: If you
are not sure, ask - keep asking until you get an answer - If you know it is
wrong, don't do it. She also urged them to consider the God factor because if a
person does not stand for something, he will fall for everything.