Ethics and Entrepreneurship
Kaustubh Mundra-150326
Ria Sharma - 150577
PHI447A
Why are ethics and entrepreneurship having significance in the modern era? Infact, do ethics and entrepreneurship really have importance? Why are these two words reaching the epitome of them being talked about together?
However, there are basic fundamental reasons to take the ethics of entrepreneurship seriously than these fleeting references. Primarily, entrepreneurship has emerged as a specific area of research with unique problems and solutions that can be productively and progressively accepted in their own context. Since entrepreneurial actions have powerful and significant implications, if ethics then how much of it is prevailing and necessary and with what importance?
But why is it important to indulge in a discussion about the moral status of entrepreneurship? If the entrepreneur does not do what is morally significant, do they become an object of moral criticism or even though if they are not ethically praiseworthy, can the still be as valuable as those who possess the quality of ethical and moral correctness?
One of the most imporatant task for entrepreneurs is the sharing of risks a.k.a. transferring the risks to others. Is this possible with ethical values?
This paper also will discuss about the relationship between hacks or the so called ‘jugaad’ in Hindi and ethical aspects of entreprenurship. Is diversifying the area of solution strategies and peeping into the loop holes to exploit them to achieve your goal ethical or unethical?
Multiple studies have been carried out to find the traits common in successful entrepreneurs. The results have clearly shown that successfull entrepreneurs possess one common feature, that they do not fit into a single profile. But how do these successful entrepreneurs have ethical abilities? How rational and morally accurate are they when taking decision of high impact?
In this term paper, I will initially talk about entrepreneurship as a skill, refusing to some of the entrepreneurial fallacies and misconceptions to lay down the base for the latter part for the debatable proposition about importance of ethics in entrepreneurship and entrepreneurship in ethics. Multiple examples will be given to clarify various pointers about how ethics affect entrepreneurs and the decisions they take.
Entrepreneurship?
Mark Cuban – Owner of Dallas Mavericks, Blogger, Shark Tank Investor
“Someone who can define the business they want to create, see where it is going, and do the work to get there.”
Jeet Banerjee – Tech Entrepreneur – Founder of Statfuse.com, Blogger
“To me, an entrepreneur is someone who mixes passion, innovation, and drive to turn a vision into a working business.”
Rob Irizarry – Tech Entrepreneur, Investor, Consultant, Owner of StartupBozeman.com
“What differentiates entrepreneurs from everybody else is a vision of something that doesn’t exist (either at all or in the form they envision) and the willingness to do what other people are unwilling to do to make that vision a reality.”
Jamie Tardy – Entrepreneur, Speaker, and Blogger at Eventual Millionaire.com
“An entrepreneur is someone that goes out and does the work to create something that didn’t exist before.”
Of all these definitions and many more, a feature that exists common in them is the novelty in innovation, be it technological, managerial, business insights or formulation. For me, an entrepreneur is someone who conceives an idea, induces novelty, dreams a vision, creates a path to success, does whatever it takes to succeed and tries to dominate their target!”
In a broad sense, this definitions takes an infinite process to understand completely as it is widely believed to understand entrepreneurship, you have to experience it.
To understand the role of ethics in entrepreneurship, let me clear out a few misconceptions about entrepreneurship.
1. The main motivation behind entrepreneurship is greed and to earn quick money. To the contrary, businesses take usually three to five years to turn profitable. Entrepreneurs are driven by their need for personal achievement are driven by greed, power and lust for money.