Intro to Business Unit 7 Ethics in Business

Unit 7: Ethics in Business While earning money should be important to a business owner, it is also important to be ethical. Ethics should be an important factor in people’s lives, and starting a business does not exclude you from it. This unit will give you an overview of what ethics is, and what its principles are in business. What are ethics? ● Ethics mean different things in different sectors. ● In the business area; however, it is a study of the proper business policies and practices in regards to the subjects that may be possibly controversial. These topics include corporate governance, bribery, discrimination...etc. ● Business ethics allow for a certain level of trust from the consumers to the different companies that exist. ● Integrity is one of the most important concepts in ethics, as a broad area. ○ Those with integrity should greatly value the overall ethical principles that are listed below. The ethical principles in business These are the ethical principles as written by the Josephson Institutes: 1. Integrity 2. Honesty 3. Trust-worthiness 4. Loyalty 5. Fairness 6. Concern and fairness for others 7. Law-abiding 8. Commitment to excellence 9. Leadership 10. Reputation 11. Moral 12. Accountability Practice Question 1. What are the three types of businesses? Make sure to provide a detail of each 2. What is the difference between tangible and intangible goods? 3. Why would a company undergo revamping? 4. What are the six steps to revamping? Make sure to provide a detail of each 5. Explain how the globalization trend affects businesses. 6. Explain how the globalization trend affects the domestic economy? [U.S.] 7. Explain how the businesses currently are being affected by the technology trend. 8. Explain what the skills of a successful entrepreneur are. 9. What is the difference between a solicited business proposal and an unsolicited business proposal? 10. What does USP stand for and how can it be applied to better your pitch? 11. List all of the steps to create a good pitch. 12. How long should a pitch be? Give the range. 13. List the five requirements to a good business proposal, and briefly explain each one. 14. What are the steps in beginning a small business? 15. What are the three business structures? 16. Where do expenses come from when financing a business? 17. What is one expense for each type? Short-term, long-term, and immediate. 18. What are three reasons for the failure of new businesses? 19. Where can small businesses obtain assistance from? 20. What is target marketing? 21. What are ways to figure out who your target market is? 22. What are the different ways to attract your target market? 23. What is the marketing mix? 24. What are the 5P’s of marketing? 25. What is the most aggressive P in marketing? 26. What are the three different ways to advertise your products/services? 27. What are the three different ways of promoting your products and services in-store? 28. List a few non-traditional methods of promoting your business? 29. What is the ‘S’ of “smart” goals? 30. What is the ‘M’ of “smart” goals? 31. What is the ‘A’ of “smart” goals? 32. What is the ‘R’ of “smart” goals? 33. What is the ‘T’ of “smart” goals? 34. List the four skills in a leader. 35. What are the three steps in setting your “smart” goal for one of the leadership skills? 36. What are the different ways of earning more money? 37. Why is diversifying your revenue important? 38. Why are ethics important in business? 39. What is one of the most important concepts in ethics? 40. What are 6 of the 12 ethical principles in business? 41. What are some questions you could ask {yourself} when deciding on your target market? 42. Is it important to keep a financial record of your expenses and costs? Yes/No 43. Is an independent business with 200 or fewer employees considered a small business? Yes/No 44. Most start-up business owners obtain loans and funds to begin their small business. True/False 45. Successful entrepreneurs have certain characteristics that are the same. True/False 46. Start-up financing is money needed to pay the current operating costs of the business. True/False 47. One of the main reasons why businesses began by entrepreneurs fail is inadequate capital. True/False 48. Is the owner usually a manager of a small business? Yes/No 49. Do small businesses typically serve a large market? Yes/No 50. Do small businesses solve the problem of consumers through their product? Yes/No 51. What is a way to show targeted language in a business proposal? 52. What shows credibility in a business proposal? 53. How do businesses evaluate the demand for a product? 54. What is the benefit of leaving a part of your lead space to rent? Challenge→ Come up with ways that you can revamp businesses such as Target or Walmart. Challenge → Come up with a new product or service and give your best shot at pitching it. Challenge → Write up a simplified version of a business plan for one year. Challenge → Create a new food item and an event that you can sell at the State Fair. Explain what is unique about them and why they would generate good profit and revenue.