Chapter 3: Managing External Relations
Ethical Decision-Making Model for Small Business (Three things)
1. Define 2. Generate 3. Implement
How to build legitimacy
1. Employees should be dependable Organizational Citizens 2. Do not harm organization 3. Be good to customers
Developing a Network
1. Personal Network-people you know on a daily basis 2. Social Network-people you know online
Skills for making a right decision
6 things (describe them)
Big 3 of Social Networking
Facebook Linked-in Twitter (X)
caveat emptor
a latin expression which means "let the buyer beware" which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer
ethical dilemma
a situation that occurs when a person's values are in conflict, making it unclear whether a decision is the right thing to do
ethics
a system of values that people consider in determining whether actions are right or wrong
billboard principle
ask whether someone would be comfortable having his decision and name advertised on a billboard for the public to see
organizational identity
composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories, part of the BRIE model
code of ethics
expectations, values, and standards a business abides by
sustainable entrepreneurship
identifies or creates and then exploits opportunities to make a profit in a manner that minimizes the depletion of natural resources, maximizes the use of recycled material, improves the environment, or any combination of these outcomes
networking
interacting with others in order to build relationships useful to a business
golden rule
suggests you treat others in the manner you wish to be treated
utilitarianism
supports seeking the greatest good for the greatest number of people
trade magazines
targets specific industries and professions
mutuality
the action of each person helping another
legitmacy
the belief thhat a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors
external environment
the forces institutions and people outside the boundary of the firm
internal environment
the people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
universalism
there is a code of right and wrong that everyone can see and follow