Ch 3

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Firm = an entrepreneur

A belief that many people think the owner is the business

Ethics

A system of values that people consider in determining whether actions are right around

Six steps to follow an event of a crisis

Admit you're in trouble, get to the scene as soon as possible, communicate facts you know, have one person serve as the firm spoke person, separate crisis management from every day management of the firm, deal with the crisis quickly

Sustainable entrepreneurship

An approach to the operation of the firm, the line of business to the firm, or both, which identifies or creates and then explores opportunities to make profit in a manner that minimizes the depletion of natural resources, maximize the use of recycled material, improve the environment, or chiefs in a combination of those outcomes

Billboard principle

An ethical model that asks whether someone would be comfortable having his or her decision and name advertised on a billboard for the public to see

Universalism

An ethical model that suggests that there is a code of right and wrong that everyone can see and follow

Utilitarianism

An ethical model that supports seeking the greatest good for the greatest number of people

Organizational identity

Composed of the name, description, in distinctive elements of a firm, such as trademarks, uniforms, logos, characteristics, and stories

What are the three steps to making ethical decisions

Define, generate, and implement

How do you build legitimacy

Develop networks and trust

Golden rule

Do unto others as you would have them do unto you

Three classes of ethical standards

Employee should be dependable organizational citizens, do not do anything that will harm the organization, be good customers

The most powerful way to connect

Face-to-face, 30% more powerful than email

The big three of social networking

Facebook, LinkedIn, and Twitter

Sources for Network Connections

Family, friends and neighbors, kids, bank, customer contacts, and school

For philosophies when thinking through alternatives to help guide you

Golden Rule, Utilitarianism, universalism, billboard principal

Three skills for making the right decision

Handling a crisis, achieving sustainability, and making ethical decisions

Networking

Interacting with others in order to build relationships useful to business

Social network

Online network of people

Two types of networks

Personal network and social network

Ethical dilemma

Situation that occurs when a persons values are in conflict, making it unclear whether a particular decision is the right thing to do

Mutuality

The action of each person helping another

Legitimacy

The belief that 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

Trade magazine

The magazines that target specific industries and professions

Internal environment

The people in groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm

Ronald Reagan

Trust but verify

Personal Network

includes people outside of the business environment, such as family, friends, neighbors, and other acquaintances.

Caveat emptor

let the buyer beware


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