There are three main principles of business ethics: standardization, being workable, and being driven from the top. There are three types of ethics discussed: transactional ethics which governs interactions, participatory ethics which is guided by the common good, and recognition ethics which involves understanding others' problems. The document outlines various methodologies for implementing business ethics including leadership, communication, organizational focus on employees and community, and building ethical safeguards like codes of ethics and training programs. Business ethics are important for social concerns, responsibility, avoiding whistleblowing, improving performance, and benefiting stakeholders.