This document discusses the relationship between entrepreneurship and ethics. It argues that [1] entrepreneurship requires making ethical decisions that do not violate stakeholders' rights, [2] the qualities of successful entrepreneurship like integrity and principles are also important for ethical decision making, and [3] being an ethical entrepreneur means acting with character and responsibility towards stakeholders based on trust and fairness. The document examines entrepreneurs' ethical obligations and decision making processes, concluding that strong ethical foundations are necessary for long term business success.

1. ENTREPRENEURSHIP AND ETHICS
A CLOSER LOOK OVER THE ENTREPRENEUR’S BEHAVIOR

2. ABSTRACT
 What is the binding between entrepreneurship and ethics?
E t H
i c s
ENtREPRENEURsHiP
Entrepreneurship – attitude, a way of thinking and behaving
Ethics – describes the moral content of behavior and provides direction through its code of conduct
 The common denominator:
life lived in accordance with a set of strong principles and virtues

3. ABSTRACT
 An entrepreneur faces all kinds of ethical decisions, choices for
doing the right thing, without violating the rights of any
stakeholder.
 The general aim of this study is to point out that the main qualities which
characterize a successful entrepreneurship are also crucial to ethical decision-
making.
 The paper is a work in progress planned to be continued with some empirical
research departing from the hypothesis that ethics and profits don’t necessary
have to be mutually exclusive.

4. 1 INTRODUCTION
 “There is no such thing as business ethics – there is only ethics.”
(Peter Druker)
Fundamental rights and obligations are relevant regardless
of the time and place.
2 A PHILOSOPHICAL APPROACH OVER THE
ETHICS
 Human nature: everybody has the potential ability to distinguish between right and wrong
 Basement of ethics theory: concepts of good, duty, honor, honesty
 Code of moral principles: elementary beginnings
 Ethics: derives from the Greek “ethos” = the usual way of life
 The usual life of an entrepreneur is characterized by change
 The key to a successful business: an authentic behavior in searching for ethics

5. 3 TODAY’S BUSINESS WORLD
 “Managers are concerned to make things right, leaders are concerned to make the
right things”, entrepreneurs have the duty to always follow the right way.
 Despite technological progress and new tendency in management and marketing, all
business are reduced to a matter of trust.
 “The broken window” theory
 Business environment: some little ethical issues are often
ignored.
 The most common attitude is tolerance towards ignorance,
superficiality, lack of morality and even to fraud.
 Another meaning of the Greek “ethos” is “character”: approaching the business
domain with an ethical attitude means being an entrepreneur of character.
Success = Ethics + Competence

6. 3 TODAY’S BUSINESS WORLD
 Entrepreneurs are responsible not only for what they know, but also for what they
could and should have known.
 The entrepreneur is the first responsible for his company deficiencies.
 There is no universal formula for solving ethical dilemmas, but there is a specific type
of thinking: analyzing everybody involved and their position provides the necessary
tools in order to make the decision.
 Ethics should be present in the entire process of taking a decision:
 identifying the problem,
 establishing the criteria for solution taking,
 finding different alternatives,
 decision itself,
 applying the decision.
 ETHIC CODE

7. 4 CONCLUSIONS
 “In life, each of us remains debtor towards our profession.” (Marcus Pollio Vitruvius)
 Work has to be included into a bigger project: a project of life for individual, a common
goal of more individuals, a way through something else.
 Ethical entrepreneurs valorize a positive relationship towards stakeholders, based on
trust, respect, integrity, honesty, fairness, equity and compassion – “laws of the
universe” (Stephen Covey).
 An entrepreneur without ethics may have success even a long period of time, but
eventually his lack of morality will destroy him.
 You can’t build a strong business
on a week foundation.

8. THANK YOU!