Business Ethics: Entrepreneurial Philosophy

Business Ethics: Entrepreneurial Philosophy.
It is evident that certain behavior is displayed by an individual in a society, which either earns recognition or defames such person. This is virtually not unconnected to an organization that tends to deal in business with full anticipation of meeting the perceived need of an individual. What attitude or behavior an organization exhibit that wins her much expected patronage, and that makes her remain in business?
It will be helpful to begin by demarcating the special province of ethics. Ethics seek to determine how human beings should act. In view of this, it is obvious to know that technical disciplines seek to determine how one should act in order to attain a certain objective. Thus, for instance, assuming that a child wants to get money from his/her parent, it is expected of such child to have been answerable to them, especially on errand or his responsiveness domestically as a promise-kept child. But I doubt, a wayward child will get such from them. This tells us the need to display certain behavior in order to get things of our utmost demand in life.
Ethics is other major types of practical discipline. It tries to help us decide how we should act not just in order to attain given objective or objectives but, rather, all things considered. The focus of ethics is to behave in order to ensure that our life is flourishing, successful, worth living, fulfilling.
Ethics is, first of all, the quest for, and the understanding of, the good of life, living well, a life worth living. It is largely a matter of perspective; putting every activity and goal in its place, knowing that is worth doing and what is not worth doing, knowing what is worth wanting and having and knowing what is not worth wanting and having. It is also, within business itself, keeping in mind what is ultimately important and essential and what is not, what serves our overall career goals and what does not, what is part of business and what is forbidden to business, even when increased profit, the most obvious measure of business success, is at stake!
In the context of Entrepreneurship:
Culture, moral standard, norms and principles, among others are connected to business ethics here, how do I run my business to profitability? What measure do I intensify to have customer retainer ship and brand loyalty? Have I ever contravened the culture of the society where I operate? Are my products or services conforming to the perceived need of my clients or customers? Do we keep to the much expected ethics as spelt out in the company policies? Many questions linger to answer how receptive we are, to succeed in business.
The ethics of an entrepreneurial activity is ascertained by evaluating its actual performance with the standard set within the structural framework of an organization or operational manual. In an organization, employees are restrained by the company policy that no member of staff should display truancy, work under the influence of alcoholism, should fight in an office environment, and lot more. An organization too, to some extent, is saddled with some ethical standard that sustains her relevance and that keep her in business no matter the stiff competition permeated the market. Business success demands so much from an entrepreneur who converts resources to business reality.
Timeliness of delivery:
How timely did you deliver to promise? Many ones have not really valued time. It craves for responsiveness to customer's order and request, especially to the customer who had placed order ahead of production completion, if it were in the manufacturing sector, so also in the service sector. Imagine a young barber, who used to offer home service to his customers, he had promised his customer this beautiful day that he will be coming to save-clean for them, he was restrained by unforeseen circumstance without communicating to them, while they felt disappointed and lost this valuable customer. In case of unforeseen role conflict, strive and adopt instant communication to retain your valuable customers.
Discipline:
It is an effort that is sustained. Truly, it is. I have always been emphasizing the importance of discipline to business success and adaptability in the competitive market. Many businesses have gone to bed, for taking advantage of product scarcity to inflating prices indiscriminately for her potential customers. It turns a loss of customers to them when price stabilizes; it beckons on us to very mild at given prices to our customers. Do we accept and elicit action on our customers complain if indeed we are customer-inclined in our business? If we promise to get to our supplier at 10a.m, do we get there at 10 am? This is an act of discipline if we act to our words. Are we tax compliant entrepreneurs? I used to know much secret of some entrepreneurs in Lagos in their desperate bid to evade their tax liability to Lagos State Government, this largely constitute a serious act of indiscipline in business.
Customer Relationship Management:
The quality of service you rendered to your customer is predicated by your CRM. Where does it started? Is it from the desk of your receptionist or where precisely? It involves everyone working for you towards them (customer) because customer is one of the components of business. It starts from the gateman who welcomes customers into the business premises. Whatever impression your gateman gave to a customer is the summary of what that company is known for. So train your employees to be customer friendly and frustration tolerant to abhor insult and work to goal. When complain comes from customer's end, how do you treat it? Do you display lackadaisical attitude towards it? I will want to believe, you will do the needful to unravel same complain to keep them. Knowing your customers in detail is the secret of customer retainership and loyalty. Know their anniversaries date and swoop on them with messages such as birthday wishes, afford to attend their children wedding ceremony with intriguing gifts and lots more. It is a winning concept, as it holds your affinity with them.
Robust Technology:
How reliable is your technology to meeting the perceived need of your customers or clients? Do you expect a female patient who approaches your hospital for Xray and Scan and you are always embattled with faulty machines; will she come back to you next time? I know the answer I will get will be NO. Running an effective and real-time technology will usher your business to that empire of patronage, no doubt about it! Like Yoruba adage says, "enu araye lebo". Whatever people say about you, it shapes your fortune or contrariwise! We should be mindful of our technology, as the sustainability of our business hinged on technology.
Another Illustration: A very young and good-looking man approached his banker for cash withdrawal, only to be told they had network catastrophe, and he was advised to come a day next while he needed his money for business transaction urgently. He triggered a face-off with the branch manager, he opted for a close of account form and he angrily close it same day. I know, it is a loss to such bank because the bank has not only lost that customer but also all the allies of such customer may queue behind him as sympathy for their friend. Then, the multiplier effect of not satisfied a customer has caused the bank lost of more than 12 customers who had displayed displeasure at such bank service failure.
Business managers only manage businesses to making profit, not putting in place all the mechanisms that sustain business to be more aging and enjoy longevity. Profit maximization is the watchword of most business mogul, believing in the tradition of a capitalist who makes money at the detriment of the business itself; but entrepreneurs are obviously conscious of what value he might add to making his business glowing and keep customers coming back?
Ethics, to entrepreneurs, is a mechanism for business survival and sustainability. The behaviors, attitude of an organization itself and the entrepreneurs are tailored toward conformity with the expectations of the society where they both operate.
Entrepreneurship is more demanding than business management, as it offers effort not only to manage a business, but also to sustain the same, to innovate in order to remain in business, breaking new ground and to be more creative at launching new ideas that support the existing business. Nursing startups to a conglomerate requires innovative research and environmental scanning for market dominance and niche. 
Business Ethics is synonymous to business morality that breeds principle of solidarity, rationality, fairness or impartiality, efficiency, refraining from inflicting directly willed harm on a human being, social responsibility of entrepreneurs, role-responsibility and diversity of responsibilities and principle of cooperation and morality rule the world of entrepreneurs!
Tunde Oyinlola; HND (Bus.Mgt), B.Sc (Hons) Entrepreneurship, MBA (Marketing), M.Sc (In view), ACE, FCFIA, M.AES.