Ethics

deals with such questions at all levels. Its subject consists of the fundamental issues of practical decision-making and its major concerns include the nature of ultimate value and the standards by which human actions can be judged right or wrong.

Ethics and Morality

ethics is equivalent to moral philosophy. Ethics is primarily concerned with establishing standards or norms for conduct and is commonly associated with general theories about how one ought to live.

Values important in guiding the Entrepreneur

•Bravery.•Vision.•Respect for self and others. •Trust.•Honesty.•Generosity•Fortitude.

Issues and problems

1. Developing the Vision and Business Idea

• “To have a great idea, have a lot of them.”

Finding the right business opportunity or creatively developing an idea is certainly not an easy task. As an entrepreneur, you must possess the ability to see what others cannot see. While others see problems, you must see opportunities.

• “Creating Value out of nothing”

a process that brings innovative products into existence.

• It is the duty of an entrepreneur to bring into present what is yet to be. It is also the duty of an entrepreneur to bring solutions to other people’s problems

Issues and problems2. Raising Capital for your Startup• To overcome the challenge of raising capital, you must

develop the ability to sell your idea and vision to potential investors. improving your communication skill and your manner of presentation. I

• in the game of raising capital, you must have a good story to tell; backed by a strong business plan and good persuasion skills. You must know how to pitch angel investors and venture capitalists alike.

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a

business owner.”

Issues and problems

3. Assembling a Business Team• As an entrepreneur, you are bound to have

strengths and weaknesses. That is the more reason you need a business team to cover up or compliment your weaknesses.

• business team should comprise your banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business.

Issues and problems

4. Finding the Right Business Location

Get a location that has a rapidly growing population, good road network and other

amenities at a good price

Issues and problems

5. Finding Good Employees

• Find a hardworking, trustworthy employee.• Employees are your representatives to

your customers and the outside world. They are a reflection of your business culture and ethics.

Issues and problems

6. Finding Good Customers

Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and your company mutually.

Issues and problems

7. Dealing with Competition

Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard.

Issues and problems

8. Unforeseen Business Challenges and Expenses

Unexpected challenges can come in the form of:• Unexpected law suits• Inconsistent government policy• Not being able to make payroll• Unpaid bills and taxes• Unexpected resignation of staff from sensitive office• Bad debts from customers• Loss of market share• Dwindling working capital• Inadequate stock or inventory

Issues and problems9. Keeping Up With Industrial

Changes and Trends

• Trends have made and broken lot of businesses.

• Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

Issues and problems

10. Exiting the Business

Sample of Exiting the Business• Turning over the business to professional

managers• Selling the business privately• Taking the company public

Servant Leadership

Leadership generally involves the accumulation and exercise of power by one at the “top of the pyramid.” By comparison, the servant-leader shares power, puts the needs of others first and helps people develop and perform as highly as possible

Characteristic of Servant Leader

• listning: A servant leader puts the emphasis upon listening effectively to others.

• Empathy: A servant leader needs to understand others' feelings and perspectives.

• Healing: A servant leader helps foster each person's emotional and spiritual health and wholeness.

Characteristic of servant leader• Awareness: A servant leader understands his

or her own values and feelings, strengths and weaknesses.

• Persuasion: A servant leader influences others• Conceptualization: A servant leader need to

integrate present realities and futurepossibilities• Foseight: A servant leaders need to have a well

developed sense of intuition about how the past, present and future are connected.

Characteristic of servant leader

• Stewardship: A servant leader is stewards who hold an organization's resources in trust for greater goods.

• Commitment to the growth of people: A servant leader is responsible for serve the need of others.

• Building community: A servant leader is to help create a sense of community among people.

Advantages of servant leader

• this concept is seen as a long-term concept to live and work and therefore has the potential to influence the society in a positive way.

• The exemplary treatment of employees leads to an excellent treatment of customer by employees of the company and a high loyalty of the customers.

• There is a high employee identification with the enterprise.

Advantages of servant leader

• An excellent corporate is developed.• Leaders of a company define themselves by

their significance to the people.• Servant leadership can be used as a principle

to improve the return on investment of staff, in all economic sectors. Managers who empower and respect their staff get better performance in return.

Disadvantages of servant leader

Servant leadership is seen as a long-term application and therefore needs time for applying

Prepared by:• Pearl Jamaldin