In short, the ethical principle differs in different societies. Under such circumstances, it is difficult for a society filled with Muslims and Christians to standardize ethical principles. Business is one area in which ethical principles have relevance. The ultimate objective of many of the business organizations in this world is to make as much as profits possible using all the available means. Such greedy business organizations sacrifice ethical principles in business to generate profits. However, it is difficult for such organizations to survive in the business world in the long run. This is because of the fact that current consumers are valuing and respecting the reputation of the organization more while they take any purchasing decisions. Modern consumers respect organizations which demonstrate their social responsibility. In order to sustain business in the current heavily competitive business world, it is necessary for the organizations to give something back to the community in which they operate. Crane Matten (2007) pointed out that “There appears to be a good reason to suggest business ethics as a phenomenon, as a subject, but not as an oxymoron” (Crane Matten, 2007, p.5). Business and ethics are not all contrasting with each other. In other words, it is possible to do business in an ethical manner. Business ethics is important in decision making, personal integrity, social responsibility, law, etc. This paper analyses the importance of ethics in business. Business Ethics as an Ethical Decision MakingOne of the fundamental handicaps of business is its misguided tendency to view ethics and business as if they can be treated as separate or separate-able. Business cannot and should not be disentangled from ethics and viewed in isolation any more than operations or marketing can or should be considered without regard for the products or services being inventoried or sold. The economics should not be paramount to ethics in business. if anything, ethics should be paramount to economics (Elm Radin, 2012, p.314). Business is part of human life and hence it cannot be viewed in isolation with our social life. In other words, whatever, the ethical principles one may follow in his personal life, should be followed in his professional or business life also. So, whatever the decisions are taken in business should be in line with the ethical principles. A business person cannot follow one policy in his personal life and another policy in his business life. It should be noted that most of the parameters we come across in business may come across in our personal life also. Therefore whatever the ethics and morals we follow in our personal life should be followed in business life also. Manpower is one of the major resources needed for the business. Unlike machines, man has emotions and feelings. So, a business person cannot treat manpower and machine power in the same manner. He should treat manpower separately and machine power separately. He cannot ask an employee to work continuously just like a machine. Same way, in an organization, different employees may have different capabilities. It is difficult for a business person to ask all his employees to demonstrate a particular level of efficiency. In other words, a business person should take decisions based on the circumstances and humanitarian considerations. In short business, decisions should be taken based on moral reasoning. “Justice, or ‘‘fairness,’’ was the central moral principle of higher levels of moral reasoning” (Elm Radin, 2012, p.314).
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