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This course enabled us to better understand what actually business ethics is. Unlike the general belief that ethics is social work, I came to understand it was actually a very small subset of complete business ethics. This course introduced us to the actual business ethics domain, and helped to determine why business ethics is so important in today’s volatile and turbulent global business environments. The course highlighted on the concepts of the ethical issues in the workplace, code of conduct, corporate responsibility, corporate compliance, social responsibility, consumer rights, financial business ethics, positive impact of ethical businesses, and how ethics vary from country to country.

The three major takeaways for me, from this course were the positive impacts of business ethics in business, social responsibility, and business ethics in financial dealings.

I chose positive impacts of ethics in businesses as it highlighted how applying ethical principle in conducting businesses helps to better the working environment within the workplace by improving the organization culture and the relationships between coworkers and with customers. It builds customer loyalty, helps in retaining good employees, and avoid any legal tussles. In personal life also, ethical behavior can help me ensure smother relationships with others.

Social responsibility as an ethical theory holds individuals accountable to fulfill their civic duties. It demands them to ensure that their actions benefit the whole society. It helps me to better understand the balance one needs to create between economic growth and the society’s welfare. I chose this takeaway as it helps me to strengthen my belief to give back to the society I function in, be it in my professional or personal domain.

Lastly, I chose financial ethics as it helps in preserving businesses from financial scandals. We have seen many financial scandals rock the Wall Street in the pass, and application of financial ethics in the general practice can save us from that. In any business, it’s not just the business owner that is a stakeholder; there are multiple stakeholders that are affected negatively if any financial anomaly is found in a company’s financial health. I believe financial ethics will preserve not only the business I work for but also my personal career survival in the long term.