The Importance Of Ethical Entrepreneurship

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2. Discuss what “ethical entrepreneurship” might mean in the modern world. Explain. Be as thorough as possible. When discussing entrepreneurship, it is common that people talk about how it is an economic phenomenon that has progressed throughout history at a rapid pace. Since it is a complex topic that is made up of many types of entrepreneurs, it is easy to get trapped into addressing the economic importance of entrepreneurship. However, society has been missing one of the most significant phenomenon’s that entrepreneurship entails. This phenomenon is an ethical one, as entrepreneurs are people who Stephen Hicks describes as, “Those self-responsible and productive individuals who create value and trade with others to win-win advantage (pg.49)”. …show more content…
In fact, I have to admit that I previously concentrated on the economic value of entrepreneurship and disregarded the fact that it is also an ethical phenomenon. Therefore, I too disregarded Carly and focused on Jane, which I am not embarrassed to say, but I now see why it is important to illustrate these values of entrepreneurship. Thus, I agree that entrepreneurs have an unique set of qualities that not to many people need to have in their businesses. Since these qualities require moral virtues, entrepreneurs can become a great ethical role model for society. Although, I do agree with these statements, I also feel that Hicks did not talk about those entrepreneurs that are incapable of being a role model. This is because some entrepreneurs unfortunately act in illegal ways or solely based with the mindset of profiting. Since entrepreneurs are typically powerful in their field of business, they are capable of hurting society in various ways. Examples could be innovating with a criminal intent, or maybe working without worrying about the negative side effects their innovations have. Entrepreneurs act in risky deals due to the uncertainty of the world and its economy, however, if these people act with the right intentions then I believe they provide a great example of business ethics. However, it is still important to understand how some entrepreneurs can be poor examples of ethics, as not all people work with the right

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