Innovation are essential leadership characteristics for an entrepreneur.

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Create an original code of ethics and business conduct for a new business venture based upon key ethical principles and professional issues. Include industry considerations that may impact the new venture operations.

This assessment examines entrepreneurial leadership characteristics and the ethical aspects of entrepreneurship; it also explores building the right team for your new venture. You will create an original code of ethics and business conduct for the new venture you plan to start and operate. This code of ethics and business conduct will include the ethical principles and professional issues for your leadership approach to embody and support and for all your employees to emulate and follow.

Creativity and innovation are essential leadership characteristics for an entrepreneur. Creativity is the ability to develop new ideas and new ways of solving problems. Innovation is the ability to apply creative solutions to problems and opportunities. As management legend Peter Drucker once said “Innovation is the specific instrument of entrepreneurs, the act that endows resources with a new capacity to create wealth.” Scarborough & Cornwall, 2019, ThinkExist.com, n.d.). Creative thinking provides the foundation for new ideas that lead to innovation and new ways of doing things.

With creativity and innovation comes ethical and moral responsibilities for the entrepreneur. Establishing and maintaining ethical standards is essential for creating a healthy and ethical organizational culture that guides management and employees’ behavior and determines how your new venture conducts its business and daily operations. These behaviors have an impact on how your new venture views its social, environmental, employee, and customer responsibilities, and will influence the choices you make as you build the right the team for your new venture.

References
Scarborough, N. M., & Cornwall, J. R. (2019). Essentials of entrepreneurship and small business management (9th ed.). New York, NY: Pearson.

ThinkExist.com. (n.d.). Innovation quotes. Retrieved from http://thinkexist.com/quotations/innovation

Overview
Create a 5–6 page new Code of Ethics and Business Conduct for the new venture you plan to start and manage successfully. Consider key ethical principles and professional issues that you want your leadership approach to embody and support and all of your employees to emulate and follow. Also examine and address particular industry considerations that could impact the new venture operations (cover in the relevant sections).

 

Sample Solution

Introduction

This code of ethics and business conduct outlines the ethical principles and professional standards that will guide the operations of our new business venture. We believe that these principles are essential for creating a successful and sustainable business that is built on trust and respect.

Ethical Principles

Our business will be guided by the following ethical principles:

  • Honesty and integrity: We will always be honest and truthful in our dealings with our customers, suppliers, employees, and other stakeholders. We will not make any false or misleading statements, and we will always keep our promises.
  • Fairness and transparency: We will treat everyone fairly and with respect, regardless of their background or position. We will be transparent in our dealings with others, and we will always be open and honest about our business practices.
  • Responsibility and accountability: We will take responsibility for our actions and decisions. We will be accountable to our customers, suppliers, employees, and other stakeholders.
  • Sustainability: We will operate our business in a sustainable manner, taking into account the environmental and social impact of our activities.

Professional Standards

In addition to the ethical principles listed above, our business will also adhere to the following professional standards:

  • Competence and professionalism: We will provide our customers with high-quality products and services. We will be professional and courteous in our dealings with others.
  • Confidentiality: We will keep confidential information confidential. We will not share confidential information with unauthorized individuals or organizations.
  • Compliance with laws and regulations: We will comply with all applicable laws and regulations. We will not engage in any illegal or unethical activity.

Industry Considerations

The industry in which we operate may have specific ethical considerations that we need to take into account. For example, if we are operating in a regulated industry, we will need to comply with all applicable regulations. We will also need to be aware of the ethical standards that are common in our industry.

Conclusion

We believe that these ethical principles and professional standards are essential for creating a successful and sustainable business. We are committed to upholding these principles in all of our business dealings.

Enforcement

This code of ethics and business conduct will be enforced by the management team. Any employee who violates the code will be subject to disciplinary action, up to and including termination of employment.

Training

All employees will be required to attend training on the code of ethics and business conduct. This training will be provided by the management team.

Review and Update

This code of ethics and business conduct will be reviewed on a regular basis to ensure that it is still relevant and up-to-date. The code may be updated as needed to reflect changes in the law or changes in the industry.

Acceptance

By accepting employment with our company, you agree to abide by the code of ethics and business conduct. If you have any questions about the code, please do not hesitate to ask your manager.

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