Expert Talk on Ethical Entrepreneurship: Building Trust, Sustainability and Success

On 26th February 2024, Entrepreneurship Development Cell and IIC in association with Department of Civil Engineering organized an Expert Talk on Ethical Entrepreneurship: Building Trust, Sustainability, and Success. The resource person for the program was Dr. Bency P Emmanuel, Assistant Professor, Department of Physics, Francis Xavier Engineering College, Tirunelveli. 42 civil engineering students and 1 faculty attended the program. The session was coordinated by Mrs. P. Raja Priya, Assistant Professor, Department of civil engineering, FXEC.

TThe resource person explained the concept of ethical entrepreneurship and the importance of ethical entrepreneurship to succeed in the business venture. She also stated that Ethical entrepreneurs prioritize values such as honesty, fairness, transparency, and social responsibility in their business practices. She mentioned that business ethics are the set of practices and policies that companies use to guide them through decisions about finances, negotiations and deals, corporate social responsibility, and more. Without a strong set of ethics, a business can run a foul of the law, encounter financial pitfalls and moral dilemmas. But good business ethics ensure customers, employees, and other stakeholders that a company obeys the rules and does the right thing.

The resource person also summarizes about four ethical steps to take the entrepreneurial journey. Firstly, Building Trust: Ethical practices help build trust with customers, employees, and another stakeholder. Secondly, Enhancing Reputation: Ethical behaviour enhances a company's reputation, which can attract more customers and business partners. Thirdly, Reducing Risk: Ethical practices can reduce the risk of legal issues, regulatory fines, and damage to reputation that can arise from unethical behaviour. And finally, Positive Impact: Ethical entrepreneurship has a positive impact on society and the environment, contributing to sustainable development and a better future for all.

She also elaborately explained about Fairness: Ethical entrepreneurs treat all stakeholders fairly, ensuring that their actions benefit everyone involved, not just a select few. Open Communication: Ethical entrepreneurs maintain open lines of communication with stakeholders, allowing for feedback, dialogue, and mutual understanding. Respect: Ethical entrepreneurs respect the rights, dignity, and diversity of all stakeholders, fostering a culture of trust and collaboration. Long-Term Perspective: Ethical entrepreneurs focus on building long-term relationships with stakeholders, rather than prioritizing short-term gains, which helps build trust over time. The students asked many questions and it was answered by the resource person.