Managing Risks

When starting a business, you should always plan for and around risks. Structure your business so you can take risks and not worry too much about it. Value what’s important and what’s not and takes risks accordingly. These values can include hard work, helping others, and showing integrity in the workplace. Values are fundamental to form ethics, a set of moral principles that govern decisions and actions. To act ethically is to act in ways that are in keeping certain values. 

Universal values are values shared by all cultures throughout history, These values are recognized because they promote the conditions needed for individuals to survive, enjoy life, and get along with others. The basis of life are food, water, shelter. And physical safety. Good actions that go along with the basics are obeying the law. Bad actions are killing, stealing, and responsive behavior. When being an entrepreneur, you have to have good ethics and good actions. People want to buy from a company they can trust and who does good things for the world, as well as in their local communities. If you have a bad reputation, people aren’t going to want to purchase your items, resulting in your business failing early on.

An ethical workplace encourages and motivates its employees. Treat all of them fairly and show them respect. If they are doing a good job, praise them. However if they are doing something wrong, tell them and don’t let them get away with it. If they get away with doing a bad job, this can encourage bad behavior and other employees will recognize and copy this. Employees will feel more confident about their work and more loyal to a fair and ethical employer. 

Ethical behavior also prevents legal problems. Defending yourself in court can be expensive and time-consuming. Lawyers cost a lot of money that you might not have, and lawsuits can be very damaging to your business and your reputation.

Protecting your intellectual property is very important. These are the “possessions” of the mind and can contain all of the ideas and creations a person has. Placing copyright on everything your product is crucial to make sure nothing gets stolen from you. Copyrights are applied automatically and cover all forms of expression. A patent can also be sued to make sure you have the exclusive right to use, make, and sell products.

Another ethical decision entrepreneurs face is a conflict of interest. Conflict of interest exists when personal and professional obligations interfere with each other. It’s important to make sure you avoid this because it can be very dangerous and damaging your brand. Al well thought out plan of ethics can make sure this doesn’t happen.

I can relate to this because I believe it is very important to keep your brand clean. Making sure you are a good person with good morals is a necessity, especially when starting a business. I keep my personal brand clean by not posting anything on social media that shouldn’t be there. I rarely post on social media because that can always be used against me at any time. Not posting at all is a great way to keep yourself clean because no one can track your posts or use them against you. Protecting your IP through copyright is one of the most important things you can do. It ensures your ideas and products are safe, and keeps you out of legal trouble.

I also believe that taking risks is beneficial. You will get nowhere in life if you sit all day and don’t step out of your comfort zone. Rarely will opportunities drop from the sky. You have to work for your things and reach your dreams.To be successful, you have to take action by yourself and be a self-starter. Risks may be scary at first, but they pay off in the end if you have a backup plan in case things go south.

 

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