Management Ethics Quiz

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Questions and Answers

What is a common alternative term used to refer to social entrepreneurs?

Corporate leaders

Private entrepreneurs

Public innovators (correct)

Business magnates

Which of the following is a key characteristic of social entrepreneurs as change agents?

Limited engagement in innovation

Recognition of opportunities for social value (correct)

Acceptance of status quo

Pursuit of personal value only

What sets social entrepreneurs apart in terms of their actions?

Engagement in continuous innovation and learning (correct)

Reactive response to social issues

Limited accountability

Utilization of limited resources only

What distinguishes firms with social responsibility from those with social responsiveness?

Proactive willingness to be evaluated by the public Signup and view all the answers

In the context of social enterprise, what does heightened accountability refer to?

Responsibility for creating and sustaining social value Signup and view all the answers

What does the concept of waste elimination aim to achieve?

Eliminating waste Signup and view all the answers

Why are ethics important in entrepreneurship?

To guide conduct in creating successful ventures Signup and view all the answers

What does ethics outline?

Moral duty and obligations Signup and view all the answers

What are some reasons for ethical conflicts as per the text?

Confrontation of various interests Signup and view all the answers

How is integrity related to creating a successful venture?

It is essential for successful ventures Signup and view all the answers

What do rationalizations in defense of unethical acts involve?

Justifying actions based on best interest Signup and view all the answers

What is a key consideration in ethical business decisions according to the text?

The personal implications Signup and view all the answers

What is one of the questions recommended for questioning the ethics of business decisions?

How does this situation occur in the first place? Signup and view all the answers

What is a crucial aspect to consider in making business decisions?

Analyzing long-term consequences Signup and view all the answers

What role do corporate entrepreneurs play within a company based on the text?

Visionaries who challenge the status quo Signup and view all the answers

Who should you be able to disclose your decisions to according to the text?

Society as a whole Signup and view all the answers

What is a common theme among ethical dilemmas for entrepreneurs as per the text?

Personal vs. professional loyalty Signup and view all the answers

What is the relationship between managerial activity and moral judgments?

Managerial activity lies outside the sphere to which moral judgments apply. Signup and view all the answers

How does the text describe the motivations of management in terms of ethical considerations?

Selfish motives where only the gains of the company matter. Signup and view all the answers

What is the orientation of management towards legal standards?

Managers prefer to operate well above what the law mandates. Signup and view all the answers

What is the typical approach of management towards strategy based on the text?

Exploit opportunities for corporate gain and cut corners when useful. Signup and view all the answers

How does the text describe ethical leadership in management?

Ethical leadership is common among managers. Signup and view all the answers

What perspective does management typically have towards organizational goals based on the text?

Profitability remains a primary goal regardless of other considerations. Signup and view all the answers

What does Corporate Entrepreneurship require?

Promoting employee initiative and risk-taking Signup and view all the answers

Why is it important to include an ethical component in corporate training for entrepreneurship?

To provide guidelines for compliance and values Signup and view all the answers

What opportunity do entrepreneurs have for ethical leadership?

To display honesty, integrity, and ethics in key decisions Signup and view all the answers

How can corporate entrepreneurship reduce the need for unethical behavior?

By aligning personal and organizational initiatives Signup and view all the answers

What behaviors serve as a model for employees to follow in corporate entrepreneurship?

Honesty, integrity, and ethics Signup and view all the answers

Why is it important to remove barriers that entrepreneurial middle managers may face?

To align personal and organizational initiatives Signup and view all the answers

Study Notes

Also referred to as "public entrepreneurs," "civic entrepreneurs," or "social innovators"
Characteristics:
- Adopt a mission to create and sustain social value (beyond personal value)
- Recognize and relentlessly pursue opportunities for social value
- Engage in continuous innovation and learning
- Act beyond limited resources
- Have a heightened sense of accountability

Social Obligation: Firms that simply react to social issues through obedience to laws
Social Responsibility: Firms that respond actively to social issues, accepting responsibility for various programs
Social Responsiveness: Firms that are highly proactive and willing to be evaluated by the public for their activities

The Ethical Side of Entrepreneurship

Ethics: A set of principles prescribing a behavioral code that explains what is good and right or bad and wrong
Reasons for Ethical Conflicts:
- Multiple interests confronting business enterprises
- Changes in values, mores, and societal norms
- Reliance on fixed ethical principles rather than an ethical process

Ethics and Laws

Managerial Rationalizations:
- Justifications in defense of unethical acts
- Believing an activity is not "really" illegal or immoral
- Believe it is in the individual's or corporation's best interest
- Believing it will never be found out
Motives:
- Selfish: Management cares only about its or the company's gains
- Well-intentioned but selfish: The impact on others is not considered
- Good: Management wants to succeed within the confines of sound ethical precepts

Questioning the Ethics of Business Decisions

12 questions to consider when making ethical business decisions, including:
- Defining the problem accurately
- Considering the problem from the other side's perspective
- Identifying potential harm to others
- Considering the long-term validity of the decision

Ethical Considerations in Corporate Entrepreneurship

Corporate Entrepreneurs:
- Managers or employees who do not follow the status quo
- Visionaries who dream of taking the company in new directions
- Often walk a fine line between clever resourcefulness and outright rule breaking

Effective Corporate Entrepreneurship

Requires:
- Establishing flexibility, innovation, and support for employee initiative and risk taking
- Removing barriers to entrepreneurial middle managers
- Including an ethical component to corporate training

Ethical Leadership by Entrepreneurs

An owner has the unique opportunity to display honesty, integrity, and ethics in all key decisions
The owner's actions serve as a model for other employees to follow

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Description

Test your knowledge on ethical principles in management with this quiz. Explore the concepts of moral judgments, ethical perception, professional standards of conduct, and ethical leadership in managerial activities.