Entrepreneurship is one of the best college courses in the Philippines if you want to have your own business someday. You’ll learn about how to identify and solve problems, the processes and legalities of starting up a company, and how to do your finances. The road to becoming an entrepreneur may be challenging, but the rewards surely are worthwhile.

But before venturing deeper into entrepreneurship in the Philippines, ask yourself: What core values does your business venture stand for? What measures will you take to become an ethical business? When there are various worker and consumer rights violations being made in the effort of making a profit, your startup can be an example that businesses can work with people’s welfare in mind too.

Here are some ethics of entrepreneurship rules you should learn about:

Recognize the ethical dilemmas during the first months

As you start your business and handle daily operations, how reliable should a product or service be before you offer it to customers? How generous can you be when it comes to employee benefits? To maintain ethical business practices, it’s essential to establish ground rules on what you’re willing to do to keep the business afloat. 

Businesses that promote healthy work-life balance while providing great services or products are not uncommon, but rarely heard of. So don’t worry if you think it’s not possible, companies like Canva or locally, Aboitiz Power, Globe Group, and Accenture to name a few.

Make ethics a core value of your enterprise

The standards for ethics of entrepreneurship are entirely up to you as a business owner. You should embrace doing business with people in mind to resist the temptation of quick profits along the way. Your standards for entrepreneurship should be prevalent in your business plans, company mission statements, and other important company documents. 

Anticipate ethical tensions in everyday decisions

Everything seems easy when you’re planning entrepreneurial ventures, and that’s only half the work. However, the truth is that there will also be tension between what is truthful and what is hopeful. As you hire people to help you with business, there is a temptation to paint a rosy picture of how things are. You should expect these everyday tensions and discuss them with your team before problems arise. 

Welcome ethical questions and debates

As a business owner, you may have a clear picture of what you think is right and wrong. There will be instances wherein your standards will not fit other people’s stances. You should always keep your doors open to possible questions and debates in a healthy way. Simultaneously, you should be ready to resolve potential tough ethical dilemmas. 

Look for opportunities to engage the community

Even if you’re just starting out as a young entrepreneur with a small business,  there are plenty of opportunities to give back and engage with the community. You should look for ways to involve your team in community service or join events allowing you to interact with people outside your team. These are opportunities for you to show how much you walk the talk regarding ethical businesses. 

Discuss ethical values all the time

When you’re caught in the moment and faced with tough decisions, it can be tempting to forget about the core values of creating business that are sustainable for everyone. This is why you must continue to articulate what your business stands for. You should be firm on your ethical boundaries to ensure everyone on the team is on the same page. It’s also your job to guide others so they’re reminded of your business values. 

Learning about the right kind of Entrepreneurship 

Embracing the impact of ethics of entrepreneurship is part of the process of creating a business that you can be proud of. Building a strong business doesn’t happen overnight and there are many learning curves along the way.

At CIIT Philippines, we pride ourselves on being a community of innovators that help aspiring entrepreneurs bridge the gap between their ideas and reality. Our instructors and professors have experienced industry practitioners, providing CIITzens with valuable insights into the professional world and what to expect.

And on top of that, we believe that good quality education should be attainable for all. That’s why we’ve made our CIIT programs more accessible through our various scholarship programs. These include the Interweave Scholarship Program, Future CIITzen Scholarship Grant, and CIIT Financial Aid Program. 
Interested? Becoming part of CIIT education is easier for everyone through our CIIT Online Admission System (COAST). It allows aspiring CIITzens to apply and determine the status of their application with a click of a finger. If you aspire to become an entrepreneur who makes relevant impact on the world and more, you need a learning institution that can help you every step of the way. Explore our various program offerings to learn more.