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.
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
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).
Use the Code of Ethics and Business Conduct [DOCX] template to complete this assessment.
These are the key code sections that you must include (these are all listed on the template).
- Mission Statement.
- Venture Values and Ethical Standards.
- Compliance with Laws and Regulations.
- Duties of Executives and Managers.
- Information Confidentiality and Intellectual Property Protection.
- Conflicts of Interest.
Note: This assessment must be mostly your own work written in your own words. You are more than welcome to research other companies’ codes of ethics and conduct in order find inspiration and to help you list all of the issues to consider. However, you must write the code mostly in your own words and cite in proper APA in-text citations any information used from other codes or sources.
- Length of paper: The body of your paper must be 5–6 full single-spaced pages, not including the References list or Appendices.
- Written communication: Your paper should demonstrate graduate-level writing skills and should be free of errors that detract from the overall message.
- References: Support your paper with at least 3 academic resources from the Capella library. You must use current APA style to list your references. Refer to the Capella Writing Center’s APA Style and Format module for more information.
- Formatting: The Code of Ethics and Business Conduct is a professional business document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines, which can be found in the MBA Program Resources in the courseroom navigation panel.
- Font and font size: Times New Roman, 12 point.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 2: Explain how personal and professional ethics guide decisions for business venture format, scope, and approach.
- Synthesize entrepreneurial leadership theories.
- Analyze ethical principles as they relate to decision making in an entrepreneurial venture.
- Examine industry considerations that impact personal and professional ethics.
- Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
- Develop written communication that is professional, clear, concise, and well-organized.
- Communicate appropriately for identified audience.
- Apply citations appropriately in recognition of intellectual property.