ENTR FPX 5412 Assessment 3 Code of Ethics and Business Conduct

Student Name

Capella University

ENTR-FPX5412 New Ventures and Entrepreneurship

Prof. Name

Date

Mission Statement

Veteran-owned and operated, our woodworking and refurbishing business specializes in crafting and updating unique projects and furniture that consistently attract repeat customers.

Venture Values and Ethical Standards

In the realm of entrepreneurship, adherence to values and ethical standards is paramount for fostering a successful work environment and cultivating customer loyalty. Entrepreneurial ethics, when practiced visibly, imbue the entrepreneurial team with enthusiasm, dedication, and purposefulness, aligning efforts towards organizational objectives and the common good [Desi_admin, 2018].

An entrepreneur’s personal and business goals are inherently intertwined with their values. Fundamental values such as respect, trust, honesty, and fortitude play pivotal roles in entrepreneurial success. Respect for self and others fosters effective relationships and motivation. Trust is indispensable for business growth, while honesty in financial management ensures sound decision-making. Fortitude, derived from persistence and consistency, sustains the entrepreneur through challenges [Kauffman, 2004].

Establishing values and ethics from the outset of a new business communicates a commitment to high yet fair standards to staff, investors, and customers. Explicitly incorporating ethical considerations in business plans and mission statements ensures the continuous adherence to ethical principles [Hanson, n.d.].

Compliance with Laws and Regulations

Adherence to government regulations is imperative for businesses, encompassing federal, state, and local statutes. Various regulations govern aspects such as income reporting, tax payment, and waste disposal, making it essential for businesses to operate within legal frameworks [Wood, 2019].

For legal initiation of our business, securing the requisite licenses from the local government is the first step. Obtaining an employer identification number or utilizing a personal social security number for the business, understanding tax obligations, and eventually exploring marketing and online business laws are subsequent considerations [Woo, 2019].

Duties of Managers

As managers and owners of our woodworking business, decision-making is a shared responsibility. If the business expands to include a staff, their input will be valued, recognizing the potential for fresh ideas. Managers must be adept at making tough decisions while maintaining open communication with customers, demonstrating adaptability when necessary.

Information Confidentiality and Intellectual Property Protection

Consumer privacy and adherence to laws protecting it are critical aspects of business operation. Clearly communicating the use of customer data and employing secure payment systems, such as PCI-DSS, are essential to building and maintaining trust [Galante, n.d.].

Understanding that clients are not obligated to provide personal information, respecting their privacy, and utilizing secure payment systems contribute to a trustworthy business model.

Conflicts of Interest

While conflicts of interest can undermine trust, our woodworking business is rooted in creating meaningful items for customers. The primary interest is customer satisfaction, and as such, there is no conflict of interest between personal and professional goals [Segal, 2019].

Conclusion

Entrepreneurs must navigate legal landscapes, uphold values and ethics, and prioritize reputation for long-term success. A positive reputation attracts and retains customers, contributing to sustained business growth and success [Desi_admin, 2018]. Our goal is to be the recommended choice for woodworking, maintaining respect and kindness while upholding our values and beliefs.

References

Desi_admin. (2018, July 02). Entrepreneur Ethics and Importance of Ethics in Key Areas of Business. Retrieved from desientrepreneurs.com: https://www.desientrepreneurs.com/entrepreneur-ethics-importance/

Galante, M. (n.d.). Crucial Business Laws for Entrepreneurs. Retrieved from Square: https://squareup.com/us/en/townsquare/business-laws

Hanson, K. (n.d.). A Good Start: Ethics for Entrepreneurs. Retrieved from Markkula Center for Applied Ethics: https://www.scu.edu/ethics/focus-areas/business-ethics/resources/a-good-start-ethics-for-entrepreneurs/

ENTR FPX 5412 Assessment 3 Code of Ethics and Business Conduct

Kauffman. (2004, November 30). The Values That Sustain Entrepreneurs. Retrieved from Kauffman Entrepreneurs: https://www.entrepreneurship.org/articles/2004/12/the-values-that-sustain-entrepreneurs

Segal, T. (2019, April 29). Conflict of Interest. Retrieved from Investopedia: https://www.investopedia.com/terms/c/conflict-of-interest.asp

Wood, M. (2019, October 09). 11 Important Government Regulations on Business You Must Know. Retrieved from fundera: https://www.fundera.com/blog/government-regulations-on-business