Some of the most essential principles of business ethics are as follows: Principle # (1) Self Interest: The concept of self interest has been held as one of the most important elements in career planning and formulating management control systems. Personal goals are often at variance with corporate objectives and if the two can be made to converge, individual as [...]
When more than one family members get involved in running a business, management of the family owned business poses more challenges than those arising only from running the business. This is because of the unavoidable friction and conflicts between the family members on the matters related to business. The reason for these conflicts is due to the overlap of the [...]
Business operations are exposed to different types of risks because of uncertainty. Successful business management must ensure proper safeguard and cover against such potential risks. Some risks may be small and hamper the business operations for some time. Other risks may be very big and may destroy the company or change its course forever. Typically, a company may face several [...]