Ritik

a
PGSF1930
DIARY ENTRY ON PROFESSIONAL ETHICS

Ethics according to me is the logical understanding of what is right and what is wrong. It is the difference
between what you have right to do and what is right to do. Ethics is concerned with the what is good for
an individual and what is good for the society. As studied in the first class, ethical behaviour among
individual that how should we behave in a condition, the way we react in any situation, the way we deal
with the situations by choosing the right path which doesn’t harm any individual person due to our
reaction. Here is a brief reflection of how ethics play an important role in my life, how should I live my
life, what sort of person should I strive in me and what standards should I live by
As from the first class we have studied about what is ethics, explaining the basics of the professional
ethics, discussed about the principles of the business ethics relating with the corporate as how companies
should follow these principles in their daily corporate life. As we were given an exercise of writing our
own viewpoints that what principles should be followed by the business to avoid poor ethics practices. So
after studying the cases of the company we get to know about how unethical practices in the business can
ruin the image of the whole organisation by even two or three people of the organisation, so it is very
important to follow the ethics in the corporate world

The principles that are important

 The first most important principal according to me is Believe in Yourself because if we do not
believe in our self then who will believe in us.
 Be determined- Where there’s a will, there’s some sort of a way — even if you have to create
one. Persistence in action, determination toward the outcome, and resilience to overcome. Even if
there are obstacles or your journey isn’t going at the pace, you’d like it to go, you’re still
persevering toward your goals: “It’s not just about thinking hard, feeling dedicated, putting your
mind to things. It’s about engaging in the millions of actions that are usually required to succeed.”
 Ethics are the principles that govern a person’s behaviour. Although there are no exact principles
laid out to refer to, that can tell whether a person’s actions are ethical or not. This is often difficult
to pen down since human beings belong to different cultures and societies and differ significantly
from one another. The value system and upbringing one receives from their family often
determines the moral compass of an individual.

Honest – Honesty and loyalty are very important for an ethical leader. Without honesty a leader is not an
effective leader because for an effective leader it should be important that his followers trust him so that
everyone can listen and follow the leader It goes without saying that honesty and loyalty are central to
ethics.
Fair-An ethical leader is always fair and just. They have no favourites, and treat everyone equally. Under
them, no employee has any reason to fear biased treatment on the basis of gender, ethnicity, nationality,
or any other factor, everyone should be treated equally and given equal importance.
RELIABILITY-When I make promises or other commitments that create a legitimate basis for another
person to rely upon us, i undertake special moral duties. I accept the responsibility of making all
reasonable efforts to fulfil my commitments. Because promise-keeping is such an important aspect of
trustworthiness, it is important to fulfil the promise which I have done with the other person and I will be
accountable for the people not any other person on my behalf.
Being yourself-It is better to be a first-rate version of yourself than a second-rate version of someone
else. I believe that one should not be double face, one should be straight forward instead of misleading
others and make fake promises to other people.
Confident- I thing for being a good leader and for become a successful it is very important to be
confident in your own words and with your own work
Focused- one should be focus in his goals that what he or she actually wants to achieve in his life and
should be hardworking also for the goals he wants to achieve because there is a big difference between
saying something and doing it.
Positive Attitude-Having patience to listen, talk and ask questions with a positive attitude, and courage to
face challenges together with honesty, integrity, sincerity and a good dose of humility are of utmost
importance. Living with humility is probably the oldest and the truest sense of living with love and ethics.

I am a happy going person. I believe in be true to who you are. when I will work in the corporate world
there will be various kinds of situation as the examples were given in the class in which I have to choose
between two things right and wrong, one should always go with the right thing because if we choose the
wrong path it will definitely create problem in the future as we see in the different company cases that by
choosing a wrong path how their image get affected. So, I believe that I will always choose the right
thing. Definitely I will work hard so that I can party harder. I want to become a good leader in the future
who listen to others also. I will try that I never harm anyone and never hurt anyone with my words. I am a
straightforward person and will be honest in my profession and in maintain relationship with the people. I
want that I will always be confident in what I am saying without full information there is no point of
saying anything to others as this can mislead them and can create the problem

Case Discussion

Also in the class we learnt how a business can have a downfall if one does not abide by the ethics and the
code of conduct. In the class various cases were discussed which had stories of downfall of business just
because the people didn’t follow the ethics. One such case was of Satyam Computers which is discussed
below:

About the Case

The King of good times VIJAY MALLYA who did fraud with more than 10 banks and other financial
institutions. Malaya takes the loan from the bank by telling the banks that he wants to expand his business
for which he needs a loan and also the airline market was also down, the increase airport charges and
providing luxurious facility to economy class due to all these issues ,he needs the loan.

The unethical practice he did to the company as he takes the loan from the banks which he used for an
increase of his assets throughout the world and when the banks approach him to return the loan amount
but he ran away and left the company and employees all alone the salary of his airport staff and other
people was in pending till now.

If I was there in his place then I will use the amount in an expansion of the business because reaching to
that peak during the 2000s is a very thing many companies during that period are not able to stand
properly due to shortage of funds and other issues, and Vijay Mallya has an advantage of political support
and support from govt. too so he did this type of unethical work and left the country.

Conclusion

At last I want to conclude that ethics serve as a guide to moral daily living and helps us judge whether our
behaviour can be justified. Ethics refers to society sense of the right way of living our daily lives. It does
this by establishing rules, principles, and values on which we can base our conduct. Being ethical is not
the same as following the law.  While ethical people always try to be law-abiding, there may be instances
where your sense of ethics tells you it is best not to follow the law.

Satyam Scam
In order to boost the share prices of Satyam Computers in 2001, Mr. Raju worked with key executives to
inflate the profits, cash flows and assets of the company. This was done by creating fake bank statements,
invoices, and fake salary accounts. The company also shown faked loans to get the scam going. Between
years 2001 to 2008 Raju gradually dumped shares onto the market, reducing his stakes from 25% to only
3.6%. The fraud involved Rs 14,000 crore. The promoters alleged to have taken out huge amount of
money from the firm in order to acquire land to help the real estate ventures of the family.
It was unethical on the part of the company to manipulate the Accounts as they act as communicator of
financial health for all the stakeholders.
If I would’ve been involved in the company, we would’ve run the business on a normal course handling
all the losses and hurdles. If any help was needed in the Maytas Company I would’ve suggested to take
borrowings from other sources or may be helped as a guarantor for the company. Satyam Computers was
built with good intentions of the promoters and they worked hard to make it reach the top IT company in
India. It was greed that led to the fall of such a huge company.

Conclusion

Ethics deals with well-based standards of how people ought to act.  Ethics does not describe the way
people do act.  It deals with the way people should act. Ethical people always strive to make the right
decision in all circumstances. They do not rationalize their actions based on their own perceived self-
interests.  Ethical decision-making entails following certain well-established norms of behaviour. The
best way to understand ethics may be to differentiate it from other concepts.
Being ethical is not the same as following the law.  While ethical people always try to be law-abiding,
there may be instances where your sense of ethics tells you it is best not to follow the law.