Ethical Entrepreneurship – a concept that drives holistic development of the entire ecosystem, versus just one’s own business, has become the need of the hour.

How Ethical Entrepreneurship has gained significance in the post COVID economy
Money Business Wednesday, June 17, 2020 - 16:40

Agnelorajesh Athaide

Even as we prepare to slowly resume our lives – personal and professional, the world around already seems to be a changed place. From the norms for using public transport to the stringent work-from-home dictates for professionals, there seems to be a ‘new normal’ that is being implemented. With the health issues connected to the virus still being around, we need to remain cautious. At the same time, we can’t ignore the need of keeping the economy in good shape.

Companies are today looking towards optimising their operating costs. This will also benefit the customers as the competition will ensure better pricing due to reduced costs by the companies. This will ultimately benefit consumers.

Innovation in entrepreneurship during these times of crisis can help recreate a balance and synchronicity to the new scenario. With more mindful and value-driven business decisions, entrepreneurs can help drive positive change that leads to a stable business ecosystem, which can eventually help the economy.

Ethical Entrepreneurship – a concept that drives holistic development of the entire ecosystem, versus just one’s own business, has become the need of the hour. 

Here are key pointers on how entrepreneurs can adopt ethical business practices to help drive positive change:

> Employees are partners: We need to make sure that the employees become partners in progress. One of the major and most crucial shifts in mindset, required by business owners today, is to view employees as potential partners and wealth creators instead of a liability/ overhead cost. This can happen with the capability up-gradation of each employee.

India is a country with a huge population and our numbers have always been the strength of the economy. Human capital plays a vital role in the success of any business, more so during a suddenly changed economic scenario. Recognising them as partners in growth instead of cost overheads can go a long way in overcoming the crisis.

Businesses may look at re-imagining strategies to leverage the full potential of their employees while creating a transparent and trustworthy engagement. These can range from better incentives, extended work hours or even additional training sessions to help them hone essential skills, etc.

> Value creation: While creating profit and thus driving growth is the basis for any successful business, the new business environment today demands a much more holistic approach than just profits. Driving value-creation for all stakeholders through innovative business practices can help generate wealth, opportunity and develop long term collaboration opportunities. Given the new economic scenario, creating value-driven collaborations and partnerships within one's business ecosystem can help not only in sustenance and growth but also create a stable and mutually beneficial business model.

> Vocal for local: In tune with the PM Modi’s call for supporting local businesses, this is the way forward for the economic upliftment of the country. From choosing local vendors and employing localised labour to working closely with domestic service providers, and IT consultants, etc., that have Indian roots; ethical entrepreneurship looks to drive growth across the ecosystem by a consistent flow of business for its smaller, localised partners.

> Community building: While building a value-driven business ecosystem is important, ensuring the wellbeing of the community that supports the business is also vitally significant for creating a long term, sustainable business model. Community building may or may not necessarily involve a structured CSR (corporate social responsibility) outreach, but a conscious effort to nurture and help it grow can go a long way to achieve the objective of holistic development.

Agnelorajesh Athaide is a serial & social entrepreneur, co-founder and chief mentor of The Business Opportunities Club (BOC). 

Views expressed are personal. 

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