Answer to Question #292304 in Management for poochie

Question

QUESTION

1) Good ethical decision making in business requires consideration of the legitimate interests and expectations of key stakeholders. In regard to any significant company decision or policy, it's important to ask:

a) Who will be helped by this?

b) Who will be harmed?

c) Are we at risk of violating anyone's rights, breaking promises, or undermining trust?

d) Are there other alternatives that are consistent with our existing commitments and obligations, and which would produce a greater balance of good over harm or no harm at all?

e) If the interests of some of our stakeholders conflict with those of others, whose ought to be paramount?

 

With those questions in mind, as you read Kirk Hanson's overview of ethical issues in start-up companies, whom would you identify as key stakeholders for entrepreneurs to consider?

Answer 1

Stakeholders are broadly defined as anyone who is impacted by a decision-maker's decision. Some examples of corporate stakeholders would be shareholders, employees, customers, suppliers, financiers, families of employees and the community in which the corporation is located.