Ethical consciousness is an important
entrepreneurship trait in a business operation. Ethics is a set of principles
that helps to judge what is right or wrong, fair or unfair and proper or
improper. It also outlines the responsibilities and moral obligations to the
society. Ethical standards in business are crucial for a smooth functioning
economy. If ethical standard are abandoned, it will lead to a lower quality of
life with less desirable goods and services at higher prices.
An
example of entrepreneur with ethical consciousness is Richard Branson, the
founder and the chairman of the world famous Virgin Group that holds more than
two hundred companies in over thirty countries today, including the United
Kingdom, the United States, Canada, Europe, Asia, Australia and South Africa.
He started his entrepreneurial life in the music industry and later expanded
into other sectors making him a billionaire. From a mail order record retailer
in 1970, the Virgin Group has continuously developed successful businesses in
various sectors ranging from mobile telephony, travel, leisure, financial
services, music, and holidays. One of the businesses developed is Virgin
Galactic. (Branson, 2014)
After Virgin Galactic's SpaceShipTwo
crashed into California's Mojave Desert, having one test pilot killed and the
other injured, some of the people who booked the flight tickets asked for money
returns. Normally there are very few executives and communicators have had to
publicly give explanation on the deadly crash of a spacecraft except for those
who work for national space agencies. In a press conference, Richard Branson
admitted that “we fell short” and would correct mistakes. He said that they are
not going to push on blindly and they are going to learn from mistakes. He
promised to push on with the program once they had investigated the reason for
the crash. Besides that, a series of blog posts about the crash and how Virgin
Galactic is taking corrective action has been published by him instead of
denying any faults and concealing the mistakes.
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