Ethical Behavior Within Firms
The first example I would like to provide is the fallout from Fox and the commentator Bill O'Reilly. Bill was accused of sexual harassment by Gretchen Carlson who was an anchor at 21st Century Fox. This, in turn, Fox agreed to settle with its shareholders and pay a total of 90 million dollars because of the hit that was taken to it (Fortune, 2017). Fox 21st century let Mr. O'Reilly go in April of 2016. There were also allegations of 4 other women that O'Reilly was accused of paying off according to reports. The second example I would like to use is Apple and the complaints that the corporate conglomerate purposely slows down older model Iphone's to compensate for decaying batteries. Another issue is that Apple slows down their models whenever they plan on introducing a new model to the market. The company is, therefore, facing lawsuits for forcing their customers to upgrade without giving them an early warning (Fortune, 2017). When responding to these claims, the firm has offered to sell their batteries at a lower price as a form of compensation.
TFC Expansion Goals
The Trevose Fitness Center could search for business investors that are interested in investing in the fitness centers. These investors could help build the foundation that Trevose is trying to create. Once Trevose gets the adequate funding that is needed to expand than the fitness center can branch out into other avenues of success. The fitness center could also get support from immediate family members and friends to invest in the center. These family and friends could use options such as word of mouth, social media, funding, and fundraisers to get the ball rolling on where the company would like to be. On the hit television show shark tank, there have been numerous occasions where small startup businesses have gotten a shark to invest in their company and expand its business ventures. For example, there was a woman that was running a business for babies that allowed it to be easier for the baby to reach the pacifier: Lori Greiner, one of the shark tank host invested in her company and was able to get her product in retail stores and QVC.
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Response
In modern business environments, financial management holds a vital role in governance. The finance unit is mainly tasked with the generation, allocation, and management of financial resources that are required in running the business. Economic ethics is a subset of general ethics where business owners and employees are required to observe the ethical norms that relate to social life. Examples include honesty, fairness, justice, and cooperation. From the above, the two companies- Apple and Fox have been involved in ethical violations scenarios leading to social instability. The approaches to dealing with such cases range from court fines to customer compensation. However, it is not common to find established codes and ethical offices in most organizations that ensure responsible behavior for all the members (Trevino & Nelson, 2016). The official regulatory agencies are responsible for such tasks. It is clear that ethics need to be socially reinforced and natured. If the virtues are accepted as the ultimate objective of all human endeavors, then the business industry would become genuinely ethical.
Based on the Trevose Fitness Center (TFC) experience, there are various methods of securing capital for a business. In this case, capital is the amount of money available to spend on different activities in the firm. Raising capital is one of the most challenging tasks in business, and it often requires determination and patience. For TFC, getting support from immediate family members is one of the simplest methods of collection. The business owner can ask for money, and they pay back with some interest or add the members on as partners in the organization. The thing about family is that they will always be willing to support a good idea even if they do not benefit immediately (Rossi, 2014). Additionally, the idea of dealing with private investors is a recommended business venture. The primary advantage of this technique is that the investors are always willing to invest in strong business ideas due to the hope of obtaining more financial benefits. The willingness of TFC to learn from other companies that have used similar methods before is the first step towards success.
References
Rossi, M. (2014). The new ways to raise capital: an exploratory study of crowdfunding. International Journal of Financial Research , 5 (2), 8.
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do it right . John Wiley & Sons. Retrieved from: https://www.vitalsource.com/products/managing-business-ethics-straight-talk-about-how-linda-k-trevino-katherine-a-v9781119298519 .
