Essential Moral Virtues for Business Managers
Essential Moral Virtues for Ethical Business
In the classic Aristotelian sense of excellence, a virtue is a quality that makes a thing good according to its nature. Therefore, moral virtues (as opposed to intellectual virtues) are those qualities that make a person morally or ethically excellent. Moral virtues are habits, attitudes, and dispositions that shape our character and enable us to behave in the right way. They can also serve as guidelines for our conduct. To achieve moral virtues, a person must first choose wisely and then develop these virtues through practice.
To fulfill their roles correctly, business managers need to develop several virtues, some moral and some nonmoral (instrumental qualities). For developing a “good manager” role, a business manager must develop some moral virtues, which, according to the Aristotelian interpretation, include:
- Honesty: This involves objectively recognizing and dealing with stockholders and other autonomous rational individuals with their own goals and desires, even when a statement may be detrimental to you. People prefer doing business with honest managers rather than with liars. Honesty means being in accord with reality. It is a virtue with intrinsic worth, valued for its own sake.
- Fairness: A fair businessman should receive what they have earned and give what others deserve, according to the enterprise’s ethical code. Regarding customers, a virtuous manager must ensure that customers get what they pay for.
- Moral Reasoning: A good manager should make decisions based on what is “correct,” even when the moral decision may be personally harmful. This is closely related to the virtue of lawfulness but also takes into account one’s own moral code. Frauds may be effective in the short run but are not sustainable in the long term and will cause more damage than the initial correct decision would have.
- Rationality: This refers to focusing on reality, thinking objectively and logically, applying relevant knowledge, asking pertinent questions, and listening carefully. When working, a manager should work in a smart way toward accomplishing enterprise and personal goals.
- Respect: Respecting people’s moral dignity is fundamental in a successful business to create the appropriate business environment. Both people within the organization and customers and other stakeholders have the right to be respected. Respect is a highly valued virtue.
- Responsibility: As a manager, it is essential to be responsible to employees and the organization because it is a reflection of your actions. It implies more than just admitting mistakes and making an effort to correct them. It also helps to promote a productive and professional environment.
- Lawfulness: Complying with legal requirements saves many problems in the future and gives a professional image of the company. It also ensures the correct relationship between the enterprise and the government, avoiding penalties.
- Professionalism: This includes working hard on a daily basis, ensuring the correct development of the organization. It also includes separating personal life from business. It creates an image of confidence and seriousness when conducting business.
- Loyalty: This means ensuring a certain commitment in the relationships of the organization. It will bring confidence and respect from those to whom we have been loyal, creating long and profitable relationships in the long run and avoiding problems related to our own interests.
Measuring Success and the Importance of Moral Virtues
Measurements of success for a morally virtuous person include consistency and integrity in the application of those virtues. It is possible, in the short run, to be a successful businessperson without being morally virtuous, but long-term success requires some central moral virtues.
Non-Moral Virtues for Business Success
Good managers must also possess some non-moral virtues, such as being disciplined, organized, creative, competitive, passionate, a good communicator and listener, and persuasive, among others. Non-moral virtues are useful in achieving business goals and success.