The word incentive means something, such as the fear of punishment or the expectation of reward, which induces action or motivates effort. When incentives are no longer present in a social or economic system, then productivity subsides and innovation lumbers along at a snails pace.
Competition incentivizes quality. Consumers benefit from competition because of the natural offspring being a lower price to attract the buyer. There is nothing better than free-markets when it comes to consumer benefit, but there is a necessary ingredient to corral the corruption that would ensue without it – ethics!
Ethics is the moral principles a company abides by in its everyday dealings and interaction with the public. Being a solution is the purpose of a business, making money is a result, but being ethical is its responsibility. Our short-term profits should be tethered to our long-term values. The importance of this understanding ripples through the pond of our business in every aspect. How our employees are treated, customer relations, quality of product, and overall appearance of a company in the public eye.
Some ethical principles would include a commitment to managing finances in a responsible way, to avoid misrepresentation in your operations, to treat employees and customers with respect and dignity, and give back to the local community. Giving back will do two things, (1) give positive recognition to your product and brand, (2) help further the cause of goodwill in your community.
For a nation to be successful it requires maximum potential being manifested on all levels such as government, business, community, and family. The United States Global Leadership Council is dedicated to helping all countries achieve the heights they are destined to ascend. Working together we will make a difference!
Dr. Reuben Egolf
Chairman of the United States Global Leadership Council