Is It Hard to Maintain Ethics While Competing in Business?

In a world, where the weak get weaker and the strong get stronger, the disparity between those who are successful and those who fail are much wider. This essentially means that as competition flares, one’s chances of moving up the ranks become less, while falling becomes greater.
You can use the simple analogy of the stock market, where you see stocks rising, they rise in smaller increments, but when then they fall they fall in larger increments.

This analogy would coincide with competition in the work place and amongst competitors. What are people willing to do to get ahead?

Absolutely about anything. It’s not only about the money, it is what drives our ego, and in the process what happens is “you” as the sense of yourself gets lost in the shuffle. Remember when you were a child, remember that innocence, where all you needed to do is just “be’’.

The grading system in school is the first mode of entry into the world of competition. This is where children start comprehending the letter “A” becomes better than the letter “B”.

We learn as children from our parents that we should maintain a high-level of ethics. “Don’t cheat, don’t lie” says your Mom. “Be Respectful”, says your Dad. Yet when we move into the corporate world, we forget about it.

Let’s start simply with examples, how many times have you taken credit for work you didn’t do? I know I have. Whether it would be a big client you brought to the company that really wasn’t brought in by you, or how many times do have you said “yes” when you really meant “no”. Does this challenge what is moral, or does it go against yours or your company’s principals?

The definition of ethics is “moral principles that govern a person’s or group’s behavior.” Does personal gain becomes a drain to moral principals in a group’s behavior?

We compete because we crave gain. Recognition, promotions, ego are some of the things we benefit from the competition. While this is all well and good, the key here is play fairly with your peers to outsmart your competition without having to violate one’s principals or company’s principals.

You will have to define if the company has higher moral fiber than yourself or is this vice versa. This is of course another moral dilemma.

By Jack Smiths

Ethical guidelines for Medical Transcription Companies

The most vital part of any practice is patient care and confidentiality. With that, security and respect are of utmost important when it comes to your patients. When choosing to outsource to a medical transcription service, know that a code of ethics have been designed to ensure that your medical transcriptionist services meet the highest standard.

MedicalThe Association for Healthcare Documentation Integrity (AHDI) is the world’s largest not for profit association representing the individuals and organizations in healthcare documentation. AHDI’s purpose is to protect the integrity of the patients’ health information through continuous workforce development and the support of practitioners and industry partners (www.ahdionline.org). The AHDI created an initial guiding principle and framework for its members. Since then, the regulations have become a standard for medical transcription companies.

Some of the rules and regulations created by the AHDI to help medical transcriptionists in providing quality services to the clients are:

Confidentiality of patient information is of supreme importance to medical transcription companies. It includes peer reviews, quality improvement and risk management protocols, and exceptional effort to maintain data security in electronic communications.

Proper implementation and maintenance of standards for professional transcription practice. Always strive to provide accurate and timely information. Compliance with all laws, rules, regulations and standards governing practice of patient documentation. Always strive for professional practices including work or professional experience, credentials, affiliations, productivity reporting, billing charges and payment practices. Respect the rights and dignity of all individuals. Create a working environment where employees are thorough professionals facilitating integrity and protecting personal information of the patients.

Nicole D. Wray -President at www.FastChart.com– earned a Bachelor of Science in Marketing from the University of North Carolina, Charlotte. For the past 15 years Ms. Wray has varied leadership roles in the medical transcription industry, from sales and marketing to managing operations, her dedication to quality and integrity in the healthcare community, ensures you will be provided with the perfect solution for your transcription needs.

How To Compete With Other Small Businesses Ethically

How To Compete With Other Small Businesses Ethically
By Sohaib Azam, Esq

Competition and one’s ability to succeed in the face of competition is crucial to a business’s success. But often times, a business will employ any measure to ensure that they get a step up over the competition. Often times, unethical measures are used such as spying on the competition, slandering them, or bribing customers not to go to a certain business. It is true that the competition can be cut throat, but there are ethical measures one can take in order to succeed and maintain the business’s integrity.

#1: Focus Your Marketing Efforts On What Your Business Does Well, Not What The Competition Is Doing Poorly

It’s tempting in your marketing efforts to speak to what the competition is doing wrong or to put down your competition. I believe that the best way to make your business stand out above your competitors is to focus on the things you do best. If you give excellent customer service and always put the customer first, it’s best to emphasize that as opposed to saying that your competition doesn’t do well in the customer service department. If a situation arises where one inquires as to why your customer service is better than the competition, it is best to speak to what your business does exceptionally well as to customer service and make the point that it’s something that makes your business unique. This will help set your business apart from the competition and not set off any ethical alarms.

#2: If Someone Else Is Putting Your Business Down, Resist The Temptation To Fight Back

It’s easy not to make insulting comments about another business, but what happens when that business makes insulting comments about yours? It’s hard to sit there and do nothing as there is no telling what impact the insults may have on the prospective leads that you are trying to get. Striking back is never the right answer because it starts a back and forth war of words and insults that could lead to disastrous results down the road.

If a rival business makes insulting comments about your business that are true, the best course of action is to address the criticisms and make it clear how you plan to address them. Use the comments as a chance to make changes and improve your business. If a rival business makes insulting comments that are not true, your best course of action is to do nothing and continue on. If your current customers are believing the comments, it is best to address that to them personally instead of the business who made the comments. Always keep your cool and keep your focus on your business.

[http://www.projusticeweb.com]

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Check out – Business Ethics – Maintaining The Mindset Of An Ethical Business Owner

Ethics and Leadership


Ethics and Leadership
By Kenneth Jackson Reynolds, Jr

From Black Monday 1987, Enron in 2001, and the financial crisis of 2008; business ethics have come to the forefront of everyday conversation. It is fair to say that our financial and cooperate institutions are not the only segments in the society to experience scandals. Nonetheless, due to the exploitation of natural resources, food shortages, poverty, pandemics, pollution, and terrorism; a number of growing experts view these dilemmas as contributing to the ethical decline of our business establishments. The past and current scandals in our business world legitimize this view. Many believe that our preoccupation with success and wealth bolsters this argument. Our nation’s current financial situation raises strong questions about business morality, in particular ethical leadership. In pertaining to ethical leadership thought and development, relative theories or models should be placed in perspective. According to some researchers, ethical leadership literature focuses on the philosophies of virtue ethics and deontology over consequential-ism (Knights and O’Leary, 2006). Consequential-ist theories (i.e. egoism, applying morality for personal gain; and utilitarianism, happiness of the greatest number is the greater good) fundamental aspects are the acts of ‘right and wrong’; and pleasure is ‘good’ and pain is ‘evil’. These cause and effect ideologies can appear to be ‘one-dimensional’ and redundant in achieving its results. In contrast; rights-based ethics such as deontology promotes fairness, equality, truthfulness, and freedom.

However, deontology could be multifarious and cumbersome for most business models. Some may argue that rights-based ethics in the work-place would produce constant deliberations about policies and regulations which could eventually impede the function and purpose of the organization (Knights and O’Leary). However, impulsive compliance to bureaucratized morality can desensitize our moral judgment. In other words, moral dilemmas are needed when confronted with questionable practices in the work place. One consideration for leadership is to incorporate what is called ‘virtue-ethics that espouse compassion and honesty. Different from the right-based model, virtue-ethics focus on developing the character of an individual rather than focusing on the act. Subsequently, contingent and situational leaderships are seen as more psychological and independent. In basic terms, situational leadership involves an individual’s personality or external factors where as contingency leadership matches the appropriate trait(s) for a specific condition. Yet, more and more experts are looking for collective approaches to lead because there is no superior way of leadership. Collaborative and value-based models appear more complementary than controlling and outcomes-based paradigms. Moreover, when combining virtue ethics, deontology, and consequential-ism; an effective communication and incentive system should be put in place to further promote ethical behavior (Whetstone, 2001;Trevino et al., 2003; ctd in Knights & O’Leary, 2006). Philosophers such as Aristotle and Thomas Aquinas view the virtue of responsibility and appropriate conduct and obligations towards others in high regard.

However, we have to loosen our preoccupation with self and prioritize social affirmation and endorsements of economic and symbolic images. Greed and vainglory typically supplant ethical accountability. More to do with judgment than character, ethics present who we are in relation to others (Knights & O’Leary, 2006). In order to coexist, we have to be responsible for ourselves to others. Social order requires rules and restraints. In context, ethics of responsibility can certainly be applied to the Servant Leadership Theory which may be equated with the philosophies of Jesus and Gandhi. The Servant Leadership Theory identifies 10 characteristics of servant leaders: listening empathy, healing, awareness, persuasion, conceptualization, foresight, stewardship, commitment to the growth of others, and community building (Parris & Peachey, 2013). Leading by example, the servant tends to the needs of others. Subsequently, introduced by Robert K. Greenleaf in 1970, writers such as Ken Blanchard and Larry Spears adopted his philosophy and incorporated into other leadership theories such as Situational Leadership (www.situational.com), 2010. Servant Leaders see themselves as compassionate communicators who are system thinkers that do not believe in a chain of command. Instead, their emphasis is on personal commitment, ethics, trust, and collaboration for organizational growth through teamwork.

An extension of the Servant Leaders’ collective or team principle is described in Mendez’s (2009) research that analyzed collective leadership. This author explained two facets of this leadership style; ‘Leadership Sharedness’ and ‘Leadership Distribution’. Leadership Sharedness joint vision of the team is defined by all members. This approach enables members to challenge questionable established patterns and ideas and also to propose new solutions to old problems. In Leadership Distribution, Mendez states… “a team will exhibit high distribution when the team relies on one member to establish the team’s vision, on another to develop specific objectives and establish procedures and routines, and on a third one to solve conflict among team members and make sure the ideas of all members are being listened to”. Others agree with Mendez collective model of leadership. In order to create an atmosphere of collaboration, leaders must ascertain what the group needs concerning work-related tasks, forming mutual relationships, and building a common purpose (Kouzes & Posner, 2007). Both the Servant Leader and the Collective/Team approach incorporate fundamental ethical characteristics and methods similarly with transformational leadership. In essence, Kouzes and Posner define transformational leadership as the infusion of peoples’ energies into strategies. According to these authors, the main distinctions between transformational and transactional leadership are that the goals and purposes are related, but separate. Transactional leadership has been called ‘managerial leadership’ that incorporates motivation and appealing to followers’ self-interests. The transactional approach concentrates on the role of supervision, organization, and group performance. Finally, future leadership models should be universally pliable; or, a compilation of theories that allow for flexibility and compatibility. This allows fulfilling new niches of organizational designs and consumer needs.

References

Knights, D. & O’Leary, M. (2006). Leadership, Ethics and Responsibility to the Other. Journal of Business Ethics. 67(2), p. 125-137.

Kouzes, J. M. & Posner, B. Z. (2007). The Leadership Challenge. 4th ed. Jossey-Bass; San Francisco, CA

Mendez, M. J. (2009). A Closer Look Into Collective Leadership: Is Leadership Shared or Distributed? Dissertation, New Mexico State University; 131 pgs.

Parris, D. L. & Peachey, J. W. (2013). A Systematic Literature Review of Servant Leadership Theory in Organizational Contexts. Journal of Business Ethics, Vol. 113, No. 3 (March 2013), pp. 377-393

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Business Ethics – Maintaining The Mindset Of An Ethical Business Owner

Business Ethics – Maintaining The Mindset Of An Ethical Business Owner
By Iyonna Woods

Business owners are ambitious and hard-working people. There is nothing more satisfying than seeing a vision come to reality and getting paid from pursuing a passion. However, the road to success is full of challenges that may push the entrepreneur to the point of giving up or worse, doing something that is not in line with an established set of morals. It may seem like the someone in the practice of underhanded dealings is getting ahead faster and even more bountiful than someone who is not, but it never lasts. Those who violate a set code of business ethics always end up losing more than they gained. Here are some tips to prevent you from falling into that trap.

1. Trust the process.

Having a business mentor to bounce ideas off is very helpful. If your mentor confirms that you are on the right path with your actions, trust that you will have great success. Look at the challenges as learning opportunities. Usually, there is something that you need to learn before you see huge success.

2. There are no shortcuts to the top. You have to put in the work.

Ambitious people always want more and are open to different types of challenges. Success looks very different to different people. It is so easy to want what someone else has and more. The question is, are you willing to do what they did to get that? An opportunity to take part in unethical dealings may tempt someone to take a shortcut that presents as very lucrative. Don’t fall prey to that trap. Stand firm in your own version of success and don’t try to take shortcuts to get there.

3. Be someone who you want to do business with.

Let’s be honest. If someone has a history of crooked dealings and wants to do business with you, most likely, you will decline their proposal. Sacrificing ethics usually means that someone is getting the short end of the stick. That may not register when you are benefiting from it but it’s only a matter of time before the tables will turn. Will you still want to do business with someone who is getting over on you? Will your customers want to do business with you after you’ve short-changed them? Make business decisions that are in line with someone whom you would want to do business with.

4. Stay in touch with your accountability partners.

When no one is around, you feel like no one see’s you in the act of making a poor judgement call. If you feel like something you’re about to do isn’t right, it usually isn’t. It’s natural to want to go against your gut feeling when you think you will profit in the end. Ask your accountability partner for insight before you make your final decision. Usually, they will confirm what you originally thought and talk some sense in to you.

5. All money isn’t good money.

In 2008, the largest Ponzi scheme in the history of the United States all came falling down. Bernie Madoff promised investors an unheard of return on investment in an unheard of amount of time, conning investors out of $65 billion. It took a large team of people to pull a scheme of this proportion off. They all made lots of money over a short time. They also all went to jail. Every dollar earned goes farther than dollars “given”.

When you aren’t progressing as quickly as you think you should, don’t take easy ways out that will violate business ethics. Trust the process and learn from it. There are no shortcuts to successful business. You have to put in the work to make it last. Behave like a business person that you would want to do business with. Have your accountability partners hold you accountable. Stay away from deals that are too good to believe because all money is not good money.

I am a medical laboratory scientist with an entrepreneurial spirit. I specialize in wealth building techniques with personal development coaching. Call me at (410) 929-0302 for your complimentary consultation.

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Ethical Behavior in Business Dealings


Ethical Behavior in Business Dealings
By Catherine Delcin

The word Ethics was coined from the Greek word, ethos meaning “convincing by the character of the author.” In building our character and credibility we must adhere to a certain sense of ethics. Ethics is generally referred to as a person’s aptitude or ability to stay in tuned with their moral compass or their inner understanding of right or wrong. Although, it is commonly used there are various understandings of ethics.

Depending on the context and manner, it may vary because there are all sorts of ethical behaviors and norms. These societal norms are established per social constructs and pre-existing ideals. Those ideals are often harder to live up to due to the realities of everyday life. We continually strive to reach all levels and bounds of ethics to establish our credibility and build the right relationships.

Regardless of how a person choses to phrase it, a sense of ethics is critical to the development of sustainable relationship in business. Although it is engrained in us through our upbringing, through societal norms and demands, we must transfer our inner sense of ethics to the business realm. In this realm, it is not necessarily about the character of the “author “per se, but more so about developing a business brand and credibility for the business. In some instances, where the business brand is tantamount to that of the owner, it is an easy conversion. Where there are two separate identities, that of the business owner and the business itself. There is a much arduous task of establishing the credibility of the business.

In business, whether there is a service being sold or a potential product, the credibility of the owner is of the utmost importance. To establish credibility, we must convince others of our sense of ethics, we must ensure that people’s understanding and perception of who and what we are about coincides with the truth of our inner beings. The best way to ensure that this is the case is to take every opportunity to showcase our character for truthfulness, demonstrate our credibility and belief in what is fair and right. One of the ways to showcase credibility, or sense of ethics in business is to ensure that the services or products to be sold are exactly what that proposed to be. Imagine if you sold goods that are not what they purported to be. That would take away all credibility for the business.

Another method of ensuring credibility is to ensure that all business dealings are fair and ethical. Dealing with all customers with accountability and care. For instance, in the case of an unsatisfied customer due to misunderstanding on your end, honor the existing deal with the customer, give account credit or refunds as necessary. But ultimately, the true test of ethics comes from the moments in our lives where we are forced to make choices that do not necessarily benefit us such as giving a consumer the benefit of the bargain even though they may not necessarily deserve it. These are hard choices based on doing the needful as opposed to the most convenient path is indicative of true ethical behavior. In truth, a person has demonstrated true ethics based on what they do when no one is looking not when they are in the lime light.

� Copyright, All Rights Reserved.

Catherine Delcin is a seasoned entrepreneur. Her academic credentials include Psychology and law degrees. She has written extensively on topics of personal empowerment and motivation through various internet mediums and magazines including Business Home Magazine and Life Science Magazine. Personal motivation and strategies for building a successful business are both covered extensively in her book, Entrepreneur Initiative.

You may connect with Catherine via email: catherine.delcin@gmail.com

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Ethical Engineering Practices


Ethical Engineering Practices
By Brandon Abee

Engineering jobs are not always solely about engineering. Engineering functions were traditionally focused on building something using different variations of math and science. These jobs have recently transformed into combining more business functions. In John Hooker’s white paper, he states, “engineers are increasingly involved in startup companies in which they make business decisions as well as engineering decisions.” Cross-functional teams include members in engineering, sales, manufacturing, marketing, and warranty. Many engineers today have multiple hats to wear and are even labeled as “project” engineers. Wikipedia defines project engineering as “bridging the boundaries between engineering and project management.” Since the role of the engineering field has changed over the years, engineers face more and more ethical choices and decisions. Engineers must create designs and services to customers in an ethical manner.

There are many different professional societies for engineers to join. Some of these societies include but are not limited to the Institute of Electrical and Electronics Engineers (IEEE), Project Management Institute (PMI), The American Society of Mechanical Engineers (ASME), and National Society of Professional Engineers (NSPE). Each of these organizations has a similar code of ethics for its members.

A sample of a societies code of ethics from the National Society of Professional Engineers (NSPE):

“Engineers, in the fulfillment of their professional duties, shall:

1-Hold paramount the safety, health, and welfare of the public.

2-Perform services only in areas of their competence.

3-Issue public statements only in an objective and truthful manner.

4-Act for each employer or client as faithful agents or trustees.

5-Avoid deceptive acts.

6-Conduct themselves honorably, responsibly, ethically, and lawfully so as to enhance the honor, reputation, and usefulness of the profession.”

Once a person joins one of these societies, an oath to uphold the code is taken. Members must take the code seriously for the professional to be dedicated to his/her employer, customers, vendors, or the general public.

Another ethical engineering practice is to conduct testing per the standards applicable to the engineered product or service. Underwriters Laboratories (UL), the Canadian Standards Association (CSA), and the European Commission (CE) are all standards agencies that provide standards for safety of products to consumers. Products must be successfully tested based on the current standards to be able to apply the agency mark on the product. Engineers must perform tests in an honest and ethical manner. Documentation of the test data should be recorded in a fashion that can be reviewed years later if necessary. Test data should be honest, accurate, and not forged or altered. Recording failed test data is just as important as successful test data. Test data can be used in a court of law if someone is injured or killed by a product that has an agency label. Accurate and thorough data is essential for a solid case.

Other ethical principles that an engineer may face are conduct related. An engineer must keep a professional work ethic and abide by the code of ethics. One must not be bribed or misguided by a vendor or customer to receive anything of monetary value. Test data and other information, such as patent ideas or any other intellectual property, must be kept confidential. Customers must be able to trust the engineer or engineering service.

Brandon Abee is a Design Engineer at Eaton, an outdoor enthusiast, a runner, and a family man. Brandon is also currently enrolled in the Masters of Entrepreneurship Degree Program at Western Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author’s information, and any links remain intact. Copyright 2015 by Brandon Abee. [http://www.brandonabee.com]

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4 Powerful Ways To Build A Community Around Your Business

After a year of lockdowns, distancing, and separation, many are craving connection.
By helping to foster these connections, you could place your business at the heart of your local community. Being seen by others as local leaders can benefit your business, your peers, and your neighbourhood!

Now is the time to connect. Whether you have been separated from friends and family over the past year, have struggled to get your business out there, or have been otherwise unable to do the things you want to do, now is a great time to get creative and reconnect with the community around you. The same is true in business.

Being part of a community is powerful. It is not only essential for our mental health and wellbeing, but it’s also a vital element of a thriving business. A sense of community is important between businesses and customers, and also between employers and employees.

With the tips below, you can start to build a business that is not only a positive part of the wider community, but one that also fosters a positive community within the business itself.

  1. Start From Within

Building a community is not only about looking outward at your wider surroundings. It is also about looking inward and reflecting on the community that you are building within your own business — however large or small.

It can be helpful to consider the values and mission of your business overall, and how you can reflect them within your business culture.

For example, your values might include originality, innovation, and self-expression. Think about the ways you could encourage these values among your workforce — such as by scheduling regular creative activities or field trips for your team members, perhaps.

Another great way to build additional community within your business can be to attend events or training courses together. You could perhaps begin by researching the certifications or qualifications that are most valued or relevant to your industry, and then get started.

You and your workforce will not only build great team values and stronger connections, but will be more qualified too.

  1. Get Involved Locally

Even if you are a global or international business, or operate entirely online, you can still contribute to your local area. You are providing value and growth to the local population – even if indirectly – so why not make an effort to connect with your community and get involved?

This might include donating to local causes, getting engaged with fundraisers, offering internships or work experience for local students, giving encouraging talks or speeches in schools, and more.

There may also be some complimentary local businesses with whom you could collaborate. You could run joint offers with them, for example, or joint advertisements. And if you have similar or crossover skillsets, perhaps you could join forces on particular projects.

Whether you are building a community online or in person, reaching out to potential collaborators can reap real rewards.

  1. Host Events

Community is of course about bringing people together, and what better way to do that than by hosting events? You could perhaps hold conferences, conventions, or networking events and set them up online, if needs be.

For example, during national lockdowns, many businesses or educational institutions around the world took their programmes and services entirely online.

Live-streamed conferences, Q&As, and tutorials are especially popular and can be hosted via websites or social media platforms. This can be a great way to connect with potential clients and customers who may be all over the world, as well as those who are more local but might have limited mobility.

Attending a wide variety of events both online and in-person — or even organizing them yourself — is an excellent way to build a strong and supportive community for your business. Not only will you be giving genuine value and knowledge to others, but you will receive the same in return.

  1. Outsource To Experts

Building a community starts within your business, branches out to your customers, and can also include those who you outsource to! Outsourcing important aspects of your business to experts is a great way to save time, make use of others’ skills, and grow your business organically.

Outsourcing to an expert might mean entrusting your blog to a professional writer with knowledge of search engine optimisation, for example, of maximizing your opportunities in tendering by hiring a bid writing professional, or by seeking guidance on technical subjects such as GDPR regulations, perhaps.

These are all examples of outsourcing crucial business facets to experts who might have years of valuable experience.

Through outsourcing in this way you can help the community by providing work and building a collective with knowledge and expertise, while giving your business the best chance of success!

Top Blockchain Business Ideas that You Should Know in 2021

In the past few years, blockchain technology has created a major impact in the digital world. It is one of the most advanced technologies using in many corporate and industrial sectors as well as keeps the data more secured. So, most of the fraudulent and hacking activities should be avoided. It creates trust among the peoples who are ready to invest in blockchain technology.

Many entrepreneurs and startup companies have started their businesses with help of blockchain technology. The first digital currency was created by using this technology. Later, this technology has been used and implemented in various sectors across the world. Many of them have already started to use this technology in their business to succeed.

But, some of the peoples don’t aware of this technology because with blockchain technology what kind of business can we start? If you are the one in this category, then this article will help you know about the potential blockchain business ideas in 2021.

Top Potential Blockchain Business Ideas in 2021:

Cryptocurrency Exchange:

Most of the experts say that cryptocurrencies will be the future. So, the demand for this business is high. Before choosing this business, first, you must know about the crypto exchange platform and how it works. It’s a platform to buy, sell, and trade various cryptocurrencies securely.

This platform is developed with highly secured blockchain technology. Currently, there are a lot of exchanges across the world such as Binance, Coinbase, LocalBitcoins, and other trading platforms. If you are ready to launch an own exchange then you can charge an extra commission fee for each transaction, deposit, and withdrawal performed by the users. Also from that, you can make a good amount of profits from it.

So, this is one of the best blockchain business which helps you to earn more profits within the short period. Now, you doubt how to start an own exchange for my business. You can get the best and premium crypto exchange platform from industry-leading crypto exchange script providers. So, that you can start your exchange easily within a few days.

Banking Industry:

Presently, most banks are facing major problems. Adopting this technology can avoid major problems and also has high potential. Because Blockchain can monitor and track the millions of transactions that happen in the banking industry daily. It reduces data loss and also avoids fraudulent activities. By implementing this technology in the banking sectors can transfer the funds and store your information safe.

Healthcare industry:

The major issue facing the healthcare industry is to keep the patient’s data safe. With the help of this technology, you can store all the patient health records securely. So, nobody can access the patient details without their permission. Fake drugs and medicines that are restricted by the government can be avoided by using blockchain technology. It provides more security and also avoids unusual threats to hospital information.

Security Token Offering (STO):

STO means security token offering can be built by using blockchain technology. It is one of the best crowdfunding platforms in the blockchain industry. But, before that ICO websites were launched initially in this industry. Most of the investors have faced a problem when it comes to fundraising. In the ICO’s, many scammed tokens circulated, and also investors lost their funds due to this kind of activity.

To overcomes this, this STO was discovered. It acts as a website where enterprises can sell their new crypto tokens instantly and safely. For making each token, it must satisfy certain rules and conditions. All the security tokens are built using this blockchain technology.

Real Estate and Advertising Industry:

In this digital era, we can see digital advertisements everywhere. Corporates like Google and other popular companies are controlling digital advertisements and also act as intermediator. To avoid this, you can use blockchain technology. This will avoid such an intermediate process in the Peer-to-Peer (P2P) system.
The real estate industry is also the same as the advertising one. Here, the brokers act as a third party. Using blockchain technology you can avoid it easily. The broker will get the extra fee from the buyers and sellers.

Conclusion:

Blockchain will be the future and many sectors have already started implementing it on their businesses for transparency and high security. Here, I have mentioned some of the blockchain business ideas. But, there are a lot of potential business ideas available but you need the best expert’s advice to clarify this. I would recommend “Osiz Technologies” – An industry-leading blockchain development company that offers end-to-end blockchain development services that help to start your potential blockchain business easily. We have more than 10 years of experience in this field and also have experts who have a vast knowledge of it. Contact us today and get a FREE consultation regarding your blockchain business.

Going green dramatically benefits businesses – it should be central to their coronavirus recovery strategy

Yoyo Dy/Unsplash, FAL

Jagannadha Pawan Tamvada, University of Southampton and Mili Shrivastava, Bournemouth University

The onset of the pandemic and the ensuing lockdown have imperilled businesses worldwide. It will be tempting for firms to put any commitment to the environment in the back seat as they attempt to recover, especially as some governments reduce requirements and undermine environmental protection.

This is short-sighted: businesses do not have to sacrifice their environmental goals for protecting their growth. Greening initiatives like offering green products or services, introducing green processes internally, hiring employees to promote sustainable practices, or going beyond compliance requirements, can actually help firms.

Using data on 9,236 small and medium businesses in 35 countries across Europe and the US, our research suggests that on average, businesses benefit from going green, although the type of greening that gives the most significant benefit may differ between firms.

Here are four main ways that greening can benefit businesses.

1. Innovative market niches

By offering new green products or services, a business is more likely to cater to an emerging trend or niche market, which can make it more competitive. Frugalpac, a UK-based company that makes paper-based packaging for liquids that cut carbon footprints, received a £2 million investment during the pandemic – a time when most other companies were struggling for finance.

Already seeing widespread success for their recycled paper coffee cup, Frugalpac’s innovative paper wine bottle, also made from 94% recycled paper, has led to new opportunities and partnerships. https://www.youtube.com/embed/ywISAVxJIiM?wmode=transparent&start=0

Companies focused on sustainability can rapidly expand by catering to new niche markets internationally. Consider D’light, a company that offers innovative lighting solutions for people who do not have access to electricity. The company has transformed the lives of more than 100 million people across 70 countries through its green product offerings while raising US$197 million (£150 million) in investment.

Earlier this year, the Danish energy supplier Ørsted, formerly known as Danish Oil and Natural Gas, was named the most sustainable company in the world. This success followed from its transformation to a green energy supplier – which went hand in hand with accelerated profits.

By catering to new niche markets using green products and services, these businesses have emerged as future leaders in their sectors. Of course, not all companies are suited to finding such niches. But sustainability can be promoted in other ways like green working practices and processes, for example.

2. Employee motivation

Job seekers are increasingly attracted to companies that care for the environment. The employees of firms that promote sustainability are more likely to believe that their employer will care for them, and are more satisfied with their jobs.

Such companies create a higher sense of personal and organisational purpose that makes work meaningful. A recent poll shows that millennials and Gen Z’s are more concerned about the environment than any previous generation. This means they prioritise employers who put sustainability at the forefront.

Millenials and Gen Z’s are more worried about the environment than any previous generations. LinkedIn Sales Navigator/Unsplash, FAL

By some estimates, companies that follow green practices have a 16% boost in employee productivity. Although establishing a direct causal link can be difficult, some of the greenest companies, such as Cisco, Tarmac or Stantec, are also considered the greatest companies by employees.

3. More engagement

Greening initiatives signal to external stakeholders, such as investors and customers, that a business is committed to doing good. This can lead to increased investment, customers and stakeholder loyalty. This is pertinent in the aftermath of COVID-19 as there is heightened awareness about the need to protect the environment.

For example, highly sustainable companies benefit from superior stock market performance in the long run, according to research looking at American companies in the period 1993-2009. Investors are increasingly questioning firms on their commitment to sustainability, and expecting meaningful steps from them for integrating consideration of such issues into their investing criteria. This is reflected by the tenfold increase in global sustainability investment to US$30.7 trillion by April 2019 since 2004.

More recently, Polysolar, a company that makes glazed windows that generate electricity, has secured more than double the investment it sought on crowdfunding platform Crowdcube. And large companies such as Unilever have benefited from increased stakeholder engagement and loyalty by adopting greening practices and products, addressing a dark history of environmental exploitation.

4. Increased efficiency

Greening processes can result in efficiency gains by reducing energy costs, allowing businesses to secure green tax credits, improving operational efficiency, and embedding circular economy principles internally.

Such gains directly translate into commercial benefits. As many as 75% of UK businesses that invested in green technologies subsequently enjoyed commercial benefits, even if financial concerns pose barriers to making these green investments in the first place. For large companies such as Proctor & Gamble, these gains can run into billions of pounds.

Conversely, in cases where businesses harm the environment, they have to be prepared to incur significant costs. A prominent example is the famous case of Volkswagen, which has even adversely impacted the performance of other German car manufacturers like BMW and Mercedes Benz.

For all these reasons, time is ripe for business to go green.

Jagannadha Pawan Tamvada, Associate Professor in Strategy and Innovation, University of Southampton and Mili Shrivastava, Senior Lecturer in Strategy, Bournemouth University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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