I had the most incredible job out of college for a budding macroeconomist with a global lens. Creating markets in everything from natural gas to dark fiber to weather derivatives. At a Fortune 10 company. The darling of Wall Street. Until it wasn’t. And my bosses went to jail.
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Some ethical issues are extremely easy to understand: don’t steal, treat others with respect, and always put down the toilet seat for your lady friends. However, when it comes to the market, the concept of what is right and wrong is a bit blurrier. Of course you can’t exploit children for a lbaor force, but Is it a business’s right to price however they want? After all, if the number is too high or the marketing too egregious, then consumers won’t buy right?
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n a recent op-ed piece, I decried the state of ethics in today’s business community. The Volkswagen emissions fraud, the Peanut Corporation of American contamination cover-up, and Turing Pharmaceuticals’ 5,000% price increase for a particular drug all happened virtually simultaneously and threw me into a bit of a funk. Every day on Wall Street, it seems, an investment bank, hedge fund, or some other financial actor settled charges of wrongdoing by paying a few million dollars in shareholder money. This is depressing, as is the suggestion in a recent Poets & Quants column by Ethan Baron that perhaps MBAs, with their inadequate ethics education, may be responsible for these business fiascos. All this makes clear that those of us who are concerned with improving ethics education have our work cut out for us.
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From sponsoring the local Little League to developing environmentally-responsible technologies, US companies have long invested in philanthropy and corporate social responsibility. Today, they spend an estimated $2 billion in cause marketing and another $14 billion in corporate philanthropy (IEG, Giving USA). And for many leading companies, from Wal-Mart to JPMorgan Chase, that means investing literally hundreds of millions of dollars in sustainability and corporate social responsibility (CSR) initiatives.
In turn, American consumer are expressing a growing interest in the social impact that businesses can have on their lives, their families and their communities. And it’s not just consumers who are asking these questions.
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If you think business ethics is crucial in today’s scandal-ridden era, then just wait a few years. The reasons for running ethical businesses are only going to get more compelling—as well as more complex—over the coming decade, suggests a new global survey conducted by the Human Resource Institute (HRI) and commissioned by American Management Association (AMA).
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| Markets | Actual | Q1 | Q2 | Q3 | Q4 | 2020 |
|---|---|---|---|---|---|---|
| Currency | 13.61 | 14.7 | 14.9 | 15.11 | 15.31 | 15.73 |
| Government Bond 10Y (%) | 8.72 | 9.02 | 9.1 | 9.19 | 9.27 | 9.45 |
| Stock Market (points) | 54050.23 | 50798 | 50067 | 49345 | 48634 | 47243 |
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South Africa’s economy is forecast to tick up to 1.1% in 2018 from 0.8% in 2017, according to new data published by the World Bank.
“The recovery is expected to solidify, as improving business sentiment supports a modest rise in investment. However, policy uncertainty is likely to remain and could slow needed structural reforms,” the bank said in its annual global economic outlook for 2018.
South Africa’s gross domestic product (GDP) rose by 2% in the third quarter of 2017, following an increase of 2.8% in the second quarter, StatsSA said in early December.
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Many venture capitalists and technologists talk about artificial intelligence, big data and how everything from systems to objects are getting smarter. Devices talk to one another, and people are learning how to talk to devices. Google Home, Alexa and Siri are just a few examples of how spoken language can help automate our lives to get things done more quickly. Businesses are evolving, too. Objects gather information, software is developed to make decisions, and our virtual assistants make sure it all runs smoothly.
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Every waking day, we are having tremendous changes in regulations and technology which greatly affects the way businesses operate. Some entrepreneurs will say the future is definitely bright but to others, some of these changes are meant to work against their expansion and business operations. Additionally, there’s growing empowerment and embracing of individuality which motivates more people to begin their entrepreneurship journey. But the big question, what’s the future of entrepreneurship?
We asked entrepreneurs their thoughts on the future of entrepreneurship and here’s what they had to say;
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Another year is on its way out, offering entrepreneurs an opportunity to reflect on the past year, with all its peaks and valleys, and plan for the upcoming year with those lessons in mind. Of course, business operations don’t happen in a vacuum, and business trends are always changing. Whether the changes are in technology, marketing, finance or public policy, entrepreneurs need to be aware of all these external factors in addition to their internal operations.
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