By Dr. Ketki Bhatti

IntroductionHuman values decide the standard of behaviour.

Altruism is an aspect of moral philosophy in which it is argued that moral decisions should be based upon the interests or well-being of others rather than on self-interest.

Ethical egoism is belief that one ought to do what is in one’s own self-interest. What is in one’s self-interest may incidentally be detrimental to others, beneficial to others, or neutral in its effect.

What is Altruism?Altruism revolves around the question of morality “I

ought to act in the interest of others.”

In ethical altruism the issue of morality revolves around the idea that in order to live a morally correct life one must act in the interest of others. But acting in the interest of others does not imply a reward

E.g. A politician donates money to a charity because it is the right thing to do, is honest act of altruism.

But, the politician who donates money to a charity in order to gain favourable public opinion is not act of altruism.

What is Egoism?Egoism revolves around the question: “I ought to act

in the interest of myself.”

In ethical egoism the issue of morality revolves around the idea that people must do what is best for themselves in order to live a morally correct life.

When someone strives to reach a goal and sees others as an obstacle to their success, they could be viewed as egoists. In some cases of egoism, the idea of acting out of one’s self interest sometimes even extends to overlooking other’s interests in order to satisfy your own.

Is Altruism Really Egoism?One should not get fooled by the ‘egoism’.

For e.g. Doctors, social workers, engineers and humanitarians alike give up their time and expertise to improve the life of those living in impoverished countries.

These humanitarians must have had some self- interest in order to build on the foundation of knowledge they have acquired. It took some actions on their own self-interest to get where they are now.

Whether it was motivation driven by the interest to attain more knowledge or the lure of future financial success, is irrelevant.

Either way these people were clearly acting according to the foundation of egoism, by acting out of one’s self interest.

When someone helps a fellow human being because they enjoy the feeling it gives them, is in fact a quality of egoism. Altruism rather than egoism, has a better outline for how one should live life. Combination of the two is probably more realistic.

Altruism rather than egoism has a better outline for how one should live life, combination of the two is probably more realistic.

Definition: Entrepreneur and ManagerAn entrepreneur is a person who initiates of a

new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome.

An entrepreneur is one who undertakes an enterprise. Entrepreneur is a person who sets up a business or businesses, taking on greater than normal financial risks, in order to do so.

Ideology-Milton Friedman “The Social Responsibility of Business is to

Maximise its profits.”Profit maximization is the exclusive goal of

business management.The expectations of others (as reflected in

law, ethical custom, and potentially hostile reactions) serve as constraints on a manager’s ability to achieve the exclusive goal or profit.

Personal Ethics V/s Professional Ethics

There are two kinds of ethical obligation in business:

There are obligations that business people have simply as human being.

There are further obligations they have as members of a profession.

Personal ethics question-What should I do as a human being?What should I do as a professional?If there is a conflict, how should I resolve it?

Why Professional ethics?Expertise is a particular area The disposition to apply it responsibly.The members of a profession profess.Special obligation of Managers-To generate wealth.To provide meaningful and gainful

employment.To contribute to social order and stability.

Manager-Who is he/she?One who identifies and achieves

organisational objectives through the deployment of appropriate resources.

Responsibilities- Managing activities, managing resources, managing information, managing people and managing him or herself.

Planning and directing the work of a group of individuals, monitoring their work and taking corrective action when necessary.

Difference between Entrepreneur and Managera. The main reason for an entrepreneur –

Comprehends the venture for his individual satisfaction and has personal stake in it. A manager provides his services in an enterprise established by someone.

b. An entrepreneur- Bears all risk and uncertainties where as a manager doesn’t own it.

c. Entrepreneur- Innovative. Managers-Supervise and create routines.

Entrepreneur- Faced with more income uncertainties as his income is contingent on the performance of the org. Manager’s compensation is less dependent on the performance of the organisation.

Entrepreneur- Not induced to involve in fraudulent behaviour. Manager- May cheat.

Entrepreneur- Qualities like high accomplishment motive, innovative thinking, fore thought, risk bearing ability but not qualified to be a good entrepreneur. Manager- To be educated in the fields of management theories and practices.

Entrepreneur- Faults and Failures as a learning exp. Managers- Makes every effort to avoid mistakes and he postpones failure.