Business owners should be ethical when approaching a new project, all parties involved should procure a mutual understanding or what is expected of each participant. Many times, the transaction and transfer of products and services is performed in a way that does not benefit the end user, and that end user is oftentimes left in a situation that is inadequate and unjust, making the process of paying for products and services difficult. Education of clients is important in the short and in the long run, in order to achieve lasting business relationships and satisfaction for both the customer, the end user, and in the process the seller, who will be providing a product or service that is satisfactory and that not only approaches the initial opportunity but it creates a lasting solution in the long run and for a variety of clients and consumers overall.

In the United States, in the year 2008, many consumers were victims of predatory lending, this is an example of how business can be unethical, particularly during times of struggle and chaos in the economy. The economy thrives in an environment where buyers, sellers and consumers provide opportunities for the development of ideas and solutions within the ethical and legal norms of it. When companies step out of the line in order to make a quick profit for their reporting period, whether it is a month or a year, the economy experiences waves of instability. While opportunities for development encourage creativity, it is important to have a clear path to the place where companies are heading. The devastation that the crash of the market as well as the recessions that the United States has suffered have made it difficult for individuals to recover, added to the stress and devastation that situations like the Covid pandemic created within households and companies alike.

The power of doing the right thing in business lays in the possibility to create a sustainable way to engage all people in the development of ideas, solutions, products and services that benefit each other. The importance of having a relational connection to each other, signifies those businesses can provide value to the lives of people, and people are the human capital of companies, which in turn, are part of the economy. While it is still clear that there are differences and inequality in the United States, it is important to understand and accept that there is always a space to change but also a place to recognize the work and effort of those who belong to the work force. The value of each other’s work does not arise from the result that it creates, but from the motivation that the individual and the company has to motivate each other to be curious, enable others to create and allow companies to manage that creativity in a way that evolves and gives, to people, an opportunity.

Someone said, some people like to talk about a goal or a dream, others take action, and they are willing and ready to take on the challenges and accept that there are obstacles in the creation of anything. Just like the difficult task of drawing a masterpiece, or writing a novel, the end is not the only value in the process, rather, the experience of interacting with others, learning from people and accepting that the path to success is long but steady effort, perseverance, and good aim, will lead those that take the leap and challenge themselves with risks outside of their comfort zone, always being mindful that without values of honesty and integrity, a very well planned enterprise can quickly fail, this is seen with companies like Enron.

Enron is infamous for setting the standard of lack of integrity at a scale that is very difficult to understand, at times, when the value of money overpasses the value of the lives of others. When companies step over the very thin line of right and wrong, they face several consequences that are detrimental to them, but even more detrimental to those involved in their operations. The lack of accountability that exists in some companies can carry individuals, especially those in management, to take actions, like Enron, that devalue the integrity and the professional values that most people abide by. Having no moral compass is a difficult state, because without it, the rules that have been set in place, to be followed can be broken at any time, without any consequences from within companies. The idea of tone at the top is very important because managers must make an example of their position as leaders for those who they manage and employ. Without a real guide on how to address topics and issues that are either black or white, managers can fall into situations like Enron.

In accounting, there are sets of guidelines called Generally Accepted Accounting Principles (GAAP), also Generally Accepted Auditing Standards (GAAS), and at the international level International Financial Reporting Standards (IFRS). These standards should be considered when reporting financial information to the public, investors, creditors, and banking agencies alike. Without a clear understanding of what the rules mean and why they are set in place for accountants, the process of reporting could become chaotic. In many cases, non-issuers, or private companies, have very little incentive to report according to GAAP since they are not publicly traded, but this does not mean that they should not be ethical and honest. Small businesses should always abide to the rule of conservatism, in which case, the least positive outcome is considered prior to considering a positive result. This may seem quite depressing for someone who prefers to look at the world that produces results, this is not always the case. Accountants must look at data, analyze it and come to conclusions based on real and live information, the idea of being conservative, in the long run, is actually a responsible way to think and act.

Overall, ethical values and transparency should carry professionals of all industries and backgrounds along in the process of making decisions and moving forward in their path to develop, create and sell. Whether an organization is for profit or nonprofit, the system must be organized in such a way that it provides an opportunity for people, companies and households to thrive in an economy that at times is uncertain, taking turns based on situations that affect it directly and indirectly. The economy of the United States has many opportunities to develop in such a way that it produces results but also protect the wellbeing and create solutions to those that are part of a higher goal.