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 and capitalism 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. Making money is the purpose of a business, but being ethical is its responsibility. 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. LeadingNations is dedicated to helping all countries achieve the heights it was destined to ascend. Working together we will make a difference!
Dr. Reuben Egolf