Reflection of Ethicality in Business Practices: Perspectives of Sri Lankan Entrepreneurs

Abstract

It is evident that value is a central component that guides human activity systems and ethical decision making. Our study suggests that entrepreneurs are governed through the set of values that they internalize over the years. Hence over the years entrepreneurial values shape the nature of business practices. The purpose of this paper is to investigate the existence of ethical practices that shape entrepreneurialism in Sri Lanka. Ethical practices of business are analyzed based on three moral approaches: egoist ethicality; utilitarian ethicality; and deontological ethicality. Mixed methodology was employed to capture the holistic nature of interaction between values and entrepreneurial performance. Out of 500 entrepreneurs summoned for the survey, only 333 responded, of which 20 entrepreneurs were interviewed. Data confirmed that entrepreneurs who possess entrepreneurial values at a low level and the least mean scores were reported against the egoistic work climate. This shows that the pattern of the majority of entrepreneurs is based on a deontological type of ethicality rather than other types of ethicalities.