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Ethical Entrepreneurship: Can Business Leaders Navigate an Ethical Path to Success in Africa?

Posted on

November 15th, 2023

In a heartening poll from the Spurt Business Community, nearly half of African entrepreneurs voiced their belief in achieving success ethically, without succumbing to bribery, illuminating optimism around the complex landscape of entrepreneurship in Africa.

This sentiment reflects a growing movement towards ethical entrepreneurship—a concept rooted in the belief that businesses should operate on principles of moral integrity. This approach challenges the conventional practices apparently often encountered in the African business environment, where bribery and corruption are frequently seen as obstacles to transparent and fair commerce.

Ethical entrepreneurship is more than a theoretical ideal. It's a practical approach that navigates the fine line between moral conduct and business acumen. For instance, the poll results indicate a divided opinion among entrepreneurs: while a significant 42% believe in ethical paths to success, 33% expressed scepticism acknowledging commonplace assumptions about current business practices. Another 16% highlight the ambiguity in the definition of a bribe, hinting at the complex ethical dilemmas business owners face.

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The challenges are particularly pronounced for women and effeminate men in the African business landscape, who often confront discrimination and biases. Social media interactions reveal the subtle and overt prejudices they face, underscoring the need for a business culture that fosters inclusivity and respect.

At the heart of this discussion is the idea that ethical business practices are not just about avoiding wrongdoing. They are about proactively creating a positive societal impact. This goes beyond mere compliance with legal standards—it's about building a business that upholds values of fairness, transparency, and accountability.

The imperative for ethical entrepreneurship extends to its impact on consumer trust and loyalty, risk management, and the increasingly value-driven choices of investors and customers. As the business world evolves, the demand for companies that prioritise ethical values and social responsibility is on the rise.

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To delve deeper into this topic, Spurt! is hosting a webinar titled "How Can Ethical Entrepreneurship Translate into Business Success?" Set for this Friday, the 17th of November, 2023, our speakers, Micheal Ojo, Emma Tough, Esi Gillo, Babatomiwa Adesida will explore the challenges and opportunities of ethically growing a business in Africa. This is an opportunity for entrepreneurs to learn how aligning ethical values with business objectives can still lead to sustainable success.

Register Here to Share Your Experiences

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