You Can Succeed In Business Without Lying Or Stealing

Every day or nearly every day you read in the newspapers of cheating and stealing that happens all round the world. Short-sighted executives in the corporate world have tarnished their industry's reputation by greed and lack of moral responsibility.

They think that it is okay to cheat so long as they don't get caught. It's a cat and mouse game they play with regulatory authorities. The internet has made it more difficult because the crooks are invisible in cyberspace.

Corporate America was shocked and the general public was outraged when Enron and WorldCom, giants in their respective field of energy and telecommnications declared bankrupcy with their top executives involved in fraud.

Not too long ago, perhaps many will still remember the young financial trader who brought the oldest merchant bank in UK, The Barings Bank to its knees when he overtraded and lost USD 1.4 billion, twice the available trading capital at the bank.

It's time to return to the basics, to the values that made these institutions and their countries great. Look at Andrew Carnegie. The rags-to-riches Scottish immigrant to the United States became the king of the steel industry.

When he retired in 1902 he was the richest man in the world. Many persons of wealth have contributed to charity, but Andrew Carnegie was the first to state publicly that the rich have an obligation to give away their fortunes.

Carnegie set up more than 2500 free public libraries in US and Europe to make available to everyone a means of self-education.

Henry Ford produced an affordable car and paid high wages, helping to create a middle class society. Thomas Edison who despite having a hearing disability went to invent the light bulb and several other inventions.

We remember these eminent persons for their contributions to the industry and society. There are lessons we can draw from their distinguished careers, learn what motivated them, and what kind of values helped them make such contributions and leave a lasting legacy.

Capitalism and a free market provide us the best opportunity to realize the highest individual potential to improve the standard of living and contribute to society. But there has to be a moral and ethical guide line under which business deals should be done. This will help to bring cases of misuse in authority to justice and deprive them from wasting resources under their trust.

I shall look at Bill Gates, the current richest man in the world and his social contribution in my next posting.