Ethical Consciousness

Ethics is refers to the do’s and don’ts in entrepreneurship. The concepts of ethic itself involve good and bad, noble and ignoble, right and wrong, and also justice and virtue. Ethical consciousness is very essential to all the entrepreneurs. Without the existed of ethical consciousness, all the actions in our life will be random and aimless. The same thing applies in entrepreneurship. Entrepreneurs need ethics in life because it gives them guidelines for what is wrong and what is right. Besides that, ethics also help entrepreneurs to really understand on how to give reaction to certain situations before it happens. Ethical theories consist of meta ethics, normative ethics and applied ethics. First ethical theory is meta ethics. There are three part of meta ethics which involve metaphycal issues, psychological issues and linguistic issues. Second ethical theory is normative ethics. Normative ethics refer to something that guides and controls. So, normative ethics is the ethics that guide entrepreneur. It identifies several moral standards that help entrepreneurs to determine what is right and what is wrong. There are three parts of normative ethics which are teleological ethical theory, deontological theory, and virtue ethics. Last but not least is applied ethics. Applied ethics are ethics that deal with specific, often controversial moral issues in different fields such as medical field, business fields and others. 

For example is Dato Seri Vida who is the founder of Pamoga Beauty in Malaysia. Ethical Consciousness is one of the important factors in her business. She thinks that everyone has different tastes. Recently, she created her own tagline for her new products “Qu Puteh”. However, there are several peoples keep insulting her just because they do not like the tagline. Without ethical consciousness, she will never stand with all those insults. She realized of the ethical needed in business so she just accept what peoples said about her business. She also said that she cannot tell everyone about the key of success but the key of failure is trying to please everyone. 

Ability to Learn From Mistakes

Learning from mistakes is another essential aspect that an entrepreneur must have. In entrepreneurship, an entrepreneur will definitely face the failure phase many times and they do not even count how many times they have failed. An entrepreneur will accept failure as an opportunity to learn and forge ahead. The ability to learn from mistakes is one of the important factors in their success. 

For example, Dato’ Ramly Mokni. The ability to learn from mistakes make him stay until now. It has been 30 years when he started his burger businesses. At the earlier stage of his business, his burger not really gets attention by the peoples. Maybe burger is kind of new food existed by that time. Burger seems to be a western food and Malaysian not really use to it. However, they never give up. He slowly ran his business until he reach the stage where he is now. Burger Ramly is one of the well-known products produced by Muslim today. 

Perceptiveness

Generally, perceptiveness is the ability to understand things very good. Perceptiveness also enables someone to figure things out. Perceptiveness is one of the most essentials qualities in entrepreneurship. Entrepreneurs do not avoid problems. A good entrepreneur will see a problem as opportunity and challenges. An entrepreneur is a risk-taker and it is a quality of a successful entrepreneur. A perceptive entrepreneur must know how to guide the businesses by looking at all the important aspects including politics, socials and economics. Entrepreneur’s perception of success is very important in entrepreneurship. Perception and knowledge of entrepreneurs will shape their businesses’ subjective. Perceptiveness in entrepreneurship will help entrepreneur to explain better and determine which path that the business will go through in the future.  

For example, one of the perceptive entrepreneurs in the world is Warren Buffet. He is an American business magnate, investors and philanthropist. In the 20^th century, he was the most successful investor. Buffet is the chairman, CEO and largest shareholder of Berkshire Hathaway. As a perceptive entrepreneur, he knows to be fearful when others are greedy and be greedy when others are fearful. He is one of the most influential people in the word in 2012 and the third world’s wealthiest people in the world.