There are 3 types of right and wrong

Legal, Moral & Ethical and everyone must know this.

Shashank SN
November 01, 2024 • Estimated Reading Time: 3 minutes

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In business, here's how the three concepts play out:

Legally right: This means following all the laws and regulations that apply to your business. For example, paying your taxes or ensuring workers get a fair wage as required by law.
Morally right: This is about doing what feels good and kind, even if there’s no law telling you to do it. For instance, donating part of your profits to charity or helping employees during tough times.
Ethically right: In business, this means acting fairly and with integrity, following a set of principles that consider the well-being of everyone. For example, not misleading customers about a product, even if it’s legal to advertise it that way.

So, imagine you run a company that makes toys:

Legally right: You must follow safety standards for your toys.
Morally right: You could choose to make your toys affordable for low-income families, even if it's not required.
Ethically right: You ensure your factory workers are treated fairly and paid well, even if you could legally pay them less.

This is a lesson, that every individual on the planet must know.

I don’t care even if you sell chalk pieces, you must know this.

These are the principles on which I want to build my Stupidpreneur Community on.

P.S. If you are interested in knowing more about branding, I’m hosting an Ask Me Anything very soon. You can register here. 🤪

or to participate.