Honest Businessman?

h.bolla

Something I often wonder is how far can an honest, fair and just businessman succeed to.

Im sure you could find such a person running a small family business. But it would be harder to imagine such a person being a multi millionaire or a billionaire.

Im trying to find the point at which an honest business man would generally plateau because he cant compromise his ethics/morals.

I suppose in other words (and to take some inspiration from the popular film slogan) is it possible to become a multi millionaire without making a few enemies along the way.

Awkward Badger

I'm sure it is. We probably just hear more stories about those who aren't. Nobody wants to read about Joe Bloggs the guy worth X million who owns some steel mills or whatever.

There are plenty of millionaires and multi millionaires in the world. Quick search shows 33,000 millionaires in Ireland in 2010.

I'm not sure what barriers you envision that would stop an ethical person increasing their wealth. A lot of businesses that evolve into multi million euro companies simply do so by expanding which just involves marketing better or producing more or whatever. Its not every industry that would be cut throat or need people to be unethical to get ahead.

You could also make enemies while still being an honest and fair businessman.

Torakx

To become a multi millionaire(which isn't that big compared to the 1%, as inflation is going up fast) you could do so by making a lot of friends.
For a billionaire, you might have to make enemies, when cutting into someone elses "turf".
Business is competition and greedy people take business very very seriously.
Enough to make enemies of friends.
Considering how the whole system of economics is broken/rigged, I might think it's a bit of a paradox to be in big big business and still hold much honour or integrity.
The money/credit made, is created through debt in the first place. This debt system causes so much damage to humanity, it is hard to imagine someone taking billions, benefitting from this system,while realistically saying they are just and fair. Maybe ignorant at a long shot.
I suppose if we wanted just and fair, we would earn to a certain level of comfort equal to that of our neighbours or national average.
With the debt being in the trillions I think for Ireland alone, the amount you would have to make would be that national debt, pay it off and earn as much as the rest of the national average. That seems like a rational wayto gage a just and fair business man.

But.. I have not slept in around 36 hours, so I apologize if this is nonsense haha.
I may be way off with my thinking, I can't be sure until it is criticised

I don't think there is a specific answer or can be. So the best might be an average of what society feels is a just and fair business man in the first place and then it would be easier to try and figure out if making a certain amount of money prevents them from upholding those values.

h.bolla

Yes sorry for the ambiguity, Im sure quite a few middle class families with double incomes would be in with a fair chance at crossing the 1Mil mark if they are thrifty enough with their budget. I was more thinking business men with say 10 million or higher. Again sorry for not being more clear in the OP.

KahBoom

What you touch on here is known as the 'Greshams Dynamic' - the idea that (when applied to business) "dishonest dealings in business tend to drive honest dealings out of the market", because dishonest dealings make a dishonest business more competitive than an honest one, giving them an edge in the market.

It's probably the single most useful thing I've learned about fraud, and up there among the most useful things I've learned about economics.

The Corinthian

KahBoom wrote: »

What you touch on here is known as the 'Greshams Dynamic' - the idea that (when applied to business) "dishonest dealings in business tend to drive honest dealings out of the market", because dishonest dealings make a dishonest business more competitive than an honest one, giving them an edge in the market.

How is honest or dishonest being defined here?

Dishonest as in embezzlement? Or willing to use means such as bribery to help the business succeed? There's a clear difference between the two, in that the former is negative for the business and will likely cause it to fail if left unchecked. The latter actually will allow the business to better succeed.

And if it is the latter; why do we consider, for example, bribery dishonest any more so than, say, unsolicited advertising? Or the use of price tags that end in 99 or 95 cents designed to subliminally deceive the customer?

And were all businesses to accept such 'dishonest dealings', would we not again have a level playing field?