TITLE:
Evaluating Small, Medium and Micro-Enterprises’ Ethical Management Practises to Ensure Efficient Business Decision-Making in the eThekwini Municipal Area
AUTHORS:
Sandile Edwin Ndlazi, Sijuwade Adedayo Ogunsola, Bongani Innocent Dlamini, Mary-Ann Nokulunga Nhleko
KEYWORDS:
Competence, Entrepreneurs, Sustainable Development, Decision-Making and Ethical Management
JOURNAL NAME:
Open Access Library Journal,
Vol.10 No.12,
December
28,
2023
ABSTRACT: The underlying assumption of this study is that the democratic government of South Africa has used a variety of programmes to support the growth of SMMEs. This is because this industry can promote the economy of the nation. This study looked at the possibilities of SMME managers and business owners in terms of how they use their understanding of ethical management to make decisions that will help their companies thrive economically. The basis for this study was the human behaviour of SMME managers, operators, and business owners in connection to how they might support economic growth and thrive in a competitive market by employing ethical management practices to make good decisions. Simple random selection was used to collect study data from several SMMEs in the eThekwini Municipal Area. The survey received responses from 200 entrepreneurs in total, making up the study’s sample. Statistical Package for the Social Sciences (SPSS) Version 28 was used to collect, analyse, and produce the descriptive statistics from this data. The study’s key findings were that, for SMME owners, managers, and employees to succeed in their chosen industry, they must be informed about how to run their businesses with fundamentals of trustworthiness and values of honesty, integrity, fairness, accountability, loyalty, and empathy. The respondents’ responses revealed some limiting issues, such as the incapability to prioritise the legal requirements and ethical principles that govern their behaviour, which has an impact on their capacity to make wise decisions. The major recommendation is that aspiring business owners must equip themselves with knowledge about how to deal with the shifting hazards they may face while operating as well as how to develop emergency plans that can lessen this issue. Additionally, this might be an avenue for further study.