What Is Your Ethical Framework? Deontology   My generation…

ChancellorLionMaster388 What Is Your Ethical Framework? Deontology   My generation…What Is Your Ethical Framework? Deontology My generation (millennials) have fallen into the pitfall of the desire for fast wealth. Social media has convinced many of us that being rich is guaranteed. Influencers have tempted the money hungry that certain ventures are guaranteed to generate high returns. Some members of society have been severely deceived through false statements of successful business ventures. Elizabeth Holmes and Sam Bankmen-Fried have both fooled society with the concept of “fake it until you make it.” The ethical framework that I chose to employ is deontology. Deontology is defined as an ethical theory that uses rules to distinguish right from wrong (Ethics Unwrapped, 2023). The theory behind deontology is that people follow the rules and do their duty (Ethics Unwrapped, 2023). As simple as deontology sounds, the temptation of obtaining massive financial gains may cause individuals to use deceptive methods for the possibility of wealth. What many in my generation fail to understand is that wealth is not generated overnight. Also, wealth that is generated through deceit often comes with harsh negative outcomes. I currently operate a business. My business has grown slowly but remained successful throughout many economic changes. I am not a wealthy man. There were periods where I could have chosen to fall into the temptation to increase profits through poor deals but accepting those terms would have tarnished my reputation placed me in negative standing with the law. Some may disagree but economic rules and regulations were developed with the purpose of providing fair and equitable opportunities to compete within the US market. Business owners must be knowledgeable of these regulations and work within these regulations to devise strategies to be competitive within the US market.Elizabeth Holmes is an example of a person who could have created a product that would have benefited millions. In 2003, Holmes had the aspiration to develop a company that would produce blood diagnostics technology (Integrity Line, 2022). By 2004, Holmes raised 6 million dollars to support the growth of her business (Integrity Line, 2022). By 2015 Holmes’ company was worth over 9 billion dollars and she was listed on Time magazine’s 100 most influential people (Integrity Line, 2022). At that time, Holmes did not have any evidence that she had a working product, but she still profited from deceiving investors. In 2015, a former Theranos employee “wrote a letter to the Centers for Medicare & Medicaid Services (CMS), the regulatory agency, exposing the problems at the Theranos lab. The agency then undertook a surprise inspection of the start-up’s labs which uncovered numerous violations” (Integrity Line, 2022). By December 2021, Holmes “was found guilty on four of eleven charges such as defrauding investors, she was sentenced to more than 11 years in prison in mid-November 2022” (Integrity Line, 2022).Holmes failed to use deontology throughout the years she chose to deceive investors. Holmes had the duty to inform investors that there was no significant evidence that she had a working product. Holmes had a duty to be truthful. Her false product could have hurt many individuals who believed that her technology could successfully diagnosis disease. Ignoring this duty demonstrates that Holmes valued her personal self-interest over the lives of others. Faking it until you make it can come with significant negative consequences. Social media depicts so many young successful rich millennials. It becomes very easy to fall into the temptation of engaging in deceptive profitable ventures. The questions that one must ask are you doing the right thing? Is your decision violating your duty to do good?BusinessBusiness – Other