Frederick Douglas & Business Ethics

"If there is no struggle, there is no progress." Frederick Douglas

I have recently finished a biography on the former civil rights leader Frederick Douglas and the story of his life solidified some of my opinions about the importance of business ethics. Recently we have seen the collapse of companies such as Enron and World Com, which fell apart because of moral issues of the company's leadership. This has reminded me of the need for businesses to evaluate themselves not only through financial statements and products sold, but to also look at the overall way that the business is being run. Is it ethical? Is the company truly what it claims to be on paper.

Frederick Douglas was an escaped slave who refused to be quieted concerning the modern slavery of his time. He was a black man who was viewed as business property rather than being viewed as a man. Frederick lived in a time of American history when businesses used black slavery as a human resource that made many white businessmen rich.

The study of slavery and business brings out interesting parallels that teach us about the crucial need to judge the success of our business on more than just balance sheets. This time period in America also shows the need to treat humans as more than just business resources, which is the way many companies view their employees today. Luckily slavery in America is in the past, but if we do not learn from the past we are bound to repeat it. Businesses need to be careful that they do not grow so concerned about the balance sheet that they forget about the people behind the numbers.

Business Tools: Executive Summary

Typically an Executive Summary is at the beginning of a business plan and is a summary of the highlights of the particular business. Why does it matter? In the modern day of quick pitches to financial investors an executive summary can make or break a company before it even starts. The summary is not necessarily the substance of the business plan in 200 words. It is the essence and energy of why the business is a viable investment. This is the "attention grabber". No, it is not a quote, story, statistic, or shocking statement made in a speech, but a condensed version of why the business needs to be started.

One main aspect of almost any business is the financial returns that business will bring about. This is why an executive summary should include the basic return the investor should receive from their investment. This can be either financial or social depending on the type of business and the organization's objectives. Typically this is a financial figure regarding market share, forecasting, and current market trends. In this portion of the summary you should let the investor know how your company will make the investor a massive amount of money.

Another part of the executive summary can address the problem that the business will solve. This part of the summary may point out the niche market that the business will capture, or the way the business' product will differentiate from other industry competitors. In this section a company should use research that has been done in order to make it clear what business problem the company will solve. Not only should it define the problem in the industry, but it should also conclude what processes will be implemented by the business in order to solve the problem. By the time the investor analyzes this part of the business plan the investor should have a clear understanding on why the business needs to be started. If the investor cannot see the need the investment opportunity will most likely be lost.

The web is full of executive summary examples and tips. Here are a few a found beneficial: steps on how to write the summary and executive summary samples. Let me know if there are other executive summary resources that you have found helpful!