An ethical problem is an issue, situation or problem that requires an organisation or a person to select between alternatives that call for critical evaluation as wrong or right. Business ethics is a code of behaviour that is accepted in a business to enhance business’s productive capacity. The characters Sancho Panza and Don Quixote are characters whose interaction is used to better comprehend the place of realistic practice and idealistic theory in business ethics. Don Quixote is portrayed as an idealistic person whereas Sancho Panza is described as a sensible person. The book reveals that for ideas to be effectively incorporated into business there is a need for realism within the enterprise.
The book reveals that through an effective interaction of the two characters leads to the realisation of an efficient blending and communication of the practical businessman and the idealistic moral theoretician. A healthy combination of the two characters and their traits leads to the development of an effective managerial statesmanship.
Also, the book reveals that a combination of the two characters and their traits is very crucial for a business ethical nature and its contents. The ethical problems that the two characters face help in shaping an effective, efficient and fruitful management. Management is paramount and key to the success of any business regardless of the business type, nature or size. Therefore, an efficient interaction between idealistic and realism traits among managers is mandatory for productive and profitable running of the enterprise.
For any business to succeed, the managers have to realise that incorporating both ideas and realism in their decision-making process. For ideas to be turned into a profitable venture, the hand of realistic personnel is required. Generation of ideas boosts the innovative ability of the organisation. No matter how hard the management advocates for ideas generation, without sensible staff in the organisation, the ideas will never be turned into profitable business ventures. The company or organisation should encourage a realism culture as much as they promote an innovative culture. To secure a stable and economic survival of the enterprise, top management has to promote an innovative culture that encompasses realistic personnel to help turn ideas into profitable business ventures.
In the modern world where competition among businesses is higher than any other time, the business has to all it takes to keep a competitive edge. Dealing with ethical problems among the employees and in the business is one of the major steps in keeping a competitive edge.