It's nice to have input from employees and colleagues on the things that directly affect them. However, things like work ethic and what is expected of an employee should not be left up to the individual and should be a direct representation of the founder/owner's own ethics and expectations of workers.

My generation is hella entitled (generally speaking) and if they were allowed to rule the roost, everyone would have a HUGE salary, a company car and 260 vacation days. That just doesn't work.

I've run businesses for corporations and I've run my own companies. I tried the "nice" boss approach on several occasions and it ended up biting me in the ass every time. The expression "give em an inch and they'll take a mile" is sooooo true! I have also found that it's harder to try to run by committee or be "nice" and then have to back track and put down the hammer because things get out of control. It's best to be in control from the start.
I do however allow people that work for me autonomy to a certain degree depending on the job I've hired them to do. But if I'm the boss/owner things are going to go my way as long as I'm signing the paychecks and my name/company is on the line. That doesn't mean I don't listen to suggestions or ask opinions. But people know I'm in charge. I've been called a bitch more than once in a work environment. But I and my team always get the job done
Just my 2 cents!

I work as a waitress and bartender, so the food industry might be a little different from the office but here is my perspective . . .

I think that there should be rules, a method of the way things are run, but I don't think the boss should just make that up. Sometimes ideas for changing the way things are done SOUND great, but don't work in reality. Getting feedback from the employees who are the ones actually effected by the rules is super important to me. They are the ones who can tell you what needs to be fixed, changed, etc.

I try to use the "buy in" group meeting. This way the desicions that are made and explained why. This give everyone the chance to voice there concerns and opinions. It also helps cut the rumor mill out completely.

I am the owner/boss of two businesses. I let my employees have input in all but the top level of my business. If I do not agree with what they come up with, I will try to compromise after making sure they have valid points. In the end, however, I do have the final veto power. My employees have been with me over six years.