Week 12: Whats a Business For?

 

Entrepreneurial Discovery Diaries:

A Journal

by Nicolette Semmelmeyer

Week 12: What's a Business For?

Week 12 has been a whirlwind of math tests and book reports, but amidst the chaos, I've stumbled upon some enlightening articles and talks. This week's blog post, titled "What is a Business For?" delves into the heart of what truly makes a business valuable beyond its financial statements. For aspiring entrepreneurs like us, understanding the broader purpose of a business in society is not just crucial; it's a beacon of hope. It's a realization that a business's worth is not confined to profit margins or shareholder returns; it's about integrity, virtue, and the profound impact a business can have on its community and the world. This exploration is a journey towards a more equitable and sustainable future, a journey that changes how I think about success in terms of societal contribution and ethical responsibility.

In the "What's a Business For?" article by Charles Handy, the importance of virtue and integrity in the economy is emphasized as essential for trust and truth, which are foundational to a functioning market. Handy argues that the real justification for businesses is not solely to make a profit but to contribute meaningfully to society by creating wealth responsibly and ethically. He suggests solutions like more honest reporting of business results and a redefinition of business success to include societal contributions. Handy advocates for businesses to see themselves as communities that serve a larger purpose beyond just shareholder value, emphasizing sustainability, ethical practices, and a broader vision for the role of businesses in society.

This week's journey into "What is a Business For?" really made me think differently about why businesses exist. It showed me that companies should do more than make money; they should help the community and do good things for people. It made me want to start a business that doesn't just chase after profits but also tries to make a positive impact and do the right thing. This idea is changing how I see my future business plans, making me want to mix making money with making a difference.