Due December 12, 2013
Reflective Essay Five:
Are Profits the Only Business of Business?
The business world is evolving at a fast pace, but so are the world’s social problems. Many places around the world still have poor nutrition, no access to water, or lack food or skills. Climate change, deforestation, and pollution are major issues that still need solutions. Healthcare is another important area that needs to be developed and that requires more efficiency. The world definitely has problems that need to be solved, but there are many questions about who is responsible for solving them.
Businesses must have profits to continue operations and growth, as a person needs water to continue living, which is why business usually place profits ahead of other things. A business won’t survive if it doesn’t continue to grow, evolve, and please shareholders. The traditional view is that businesses exist only to make a profit, but public expectations and perceptions are beginning to change.
Most people forget that business already do many things that benefit society, so society may be expecting too much. Businesses create jobs that provide salaries for people, and allow people to get valuable training that gives them more opportunities for other jobs. Businesses bring people together and create team atmospheres and allow people to learn from each other, make friends, and meet possible future spouses. Businesses do business transactions that grow the economy, which increases the overall wealth of the country and the quality of life for people in it. Businesses create products and services that help people and help improve people’s lives. Competing businesses help drive prices down for consumers. Businesses also allow employees to have busy minds and stay out of trouble. Businesses also provide health insurance and retirement accounts for employees. Lastly, some businesses are non-profits, in which their main goal is not to make profit....
Cited: Porter, Michael. (2013, October). Michael Porter: Why business can be good at solving problems. [Video file] Retrieved from http://www.ted.com/talks/michael_porter_why_business_can_be_good_at_solvin g_social_problems.html
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