ENTREPRENEURIAL JOURNAL - WEEK 12

This week make your twelfth journal entry/blog post. Reflect upon the things that you are learning and experiencing so far in this course. What are you looking forward to learning and experiencing? What did you learn from the readings and videos this week?

Also, after reading “What’s a Business For?” answer the following questions in your journal writing in ADDITION to your normal writing for this week.

 Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?

R: As Mr. Handy said: “Markets rely on rules and laws, but those rules and laws in turn depend on truth and trust. Conceal truth or erode trust, and the game becomes so unreliable that no one will want to play.”  Virtue and integrity are the bases of trust. The essence of any business relies on integrity and virtue. These two qualities can make a difference and the success of a business. Knowing that so many companies do portray fictitious accounts and adulterated results sooner or later or earlier that will be visible for all. You can even jeopardize the growth potential and development of it.

 According to Charles Handy, what is the “real justification” for the existence of

businesses?

R: “The purpose of a business, in other words, is not to make a profit, full stop. It is to make a profit so that the business can do something more or better. That ‘something’ becomes the real justification for the business.” as said Handy. Real justification of the company means that actually the company production has to be profitable for both parties. Now, the ends do not justify the means, and if companies circumventing and not portray the actual results, losses or real income, being involved in the generalization of the economy can easily be influenced to circumvent these results. Stated this, will remain firm in our integrity and virtue? A business’s success is measured by the value it provides to its shareholders. Handy’s contention is that it is what a business does with that profit that matters; it’s what the business does with that profit that justifies its existence as I agree.

 What are two solutions proposed by Handy that you agree with? Why?

R: Of the Handy solutions I chose two that I agree with, besides  virtue and integrity.

1. Treat employees, not financiers, as the owners of the company; see the company as a community.
2. Recognize that the business exists for a higher purpose; profits are a byproduct, and shareholder needs spur the company on, but the business of the business is (or can be) something greater, and something of meaning.

These two qualities certainly are a key point for the success of any personal relationship and of a business. I agree with these suggestions of Handy, his vision is right. The gospel of Jesus Christ teaches that if we obey to these principles our Heavenly Father help us in our lives. The blessings in our lives will be countless. The importance of keep our standards will reflect in the future. Sometimes is hard but it is completely possible.

This week has inspired to deeper look at what I’m trying to do. My first purpose ought to be helping people around me and my business should exist to that end. Profits are secondary; they help, but they are not the raison of my work.