W12 Entrepreneurial Journal

 Hello everyone, this week based on the material “what's a business for”, virtue and integrity are so vital to an economy because it will help provide a way for the savings of society to be used for the creation of wealth. It is vital in the economy because it helps build trust between people in business because if one has integrity, you will surely do what is right and what is in the best interest of the consumer and your clients. This will help build the economy and make business go smoothly which will help the economy grow.

According to Handy, the main purpose of business is not to make a profit, it is to make profit so that the business can do something more or better. That "something" becomes the real justification for the business existence. It is to produce profit so the people in the business can do what pleases them, their families, and others close to them and far away. The justification of business emerges as the ultimate north star bringing to a new unified level  the debate between shareholder vs stakeholder primacy. If a business is not concerned about its products and services, about what value their product has and they are thinking more of the profit it is going to bring in for them, that means that business is not a good business, it has failed as a business.

Two propositions proposed by Handy were that companies should be managed by communities and that the language and the measures of business should be reversed. I totally agree with these two propositions proposed because truly, employees should not be seen as cost because they actually are assets, they are the ones who do the work to bring in money so they actually are assets because without them and their skills there is nothing much the business owner can do. Also for the community, I believe the community should be allowed to vote on who they want to manage the company instead of deciding for them.