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W12 Reflection: Entrepreneurial Journal - Becoming a Change-Maker

 


Virtue and Integrity in the Economy

Virtue and integrity are essential to a functioning economy because they create trust, which is the foundation of all economic transactions. In the first two pages of Charles Handy's "What’s a Business For?" he highlights how widespread corporate scandals and unethical practices have eroded trust, which is vital for both public confidence and market stability. Without integrity, markets collapse under the weight of fraud and misrepresentation, leading to systemic failures. Handy argues that virtue is not an optional moral nicety but a practical necessity for sustaining economic systems. When businesses act virtuously, they foster relationships with customers, employees, and communities built on credibility and mutual respect, creating an environment where commerce thrives.


The Real Justification for Business


According to Handy, the “real justification” for the existence of businesses is not merely to generate profit but to contribute positively to society. Handy suggests that businesses should exist to enhance the common good, improve human life, and address social challenges. Profit, while necessary for sustainability, is a means to this greater end, not the sole objective. This perspective challenges the traditional notion of shareholder primacy and reframes business as a vehicle for societal progress. Handy’s view aligns with the broader concept of stakeholder capitalism, where businesses balance the interests of shareholders with those of employees, customers, and communities.

Two Solutions Proposed by Handy


1. Reconnecting Businesses with Their Social Purpose: Handy proposes that businesses redefine their mission statements to focus on their contributions to society. This involves actively addressing societal issues such as poverty, inequality, and environmental sustainability. I agree with this solution because it ensures businesses remain relevant and aligned with societal needs. Organizations that prioritize purpose alongside profit often enjoy long-term success and public trust, as seen with companies that champion corporate social responsibility (CSR).

2. Encouraging Employee Ownership: Handy suggests fostering a sense of ownership among employees by providing them with shares or profit-sharing arrangements. This solution resonates with me because it aligns employees' interests with the company’s success, fostering a culture of collaboration and accountability. When workers feel invested in their organization, they are more motivated, productive, and innovative, which benefits both the business and its stakeholders.

In conclusion, Handy’s call for integrity, societal focus, and inclusive practices offers a transformative vision for business. By embracing these principles, organizations can rebuild trust, drive innovation, and contribute meaningfully to the world.

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