Week 12

In Charles Handy's “What’s a Business For?” he talks about how important honesty and integrity are for a good economy. Handy says that trust is the foundation of any market and when companies lie or hide the truth they destroy that trust making the economy unstable. Without integrity people lose confidence in businesses, making markets unreliable and causing the economy to struggle. Being virtuous and honest isn't just a nice idea it's necessary to keep the economy working well. Handy also criticizes the current way businesses focus mainly on making profits for shareholders. He believes that the true purpose of business is not just to make money but to use those profits to create value for society. This means businesses should aim to help employees, customers, and the community, not just focus on short-term gains for shareholders. According to Handy profit is just a means to an end not the end itself.

To fix these problems Handy suggests two main solutions. First he thinks there should be tougher rules for corporate governance to make sure businesses are accountable for their actions. Stricter regulations would promote transparency and ethical behavior making it harder for companies to act dishonestly. Handy suggests separating auditing from consulting. It creates conflicts of interest because auditors might not want to challenge businesses that also pay them for consulting services. By separating these functions we can restore confidence in financial reporting and ensure companies are held to higher standards of honesty. By prioritizing integrity and transparency we can create a more sustainable and ethical economy for the future. Businesses should aim to create value for society ensuring long-term stability and trust in the market.

I also really liked this course so far and just how much we have learned about being entrepreneurs. It has been really good to be able to write these blogs so that I can look back on these in the future and see what I have applied in my life and how I can continue to be better. 

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