Alvaro Loran Week 12 Reflection Entrepreneurial Journal

According to the reading, both integrity and virtue are vital to the economy in multiple ways. One of the most important ways trust is important is in financial transactions. When businesses and individuals have a mutual relationship of trust they are more likely to do business with each other and grow the economy. Virtue is also vital to growing the economy because it helps a business to grow, be financially stable, and have a good reputation. Even in today's economy with so many businesses most people double-check the standard of quality and see if a company is trustworthy before purchasing anything. According to Charles Handy, the real justification for a business is not only to make a profit but also to have a bigger value. According to the reading businesses real justification should be to accomplish something important. Instead of a business only seeking for financial gain Handy believes businesses need to create a change that helps improve others’ lives. One of the first solutions Handy suggests is creating an environment of corporate democracy and involving others in the decision-making process. This is specifically important when it comes to giving other employees in the company a chance to contribute their thoughts. I agree with this solution because I feel like companies often tend to undervalue their employees. It's always been shocking to me to be in companies where there's clearly a gap that could easily be solved with the right perspective. I believe using employees is a great way for a company can use the resources they already have in order to make a difference for its customers. Another solution Handy gives is that companies should rethink the purpose of business. He talks in the reading about how so many companies are only focused on income and profit instead of the customer's benefit. I also agree with this solution because it's very sad to me how many businesses are clearly motivated by profit and cut costs even when they shouldn't be. It's very sad to be a consumer who is scammed out of money because a company refuses to put out a good product. Overall I think this reading was very beneficial and helped me to meet you and see how I could be a better entrepreneur in the future.