L12: Entrepeneurial Journal

  • Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?
Not everyone is so complacent. 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. We cannot trust the man or woman who lacks morals or is unwilling to live up to the morals he or she claims to espouse. Interestingly, Handy says that markets rely on rules and laws that depend on truth and trust; I would argue that if all men and women had virtue and integrity, rules and laws would be unnecessary. Trust, in particular, is important to a free market. I am more likely to spend if I trust a merchant; I am more likely to spend if I feel secure; I am more likely to embark on an endeavor if I trust I will not be cheated. Without virtue and integrity, that trust diminishes, money stops moving, and the economy freezes.

  • According to Charles Handy, what is the “real justification” for the existence of businesses?
 A business is a means to an end and that end is not profit, yet it is profit-making and profit-taking that has become the central virtue of business. A business’s success is measured by the value it provides to its shareholders. Handy’s contention, though, and I agree, 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.

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

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