W06 Reflection

This week's study materials really challenged my perspective on the purpose of business and the role of money in our lives. The articles "What's a Business For?" and "Attitude On Money" provided a lot to think about, and I found myself reflecting on how these concepts apply to my own goals as an entrepreneur.

Part 1: The Purpose of Business

Based on pages 3 and 4 of "What's a Business For?", virtue and integrity are absolutely vital to an economy. The article makes a compelling case that without them, a company's success is not only limited but ultimately unsustainable. Handy argues that a lack of trust—the very foundation of any economic transaction—leads to increased regulation and scrutiny. When people can't trust businesses to act with integrity, the government has to step in, which can stifle innovation and growth. It's like the foundation of a building; if it's not strong, the whole structure will eventually crumble. Virtue and integrity are what build that trust, allowing for a healthy and dynamic economy where people are willing to take risks and engage with one another.

According to Charles Handy, the "real justification" for the existence of businesses is not to make a profit. He states that the true purpose of a business is to be a community or a society, and that profit is simply the means to stay in the game and keep the community alive. It's a powerful shift in perspective, moving away from the idea of profit as the end goal and instead seeing it as a necessary tool to achieve a higher purpose, which is to serve people and create value for the world.

I really agree with two of the solutions Handy proposes. First, I agree with his idea of a company being a community where every employee feels a sense of ownership, not just with their salary but with the company's well-being. This resonates with my own belief that a business should be about more than just a single person's success. As I grow my business, I want to foster an environment where every person feels invested and valued. This is something I'm already trying to do by making sure my business doesn't rely on just one customer; it's about building a diverse community of clients and partners.

Second, I completely agree with Handy's proposal that a business's purpose should be to serve both the poor and the rich. I was really inspired by the examples of Unilever and Citicorp adapting their technology to serve neglected markets. It's a great example of how businesses can make a profit while simultaneously doing good in the world. This idea ties directly into what I'm learning about entrepreneurship as a form of service. My dream is to create a business that not only provides for my family but also helps those who are less fortunate.

Part 2: My Attitude on Money

This week's materials made me reflect deeply on my own attitude toward money. I've always viewed money as a tool for security and providing for my family. My attitude is that money is something to be earned, saved, and used responsibly to build a stable future. It's not the end goal, but it is a vital part of achieving the life my wife and I want. The article "Attitude On Money" confirmed that this view is a healthy one. The speaker emphasizes that our "filters"—our beliefs and opinions about money—are shaped early in life and can influence our entire perspective.

My view of money directly affects how I live. Because I see money as a tool for security and for providing, it motivates me to work hard and to be intentional with my finances. This is why I'm so focused on building a diverse customer base for my business. I want the business to be resilient, not just for my sake, but for my family's future. It also pushes me to be more mindful of my spending and to prioritize saving and investing. I've learned that living below your means is one of the most powerful tools for financial freedom.

The article recommends several rules for prospering, and the one that stood out most to me was the importance of developing good financial habits, not just knowing what to do. The author discusses the parable of the talents, highlighting that those who used their talents wisely were blessed with more, while the one who buried his out of fear was condemned. This is a powerful metaphor for money. It's not enough to simply have money; you have to use it actively to create more value and bless others. This means being a good steward, investing wisely, and being generous.

Overall, this week's studies have been a huge eye-opener. I learned that entrepreneurship is a powerful vehicle for service, not just profit, and that my attitude toward money is a key part of my journey. The concepts about virtue in business and having a higher purpose beyond profit truly resonated with me. I'm looking forward to applying these principles to my own life, continuing to build my business with integrity, and using it as a tool to create a positive impact on the world.