Week 12
Sarah Endline, founder of Sweetriot gave her advice as an entrepreneur: Take the time to do your due diligence, do your research, talk to others in the industry to get a good sense of whether it's the right opportunity for you.
Most of the readings and videos this week, however, were based on our impact on society, the impact our businesses can have, and helping the poor.
In the talk, "Are We Not All Beggars?" Elder Jeffrey R Holland implores us to help the needy, specifically by fasting and paying our tithes and fast offerings. "Cherish that sacred privilege at least monthly, and be as generous as circumstances permit in your fast offering and other humanitarian, educational, and missionary contributions. I promise that God will be generous to you, and those who find relief at your hand will call your name blessed forever. "
Rich or poor, we are to do what we can when others are in need.
Muhammad Yunus, founder of Grameen Bank, described his experience in Bangladesh as he sought to deal with the massive poverty and hunger that existed in the villages nearby. His newlyfounded bank lends money to 2.3 million poor borrowers in 39,000 villages of Bangladesh. His mission, similar to that of Elder Holland's, is to create a world where there won't be a single human being who may be described as a poor person.
Most of the readings and videos this week, however, were based on our impact on society, the impact our businesses can have, and helping the poor.
In the talk, "Are We Not All Beggars?" Elder Jeffrey R Holland implores us to help the needy, specifically by fasting and paying our tithes and fast offerings. "Cherish that sacred privilege at least monthly, and be as generous as circumstances permit in your fast offering and other humanitarian, educational, and missionary contributions. I promise that God will be generous to you, and those who find relief at your hand will call your name blessed forever. "
Rich or poor, we are to do what we can when others are in need.
Muhammad Yunus, founder of Grameen Bank, described his experience in Bangladesh as he sought to deal with the massive poverty and hunger that existed in the villages nearby. His newlyfounded bank lends money to 2.3 million poor borrowers in 39,000 villages of Bangladesh. His mission, similar to that of Elder Holland's, is to create a world where there won't be a single human being who may be described as a poor person.
We were required to respond to the following questions:
1. Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?
Markets rely on rules and laws, which depend on truth and trust. If the market in untrustworthy, people will not want to "play", and eventually the market will crash, as it did a few years ago, leading to thousands of people homeless, and jobless.
2. According to Charles Handy, what is the “real justification” for the existence of businesses?
The purpose of a business, is not to make a profit, full stop. It is to make a profit so that the business can do something more or better. That “something” becomes the real justification for the business.
3. What are two solutions proposed by Handy that you agree with? Why?
Handy suggests that better and tougher regulation would help, as would a clearer separation of auditing from consulting. Most of the distrust between consumers is in the financial documents presented by companies. They have been known to be inflated. If we can guarantee accurate reports, consumers would be more trusting.
Another solution proposed by Handy was in giving the employees dividends for the company. Giving the workers this incentive will motivate them to do better, which will help both the company and themselves. Providing performance related payments will guarantee that you have the best workers.
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