BUSINESS OF BUSINESS IS BUSINESS
Business of business is a phrase or quotation given by an economist, Milton Friedman. He briefly explained what business is all about and what responsibilities it brings home to a businessman with his representation. The phrase ‘’Business of Business is a Business’’ refers to the work of any enterprise, or business or entrepreneurship is to take the initiative in different commercial activities to earn profit.
Here the first business stands for work, the second defines an enterprise or entrepreneurship, and the last tells about making a profit. But here, business is not something that paves the way to profit just for the businessman; instead it includes the society and the environment, i.e., it promotes sustainable business. Also, being a businessman gives you some social, environmental, and economic responsibilities to cherish.
As per schools in Mumbai the social responsibilities include that one must fight the societal odds and fix them. Here, you just do not work for the profit or earnings, but you should be prepared for selfless services at times. You have to choose others over your personal interests and work on the ground reality to bring a healthy change for the forthcoming generations. It is never as smooth as silk when you work for change since it’s human tendency to deny change at first.
It is easy to understand today since we are on the same bus and traveling an unknown endless pandemic journey. Almost every adult and educated person is aware of the Covid-19; also, we are aware of the consequences we have to face if we lack carefulness, but still, we are out on the streets with no masks for no reason, which is strictly against the current health ministry guidelines. Not just this, we are ready with our blames to be pointed straight at the government. And the authorities who are responsibly working for our welfare, but we are unstoppable.
Let’s talk with an example: What would you ask for as a consumer during these infinite hours of a pandemic? Maybe a medicated mask or a well-medicated sanitizer, standing on a professional basis, you might even ask for a testing kit, a temperature hand machine, vaccine, medicines, or what else. No, but this isn’t the most suitable answer.
Apart from these market available products what we require the most is mass awareness. Do you wonder why every time whatsoever the situation lays, everyone starts mocking about mass awareness? Why the first step our prime minister took was addressing the nation and then addressing the authorities. This is all because the authorities cannot reach each countryman, but the public can reach the public. If the public is well aware, then they can willingly participate in public wellness and awareness.
Also, not everything the government can finance in such a situation, although the government tries its best to help the people. If you land your hand for financing and servicing even for just a few things, this will be a great help. Being an owner of a business association also has some permanent economic and environmental responsibilities.
Like no matter how big or useful your discovery is, unless it is not sustainable, it will not be the best and will get terminated after a certain period of time. You are responsible for the change that helps mankind in some or another way, but if it is sustainable, then how will our upcoming generations survive? So sustainability in everything you do is a must. Also, there are economic responsibilities towards the nation. The nation’s economic development depends on the country’s employment rate, education rate as well as growth rate.
If you are capable of providing multiple families a job, then it will shrink the gap between the rich and poor of our country. Strengthening their economic status will ensure education for their new generations, increasing the literacy rate. Last but not least, when you and your company earn a profit, then certainly you will contribute to the growth of the GDP of the nation. Even the taxation that the government imposes on your trade and other activities are the things that help the government earn and invest the same in the development of the country as well as contributes to national security.
This article is contributed by Eduminatti.