Three questions from "What's Business For?"

Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?

Virtue and integrity is extremely vital to the economy; without it no one would trust anyone to do business with. Even the perception of dishonestly will spook the markets and cause great losses because the markets are sensitive to perceptions. One once the markets loose trust it is hard to regain it. This is because behind the markets are people that have emotions, fearing that they stand to lose.

 According to Charles Handy, what is the “real justification” for the existence of businesses?

The real justification for business is not profit, it is to make a profit so that that profit can do something more or better. Making profit is a means to an end.

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

The first solution proposed was that business needs to be more honest. The financial reporting done by companies should be a real reflection of what is going on. Too often corporates influence the perception of their business in order to fool the public in order to benefit unduly. These practices erode trust and suppresses the economy.  

The second solution is that companies should have a deeper purpose than just making money. Through their success they should seek to make the world a better place. By seeking to uplift others, society will benefit and the man in the street will be able to have a higher standard of living.

I agree with the first solution and the second as long is the side effect would not be detrimental to a free market economy. We would not want entrepreneurs to lose their drive asking, what is the point of working harder and finding ways so do things better if we are simply to give it away.

Attitude on Money

Money sure is an important part of our everyday life and without it life can be very tough. Money affects every aspect in our lives. Having traveled to many African countries and have been in some of the remotest parts of the world, I have seen first had what poverty looks like. Not a few individuals but countless people that literally fight for survival every day. Each time after returning home to my simple but comfortable home, I am filled with greater gratitude. My feelings about money is pretty much typical of most people, we want more of it. More so that we can be more comfortable and more secure and are able to provide better opportunities for our children. I do think that if I had to find myself in a situation that we have excess I would really like to make a difference to individuals. I would want to help them get an education, drivers licenses, and other opportunities that will benefit them in their self-reliance.

Being too focused on money can distract you from the most important things in life. Chasing after money, above all else, will most certainly leave you disillusioned and unhappy in your per suite of it.

Prospering is more than the accumulation of wealth. In order to prosper these six points are important to consider according to Stephen W. Gibson in his article entitled,” attitude on Money” 

Rule 1. Seek the Lord and have hope in him
Rule 2. Keep the commandments, that includes the temporal ones, tithing and fast offerings.
Rule 3. Think about money and plan how you can become self-reliant.
Rule 4. Take advantage of chances for learning so you will not be ignorant of these matters.
Education, as President Hinckley has taught us, is the Key to Opportunity.
Rule 5. Learn the laws upon which the blessings of wealth are predicated.
Rule 6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held
captive.

Underestimate

Underestimate

I have had a good friend tell me a number of times in the last 2 years that I should stop underestimating myself. I guess he has told me enough times for me to really start thinking about it. This week Taylor Richards also counseled that we should not underestimate ourselves. He qualified this statement by saying that if we involve the Lord we can do great things. He also said it not much harder for someone to move from being good to great. This made me think about myself. Am I good at the moment and what will it take to be great? This statement makes perfect sense because once you are good at something you have put in the long hours to master something. Most of the choices have been made and even the risks have been taken. Thinking about it being great is a fairly small step from being great. 

These thoughts tied in nicely with what Jim Richards said this week about understanding our own emotional fingerprint. Just as I have become more aware of what may be causing me to underestimate myself. I have and continue to try understand myself and by so doing I can remove obstacles that I subconsciously put in my own way.