Please respond to the following: The only reason that a business ceases to exist
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Please respond to the following:
The only reason that a business ceases to exist is to make a profit. Businesses do not exist too break-even or be unprofitable. However, businesses have a corporate social responsibility to the public, their customers, and society. Corporate social responsibility are company actions that advance social good beyond that which is required by law (Kang, et al. 2016). Companies that practice good corporate social responsibility tend to stay in business longer and have more of a loyal customer than those companies that have a reputation of putting profits over people. Friedman’s statement is true and false, and a debate can be posed that is either for or against his statement.
Overall, I disagree with Friedman’s statement. However, I do recognize that those in charge of running a corporation have the ultimate responsibility to make a profit for the company’ shareholders. However, utilitarianism, virtue ethics, and deontology should be standard practices in how a company chooses to do business. A corporation is a fictitious entity and is only as good as those that have been given the responsibility to lead it. Bad social responsibility starts and ends with the company’s’ executives and shareholders, as a company cannot exist or run itself without people.
The Lord tells us in Proverbs 22:1: A good name is more desirable than great riches; to be esteemed is better than silver or gold (NIV). This is the lord advising us to practice good social responsibility in our business and personal lives. This is also the lord reminding us that reputation is worth more than monetary profit. If you put the best interest of the people first, the money is sure to follow.
-ONE PEER-REVIEWED JOURNAL to support the response. Websites, Wikipedia, blogs, or etc. CANNOT be used.
-Write in FIRST PERSON. As an example. ( I agree with you on the…, I think you made a valid point when…, I differ with you on…) DO NOT USE PHRASE SUCH AS. ” This writer had a valid point on…”