Chase Bangerter
BUS 1050 / 8:30AM TR
My Reflection on the Foundation of Business
Studying in this class about the foundation of business, I learned a lot of new ideas and
concepts that I would probably wouldn’t enter into my mind about the business world. I learned
that most companies benefit to our society and communities much more than I originally
thought. I also learned that through capitalism, businesses provides the most efficient and
effective products for their customers that helps society grow to a civilization that we know
today. The huge thing that I learned is that every company has the potential always become
something more. The main principle that I learned is that businesses have a great capacity to be
a positive influence to our society.
One of the key concepts that I learned is how important businesses are to our society. It
was important for me to learn that even when businesses provide very undesirable jobs with
minimal benefits, they are contributing to society in a positive way, even when it’s not the most
ideal. In Lady Chatterley’s Lover, a business manager named Clifford said that “the point is not:
take all thou hast and give to the poor, but use all thou hast to encourage the industry to give
work to the poor. It’s the only way to feed all the mouths and clothe all the bodies. Giving away
all we have to the poor spells starvation for the poor just as much as for us” (Lawrence, 2011).
So, with very rare exception, all of the businesses are a blessing to society because even if they
don’t provide the best jobs, they are at least giving jobs to those who are looking for work and
money so that they can pay for the necessities of life. I’ve always been a huge believer in
promoting self-help for the poor and needy. While donating money to the poor is an important
thing to do, it’s even more essential in the long run to provide jobs for them which would allow
them to make their own money and not be dependent on any welfare system. Even when some
companies are not great in employee satisfaction, they at least are providing jobs for others that
need the money to provide for their own and their loved ones.
Along with providing jobs for the public, I learned that there are different economic
systems, including a mixed economy. I also learned that capitalism is widely considered to be
the most ideal system and there is good merit to that statement. It provides each company the
right to buy, sell, and trade, along with the right to choose their employees and the right to the
rewards. Capitalism provides competition and many businesses are always competing against
each other in order to provide the most valuable products, or in other words, the best and least
expensive goods and services in the market. It is because of this competition and the businesses
desires to please their customers that we live in a great and comfortable lifestyle that we have
today, especially in comparison to a hundred years ago. It’s thanks to the businesses that almost
everyone have cell phones to contact anyone at anyplace, that we have accessible transportation
to get us anywhere in a short amount of time, and that we have many technological leaps that we
take for granted. In the words of social psychologist, David Myers, “capitalism at its best
harnesses self-interest, rewards productive innovation, and can be credited with much of the
lifestyle that we would not wish to relinquish” (Myers, 2007).
While it is great that businesses are able to provide jobs for their employees and goods
and services for their customers, I gain a belief that businesses can be so much more than that.
There is nothing inherently wrong with businesses trying to make a profit, but if that is all
they’re concerned about, they are missing the bigger picture on what they can do. The best way
to illustrate this is through what Henry Ford accomplished for not only creating our abundance to
drive, but also providing employee satisfaction. As American historian David Potter put it,
Henry Ford’s “goal was not only to make an automobile which he could sell for a profit, but also
one so priced that anyone could hope to own it, after which he would pay wages that would put
his own industrial workers in the automobile buying class” (Potter, 2011). Companies have a
great capacity to not only provide amazing services for their customers, but also satisfaction to
their employees that would make them want to come to work. I learned that there are a variety
of methods of management that, if used correctly, will achieve great benefits from their
employees. This includes giving away great incentives to their employees, creating a good work
environment, and helping them achieve their potential. I came to believe that when a business
becomes a positive influence in our society, many consumers and workers will naturally be
drawn into it.
I truly believe that businesses, even at their worst, provide a huge benefit to society as we
know today. They offer jobs to the public that allows them to make a decent wage to provide for
their needs. They provide many great products that are continually growing in quality and
affordability. And finally, when businesses understand their potential to give to society and
strive to achieve that, they can create a better place. My biggest thing that I took away from this
class is that not only each business provides many opportunities for our society, but each
company also has a lot of potential to make a bigger impact for the good.
References
Lawrence, D. H. (2011). Lady Chatterley's Lover. In C. M. Boardman, A. N. Sandomir, & H. Sondak,
Foundations of Business Thought Eight Edition (pp. 470-472). Boston: Pearson Learning
Solutions.
Myers, D. G. (2007). COMMENTARIES: Costs and Benefits of American Corporate Capitalism.
Psychological Inquiry, p43-47.
Potter, D. M. (2011). What Kind of an Animal is This Here Capitalism? In C. M. Boardman, A. N.
Sandomir, & H. Sondak, Foundations of Business Thought Eight Edition (pp. 205-212). Boston:
Pearson Learning Solutions.