While the answer to the question what is the purpose of business seems straightforward – to make money – nothing can be further from the truth. Money making is mere duty of every responsible business worldwide, the purpose of business is much more intricate and is usually embedded deep within its core and very existence.
In the world where CEOs, VPs, Sales Executives and other savvy business leaders are being compensated handsomely for their ability to make money for their companies, it’s hard and almost silly to think that the purpose of business could be anything other than to make money. Truth is, we live in a materialistic world where cash is king and perhaps no other generation was more materialistic and driven by profit-making than ours.
What we seldom – if at all – think about is that all the money-making machines – businesses – and senior executives who are compensated handsomely for their stellar performance and ability to make money for their companies would not even exist let alone make living if it wasn’t for societies very businesses operate in.
As such, perhaps we can think of business as an organ of a respective society it operates in and because of which it came into being in the first place. We live in a market driven, customer centric economy where the needs, wants, pains and perhaps fears of the society at large create the need for business existence – therefore, the purpose of business is outside itself, it’s in the society it operates in.
The money-making is a trait and responsibility of every business worldwide, for business must first do well in order to be able to go good and give back to society via corporate social responsibility (CSR).
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