Entrepreneurship and Consecration

This weeks reading focused on making a difference in the world through entrepreneurship. Again we had great material to read and to watch, however the most impactful was the address given by Elder Gay called, “Entrepreneurship and Consecration”. His message focused on using our successes as entrepreneurs in business to “rescue” others. He made it a point to use the word “rescue” instead of help. He talked about how many of us will donate funds to help others or spend time to help others, but have we really rescued anyone? He shared a letter given to him that was written by a young girl in Africa. She was 14 years old and in the letter she described the life that she lived and some of the things that she faced. She recounted a time when she and her family were hiding from an evil group of men where she lived. They were able to evade them for a time, but unfortunately they were found. She described in detail what it was like with the attackers broke through the door and overcame her family. She and her siblings escaped and were eventually taken into a refugee camp. They were safe for a time but this gang of men made their presence known and let them know it was only a matter of time before they were killed as well. This story is one that I shall not soon forget. Elder Gay most certainly drove his point home with this example of someone truly in need of rescue. I have pondered this story every day since I heard Elder Gay’s address and am making plans for a more diligent effort on my part to “rescue” others.

Below are the answers to the questions we were asked to submit after reading, “What’s a 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 are vital to an economy because without them, people will lose trust in the market and stop playing the “game”. They will choose to put their money elsewhere, “into their houses, maybe, or under their beds”. Also without integrity, it is too easy for executives to run their companies for their own financial gain rather than for the consumer or the shareholder. Once this happens they give into greed and make dishonest decisions in order to boost their own pockets. Eventually this behavior comes to light and companies fail, executives go to jail and there is less money being pumped into the economy.

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

The real justification of business is not only to make a profit, but also “so that business can do something more or better. That ‘something’ becomes the real justification for business.” Handy goes on to explain that businesses need to have a purpose beyond themselves.

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

1.     Leaders need to bind themselves to an oath equivalent to the Hippocratic oath that doctors swear on graduation. He explains that the “law always lags behind best practice” and that companies should be proactive when it comes to environmental and social sustainability issues.

I agree that if companies bind themselves to an oath to “do no harm” that it will help. There’s something about swearing an oath that inspires a sense of obligation to keep that oath. It’s human nature.

2.     Companies should measure successes in terms of outcomes for others and not just for themselves.

I agree with this wholeheartedly. If a company finds a way to sell products for a lower cost and still turn profits they are benefiting and so is the customer. The customer is then able to continue to afford what they need and do their small part to keep the money flowing through the economy. Also I have seen the blessings that have come to my life as I have used my time, talents and resources not only for myself but also to help others. We are blessed when we help our brothers and sisters, whether in business or in our own personal lives.